November 25, 2007

PROPERTY TRANSFERS: Downtown Racine building sold for $1.4 million

The big seller of the week was a commercial building (or is it buildings?) at 2005 Lathrop Ave. for $1.46 million. Best we can tell, this is the home to Racine Motor Sports, but property tax listings show the property worth a quarter of the sale price, so we suspect more was included in the deal. (Click here for an Excel spreadsheet of the transfers.)

We were equally uncertain about a $1.425 million deal at 141 Main St., the new State and Main condo/commercial development. We're guessing a condo sold for that price, because the entire building is worth far more and the commercial space is for lease. We'll let you know if it's something different on either of these million-dollar deals.

The most expensive noncommercial sale of the week was out in Waterford at 34001 Hill Valley Drive for $475,000. This 20-acre property was assessed at $241,200 in 2007 with an estimated fair market value of $362,270.95. The property was owned by Earl Paynter.

The low-seller of the week was a $40,000 home at 1315 Douglas Ave. Owned by Donald Boutell, It was assessed in 2006 at $68,000.

Here is the full list of property transfers:

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