Wolfman speaks of the death of Racine housing values.

Again Wolfman reports on the declining home values in Racine WI

The Formatting got strange my Bad

Home Sales for Racine: week ending August 12, 2012

Housing prices continue to plummet, and I have found that when I attempt to verify the sale via the City of Racine Property Assessment page that not all sales have been updated in the records. Hence a question remains as to the validity of the sale. Prices are all over the place, but be assured that Racine has a surplus of properties and few buyers. If you have overpaid – you were most likely victimized by a Realtor talking their book.  Realtors are paid on commission – based upon a percentage of the sale – and want to increase the price as much as possible – therefore Realtors are “friendly” – but they are by no means your friend.

In Racine, one needs to be aware that many houses are NOT updated – with appropriate double pane insulated glass windows, electrical boxes have not been upgraded to code and  illegal and unsafe electrical and  plumbing work is common. Roofs have not been properly roofed, and HVAC systems are old and not of an efficient, modern design.  Many older houses are asbestos filled – some have asbestos roof shingles, asbestos siding, and asbestos around old heating ducts.  Demand a proper inspection and require written and signed warranties that all work has been properly done. Many people have found that they have purchased a lemon, and those mistakes can cost tens of thousands of  $$$ to fix.

Address                                               Sale Price            Assessed Price                  Difference

842 Main St.                                       $170,000              $515,000                              Neg. $345,000

4717 Kinzie Ave.                               $133,000              $132,000                              Pos. $1,000

3118 N.Main St.                                $120,000              $132,000                              Neg. $8,000

2834 Cleveland Ave.                       $117,500              $114,000                              Pos. $3,500

1336 Deane Blvd                              $110,900              $120,000                              Neg. $9,100

3434 First Ave.                                  $100,000              $106,000                              Neg. $6,000

2547 Ridgewood Ave.                    $80,000 $114,000                                             Neg. $34,000

930 Racine St.                                    $77,900 $58,000                 Foreclosure

2023 Indiana St.                                                $76,000 $80,000                 Neg. $4,000

2622 Olive St.                                    $73,900 $85,000                 Neg. $11,100

1758 Illinois St.                                 $72,000 $72,000                            -0-

1540 Blaine Ave.                              $67,500 $104,000               Neg. $36,500

1641 Grange Ave.                             $54,500 $91,000                 Neg. $36,500

1302 Russett St.                                $39,000 $78,000                 Neg. $39,000

1439 Summit Ave.                           $33,020 $68,000                 Neg. $34,980

1716 Linden St.                                 $27,000 $52,000                 Neg . $25,000

722 Belmont St.                               $25,000 $54,000                 Neg.  $29,000

1325 Villa St.                                      $18,100 $54,000                 Neg. $35,900

1515 Maple St.                                  $13,000 $68,000                 Neg. $ 55,000

814 17th. St.                                         $13,000 $43,000                 Neg. $30,000

_________________________________________________________________

So how is the City going to fond the money it so badly needs, or will Mayor John Dickert say “Do not worry be  happy!”

 

Why is this an issue? Raciner can only borrow based on the amount of the value of the City, so when the property values drop so does the amount we can get in Bonds. Now add  to this if/when our credit goes down the cost of the Bonds go up.

Fun Fun Fun for the City of Racine!

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