11/25/12 Report

This one is not pretty.

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6 Responses to 11/25/12 Report

  1. This will be the site of Launch Box. Is the City of Racine helping to prop up the Rental income so this does not become anther boarded up property?

    • Mary M. says:

      The City is going to pay monies for a Launch Box office in the empty and un-rented suites at Waterside Condos? You would think that they would have some space available they don’t have to pay for.

      It’s just another in a long line of wealth transfer schemes from the hard-working homeowners of Racine to Downtown business merchants. Crony capitalism at it’s best in Racine! That’s what happens when Downtown business owners elect their real-estate friends.

  2. Elizabeth B. says:

    The owners of those overpriced condos sure are getting gouged by the City Assessor! Hope they don’t find out!

    Just taking the 5 sales, pairing them with a parking space, and dividing them by 5 gives an average sales price of $76,680! Property values in Racine are dropping like a rock!

    Wispark dumped 233 Lake Ave. and just gave it to the City just to get it off it’s liability sheet – they were paying taxes and maintenance on a building that was unsaleable – that indicates what type of financial trouble Downtown Racine is in.

  3. Scott E. says:

    Just as the future of Detroit is returning to farming – so will be the future of Mini-Detroit Racine:

    Advocates of large-scale farming on some of Detroit’s vacant spaces say they are encouraged that the city is moving toward allowing their projects to proceed soon, possibly as early as next spring.

    More than three years after commercial farming was proposed as a way to fill up some of Detroit’s vacant spaces, a zoning ordinance allowing such ventures may soon win approval.

    http://www.freep.com/article/20121008/BUSINESS06/310080076/Large-scale-farming-projects-in-Detroit-might-be-under-way-by-next-spring

    It’s time to recognize that fact, end the Dickert Regimes program of heavy tax and spend that only grows the unsustainable debt and move forward with Urban Farms and Urban Chickens.

    There is NO future in Team Porters.

  4. Downtown Braun says:

    Does anybody know what Newport Investments is gong to do? Are they going to be absentee Landlords and rent them out? Could these units become section 8 housing so that anti-discrimination laws are adhered to? Will they try to re-sell them at a profit to them?

    What will this do to the value and saleability of the other units – the first tenants who ;aid full price and expected assert appreciation? My realtor told me that on average, real estate doubles in value every ten years! Here, real estate value just DROPPED OVER 50%!

  5. Concerned Citizen says:

    Good to to Porters and their apartments, there will be no market for them. People move to cities that have jobs and are growing, Racine is doing neither as long as John and Tom are bungling things. It’s not a good sign when new, quality condos downtown are sold for fire sale prices.

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