November 15, 2008

Property Transfers: Comfort Inn sells for $2.575 million; Houses holding value

Here are the property transfers for Nov. 3-7.

A few notes:

* The Comfort Inn at 1154 Prairie Drive in Mount Pleasant sold for $2.575 million on Oct. 7. It was recorded by the county on Nov. 4.

* It's not all bad for housing prices in Racine County. A home at 1101 Cooper Hawk Drive in Burlington sold for $437,000, well above the assessed value of $372,800.

* The top selling home in Racine, at 1101 Russet St., sold for $189,900. The assessed value was $184,000.

* A quick look through five other properties sold in Racine this month found they all were selling for about 2-4 percent over their assessed value.

3 comments:

  1. Dustin, Properties in the City of Racine are not holding value. I am not sure the purpose of this post, but it is extremely misleading.

    Sales in the City of Racine as reported through Multiple Listing Service for the week of Nov. 3, 2008 to Nov. 10, 2008 and the 2008 assessed values are:

    Sale Price Assessed

    809 9th St $10,000 $60,000
    2911 Douglas 62,000 $99,000
    3320 20th 71,400 $117,000
    1722 Russet $87,700 $115,000
    2014 Dwight $125,000 $125,000
    1426 College $167,000 $188,000

    Nobody takes any joy in what is happening in our real estate market, but sellers should be well informed. 70% of homes in the City of Racine are selling for less than assessed value.

    Please feel free to contact me at anytime for verification or just to discuss the real estate market.

    Dan Gobis
    dgobiz@yahoo.com
    262-939-0949

    ReplyDelete
  2. Michael Kroes11/16/2008 7:55 PM

    Mr. Gobis, Thanks for clarifying. Based on the examples you've listed, I'd have to agree with you that Mr. Block's post could be construed as misleading. Mr. Block may have other examples to bolster his notion that home sales in Racine are holding steady. If he does, he should have posted them too.

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  3. I'm no expert here. I pulled the first couple of homes on the for-sale list and saw they held their value. Plus, I did a story last week where the city assessor said property values weren't dropping.

    But I'm certainly aware of the huge number of For Sale signs around the city, and they can't be helping property values.

    Dan, thanks for your post. I'll be touch.

    ReplyDelete