Market Watch: Lena Memmos & Nicholas G. Milissis lose over $165,000 on sale of Park Ridge home
The home: 1921 Birch St., Park Ridge
The 1,430-square-foot split-level home has 3 bedrooms, 2 baths, hardwoods, a fireplace, a finished basement, a patio, a fenced yard and a security system.
The seller: Lena Memmos & Nicholas G. Milissis
The purchase: In October 2006, Memmos and Milissis paid $470,000 for the home, or roughly $595,181 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The purchase: In October 2006, Memmos and Milissis paid $470,000 for the home, or roughly $595,181 in today's dollars, according to the U.S. Bureau of Labor Statistics.
The sale: According to Zillow, Memmos and Milissis sold the home for $430,000 on May 14, or approximately $165,181 less than the original purchase price, in today's dollars.
Memmos and Milissis originally listed the home for $435,000 in October 2018. They raised the sale price slightly in March to $450,000.
The property taxes: Based on data compiled from Blockshopper.com and Zillow, Memmos and Milissis paid $96,803 in property taxes between 2006 and 2017, or about 22.51 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 |
| $470,000 | $430,000 | $96,803 |
