Thirty of 59 Milwaukee property sales published in yesterday’s Journal Sentinel were for less than 50% of assessment.
Now, that’s scary.
(There were actually 60 sales published, but one address had two properties associated with it, and I couldn’t figure out whether both properties were included or just one, so I tossed it.)
The geography of the crash in values is depressing. Here are two snapshots of central milwaukee. The one on the left shows the sales for more than 50% of assessment; the one on the right shows the sales for less than 50% of assessment.
Here are a couple links to Google maps I put together. The first shows sales for less than 50% of assessment. Note that there are exactly three south of I-94. Then take a look at the other map, which shows sales for more than 50% of assessment. What a difference!
You may have to zoom in on the maps to actually see Milwaukee.
How many sold for the Assessment or above? I’m guessing Zero. Ya think the City has a valuation problem? If your Spring Re-assessment is up or unchanged, you had better contest it, Gretchen just gave you the Year end numbers for the comparables.
John — Eight properties, or 14% of those considered, sold for their assessed values or above. Not very good.
I think this is just the beginning, too. As much as experts have said we avoid the housing problem because we didn’t rise too much, our price to rent ratio is still out of whack. Either rents have to increase (which is not happening in other cities due to the sheer number of condos coming into the market) or house prices have to fall.
http://www.time.com/time/pricerentratio/pricerentratio.html