Market Watch: Kim & Sajid Patel lose over $395,000 on sale of Palatine home
The home: 471 W. Falkirk Place, Palatine
The 3,809-square-foot home has 4 bedrooms, 4 baths, a 3-car garage, a 2-tier deck with a swim spa, gourmet kitchen, maple cabinets, custom glass mosaic backsplash, a 2-story foyer, custom winding staircase, a 2-story family room with a floor-to-ceiling fireplace and a reverse osmosis water filtration system.
The seller: Kim M. & Sajid A. Patel
The purchase: In July 2002, the Patels paid $634,500 for the home, or roughly $895,564 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In July 2002, the Patels paid $634,500 for the home, or roughly $895,564 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the Patels sold the home for $500,000 on April 5, or approximately $395,564 less than the original purchase price, in today's dollars.
The Patels originally listed the home for $595,000 in October 2017. In February, March and April 2018. the price went down to $589,500, $584,500 and $574,900, respectively. In June, July and September 2018, the price continued to plummet to $573,900, $568,900 and $549,990. They tried to rent the home in October 2018 for $3,900 per month; and in November, the sale price dropped to $524,999.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Patels paid $203,037 in property taxes between 2003 and 2017, or about 40.61 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 |
| $634,500 | $500,000 | $203,037 |
