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

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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!

A quick note

 

Went to the City Council meeting tonight.  By the reaction more then a few have seen the CATV show Racine in Ruins and read this blog . Yes by their looks at me at least  Gregory T. Helding and Terrence McCarthy seen/read the blog. Oh well sucks for them. Mind they where not attacked on the show or blog but since IMHO they think of themsels as Good old Boys, this blog and TV show well has them looking silly of as I see it they buy into the idea that all is well in Racine and if we just BELIEVED all would be OK.

Maybe they should ask the family members of the 3 murdered men (in the last few weeks)  in Racine how great things are.

 

More Wolfman

 

 

 

 

Wolfman speaks on Housing values

 

With permission His views are his own

Housing Values

 

Property Values, Assessed Values and The City of Racine. Should you be concerned?

“RACINE — The City of Racine has been awarded $120,000 to demolish nine blighted residential properties, Gov. Scott Walker’s office announced Wednesday.

The homes set to be demolished were chosen because they are foreclosures in tax delinquency. They also are vacant or significantly deteriorated and are in areas the city has targeted for redevelopment, O’Connell said.

The homes pose problems because they discourage neighbors from fixing up their own properties, lower the appeal of a neighborhood and continue to deteriorate over time, O’Connell said.”

http://www.journaltimes.com/news/local/govt-and-politics/racine-awarded-to-demolish-blighted-homes/article_26c37836-dc98-11e1-ac70-0019bb2963f4.html

Ok I thought – SO – What is a blighted home that is deteriorated beyond the point of rehabilitation and scheduled for demolition worth?

Each home will be listed by address, then the 2012 assessed value given. I will then add all the assessed values together, divide by the number of properties (9) to establish what I call the “AVERAGE OVER ASSESSMENT OF PROPERTY VALUE IN THE CITY OF RACINE”.

617 8th St. 2012 Assessed Value: $73,000
1310 11th St. 2012 Assessed Value: $41,000
510 15th St. 2012 Assessed Value: $41,000
1804 Franklin St. 2012 Assessed Value: $62,000
1809 Franklin St. 2012 Assessed Value: $84,000
1801 Grand Ave. 2012 Assessed Value: $70,000
1308 Howe St. 2012 Assessed Value: $35,000
713 9th St. 2012 Assessed Value: $40,000
1606 Villa St. 2012 Assessed Value: $71,000
TOTAL VALUE: $517,000
divide by 9 properties = $57,444

AVERAGE OVER ASSESSMENT OF HOME IN RACINE = $57,000 (rounded)

“There are just some houses that are so bad that you really can’t do anything with them and even developers don’t want to develop them because there’s so much work to it,” Racine Mayor John Dickert said.

If you are a resident of Racine – you need to have your home REALISTICALLY assessed – and have your property record updated. You will need to challenge the current over assessment by the City – the process is detailed on the City of Racine site – and begin NOW! Get together with your neighbors and also call your Alderman – working as a group will help to ensure success in getting the correction to your over assessment made. You WILL save hundreds, and some will save $1,000 or more! With another huge tax increase slated for 2013 you cannot afford to let the City of Racine gouge you again!

Do not worry be happy!

 

 

 

 

So once again in Racine we had a shooting:http://racineuncovered.org/2012/08/attempted-homicide-19-year-old-woman-shot-in-head/

This would make 3 or so this week. Thank God this young lady is not dead. As the story said if you have information please call RPD, The Police need our help to catch the thugs.

Now every city/Town has Crime, there is nothing we can do to stop all Crime nor can we have a Cop on every block.  We by working with Police, our neighbors, and Churches  can do a lot. IMHO if you can you should conceal carry following all the laws and receiving as much training as you can. IMHO the Streets of Racine WI are not safe after dark. Please be careful.

The City of Racine IMHO must however keep us informed on what is going on in this City and get off the idea that we are not hearing the gunfire,seeing our Neighbors   taken to St. Mary’s after being attacked or seeing RPD responding to calls that its only a “perception”  that Mayor John Dickert has crime under control.

He should try telling that to those shot or home owners robed.

What The Mayor should do but We will never see is to hold meetings at every COP House and let the neighborhood take about the crime in that area and the help they might need, THEN see they get it.

However Racine has no money, and before his pals at RootWorks or the DRC lose one dine in City funding, we will see our Mayor cut police to the bone. I would not be shocked if 10-15 Police are gone after all there is no crime in Racine, just like there is no unemployment.

Do not worry , be happy! Lots of Bar in Downtown Town Racine to party at just do NOT stop in the Uptown or West 6th St area unless you drive an armored car and have body armor.

Oh and those areas West 6th St or the Uptown? Pay it no mind there the wrong color to worry about all they have to do is mark the Ballet the right way and stay away from downtown Racine.