Wolfman updates us!

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?

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