Wolfman strikes back!




His update of housing sales. I have asked him to do a post on why the the falling prices is the beginning  of a crises  for Racine. The Wolfman has a far better grasp of this then I do.

Hi views are his own


Racine Property Sales for August 19,2012

Home sale prices in Racine have tumbled again. Racine Unified School District is once again over budget, overstaffed with  overcompensated Administrators who command bloated salaries. David Hazen, CFo for Racine Unified School District has this to say: “It may not make sense to the district’s taxpayers that property taxes go up when revenue and expenses are down, but in the complex area of school funding, it can and does happen… You might assume that if the district has fewer student, we should be able to easily reduce costs.”

And so, the spending will continue unabated, Racine property values will continue to drop, and residents will continue to flee the City. Note that the average difference between sale price and assessed value has widened to $53,000.

Address                                  Sale Price                  Assessed Value        Difference

2915 Carpenter Dr.                 Foreclosure                 $98,000                               -0-

3520 South wood Dr.              $88,000                       $110,000                     Neg. $22,000

3355 Fourth Ave.                     $63,450                       $90,000                       Neg. $26,550

1629 Illinois Ave.                     $63,000                       $146,000                     Neg. $83,000

1000 Harmony Dr.                  $53,900                       $131,000                     Neg. $77,100

2210 Taylor Ave.                     $52,900                       $96,000                       Neg. $43,100

2604 Ridgewod Ave.               $44,500                       $114,000                     Neg. $69,500

1632 Grange Ave.                   $39,000                       $93,000                       Neg. $54,000

1124 N. Memorial Dr.              $35,000                       $52,000                       Neg. $17,000

1508 W.Sixth St.                     $32,000                       $90,000                       Neg. $58,000

1733 Mt. Pleasant St.              $26,555                       $89,000                       Neg. $62,445

1721 Villa St.                           $20,000                       $70,000                       Neg. $50,000

56 McKinely Ave.                     $17,500                       $70,000                       Neg. $52,500

1625 Albert St.                        $15,000                       $55,000                       Neg. $40,000

1718 Grand Ave.                     $15,000                       $76,000                       Neg. $61,000

937 Grand Ave.                       $11,200                       $85,000                       Neg. $73,800



My Note


The City of Racine wants to build houses at about $200Kas I was told by an Alderman “Someone might come by and buy it.”  Wow.

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