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Market Watch: Brian & Kim Demos lose over $430,000 on sale of Plainfield home

The home: 25865 W. Prairie Hill Lane, Plainfield

The 4,937-square-foot home has 4 bedrooms, 4 baths, a 4-car garage, a wrap around porch, brick patio, outdoor fire pit, pergola, Brazilian oak floors with walnut inlay, floor to ceilings windows, his and hers walk-in closets in the master suite, maple kitchen cabinets and a large recreation room.

The seller: Brian & Kim Demos

The purchase: In May 2006, the Demoses paid $789,000 for the home, or roughly $980,744 in today's dollars, according to the U.S. Bureau of Labor Statistics

The purchase: In May 2006, the Demoses paid $789,000 for the home, or roughly $980,744 in today's dollars, according to the U.S. Bureau of Labor Statistics

The sale: According to Zillow, the Demoses sold the home for $550,000 on Mar. 25, or approximately $430,744 less than the original purchase price, in today's dollars.

The Demoses originally listed the home for $600,000 in September 2018 and in October 2018, they dropped the price to $589,000.  In November 2018, they lowered the price to $585,000.  It was last listed in January for $569,000.

The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Demoses paid $189,499 in property taxes between 2008 and 2017, or about 34.45 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 PriceAmount Home Sold for in 2019Seller’s Property Taxes

$789,000$550,000$189,499

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