
City of Racine Property Sales August 25 – September 1, 2012
Prices for homes in Racine continue to fall, and houses selling for less than $50,000 are becoming the norm. Foreclosure activity by Banks and Lenders picked up dramatically which will only add to the glut of empty homes in The City of Racine. In 2013, Racine is set to begin razing some of the worst unsalable properties, and this is a trend that is expected to continue and increase.
Potential home buyers are advised to do their research carefully, and resist the high pressure sale tactics of local realtors who wish to prop up Racine’s housing market by creating the artificial illusion of scarcity or a line of buyers. Homes are a great value in Racine and can be purchased at heavily discounted prices. Buyer BEWARE! Many homes have not been properly upgraded or suffer from shoddy work by unlicensed contractors who performed the work without permits! Know what to look for! Has the electrical service been updated from fuses to breakers? Are there enough circuits for the size of the house and the electrical outlets/devices? Are the Bathroom and Kitchen outlets GCFI’s? Have the windows been updated to double-pane insulated glass? Is the attic properly insulated? Be sure the siding and roofing is not asbestos! Racine is full of asbestos sided and shingled homes who will present a toxic, and expensive nightmare for any future work needed on the home. The glut of properties being held by Banks and Lenders makes bargain house shopping a breeze in Racine! Don’t get taken by a Realtor!
*WARNING* Many transactions listed by the Racine Journal Times are not “sales”, but property transfers using a quit claim deed – usually between family members. These give a false impression of a healthy real estate market in Racine – DO NOT BE MISLED!
There were 11 Foreclosures and twenty actual sales. Those actual sales had an average overassessment of $ 33,000.
Address Sale Price Assessed Price Difference
3410 Twentieth St. FORECLOSURE -0-
514 English St. FORECLOSURE -0-
809 Berkeley Dr. FORECLOSURE -0-
1234 Kentucky St. FORECLOSURE -0-
3725 St. Andrews FORECLOSURE -0-
3408 La Salle St. FORECLOSURE -0-
1415 Melvin Ave. FORECLOSURE -0-
1615 Phillips St. FORECLOSURE -0-
1240 Martin Luther King FORECLOSURE -0-
2423 West Lawn FORECLOSURE -0-
614 Goold St. FORECLOSURE -0-
1001 Russett St. $172,000 $165,000 Pos. $7,000
1113 Sheraton Dr. $136,113 $120,000 Pos. $16,113
4935 Emstan Hills $130,000 $146,000 Neg. $16,000
3313 Pierce Blvd. $122,000 $129,000 Neg. $7,000
3423 Stratford Ave. $116,000 $138,000 Neg. $22,000
Address Sale Price Assessed Price Difference
3026 N.Wisconsin St $145,000 $135,000 Pos. $10,000
1235 Grove Ave. $89,000 $94,000 Neg. $5,000
2118 La Salle St. $77,400 $105,000 Neg. $27,600
2705 Hayes Ave. $75,000 $88,000 Neg. $13,000
1103 William St. $74,200 $93,000 Neg. $18,800
1422 Arthur Ave. $69,000 $90,000 Neg. $21,000
1526 Chatham St. $64,700 $78,000 Neg. $13,300
1217 Goold St. $48,000 $100,000 Neg. $52,000
720 Eighth St. $45,000 $45,000 -0-
621 Grove Ave. $29,000 $86,000 Neg. $57,000
1542 Holmes Ave. $22,280 $87,000 Neg. $64,720
1704 Villa St. $20,000 $50,000 Neg. $30,000
2915 Sixteenth St. $19,000 $86,000 Neg. $67,000
4325 Fifteenth St. $19,000 $62,000 Neg. $43,000
46 McKinley St. $12,500 $74,000 Neg. $61,500
3819 N. Main St. $10,500 $179,000 Neg $168,500
My thanks once again to Wolfman and his reports on the real (as he sees it) value of properties in Racine WI.
How long will we go on thinking that there is nothing wrong in the City of Racine?
Who/how will pay the property taxes needed to run this failing city? Do you have your plans ready to get the hell out?