Market Watch: Al Biagi's trust loses over $372,000 on sale of Deer Park home
The home: 22545 W. Cheshire Court, Deer Park
The 4,479-square-foot home has 5 bedrooms, 4 baths, a 3-car garage, a fireplace, stainless steel appliances, hardwoods, vaulted ceilings, a spacious sunroom, master suite with a spa bath and a partially finished basement. The home is on a 0.91 acre lot.
The seller: Biagi Al 01E53 (trustee)
The purchase: In September 2005, Al Biagi paid $780,000 for the home, or roughly $997,372 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In September 2005, Al Biagi paid $780,000 for the home, or roughly $997,372 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, the home sold for $625,000 on April 25, or approximately $372,372 less than the original purchase price, in today's dollars.
The Biagi trust originally listed the home in May 2015 for $849,900 and dropped the price in August 2015 to $799,900. In July 2016, the price decreased to $774,900. In May and July 2017, the price was lowered to $749,900 and $699,500, respectively. The price slightly increased in November 2017 to $700,000. In May, June and July 2018, the price began tumbling down again to $689,000, $679,000 and $659,000. The price was lowered once more in August 2018 to $645,900.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, the Biagi family paid $155,864 in property taxes between 2008 and 2017, or about 24.94 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 |
| $780,000 | $625,000 | $155,864 |
