Market Watch: Giorgio & Claudine Teresa Lostao lose over $82,000 on sale of Olympia Fields glass home
The home: 20841 Oak Lane, Olympia Fields
The 3,600-square-foot home has 4 bedrooms, 3 baths, terrazzo floors, high ceilings and 2 skylights. The mid-century modern glass house is an architectural wonder and is located on 2.49 acres of land with plenty of privacy.
The seller: Giorgio & Claudine Teresa Lostao
The purchase: In February 2016, the Lostaos paid $605,000 for the home, or roughly $642,255 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In February 2016, the Lostaos paid $605,000 for the home, or roughly $642,255 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Lostaos sold the home for $560,000 on Feb. 14, or approximately $82,255 less than the original purchase price, in today's dollars.
The Lostaos originally listed the home at $749,000 in June 2018 and in mid-June tried to rent the home for $4,875 per month. At the end of June, the home was back on the market for sale at $669,000. They dropped the price even more in October 2018 to $610,000 and tried to rent it again in December 2018 at $4,875 per month. In January, they reduced the sale price to $550,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Lostaos paid $27,623 in property taxes in 2017, or an estimated 5 percent of the sale price.
Illinois' highest-in-the-nation property taxes are eroding home equity and depressing home values across the state. This report is part of a SYHN News Service series on recent home sales that demonstrate the consequences.
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The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $605,000 | $560,000 | $27,623 |
