Market Watch: Robert & Stella Cottini lose over $119,000 on sale of Chicago home
The home: 5244 W. Cullom Ave., Chicago
The multi-family, 2-flat home has 5 bedrooms, 3 baths, a detached garage, stainless appliances, hardwoods, central air, large windows, a porch and is in the Portage Park neighborhood.
The seller: Robert & Stella Cottini
The purchase: In February 2017, the Cottinis paid $489,000 for the home, or roughly $604,853 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In February 2017, the Cottinis paid $489,000 for the home, or roughly $604,853 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Cottinis sold the home for $485,000 on Jan. 16, or approximately $119,853 less than the original purchase price, in today's dollars.
The Cottinis originally listed the home in September 2018 for $525,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Cottinis paid $7,850 in property taxes between 2017, or about 1.62 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.
---
The Financial Facts in Today’s Dollars
| Seller's Purchase Price | Amount Home Sold for in 2019 | Seller’s Property Taxes |
| $489,000 | $485,000 | $7,850 |
