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Change in Riverwest Property Values: 2000-2002

2000 Assessed Valuation 2001 Sale Price 2002 Assessed Valuation
     
35,600 80,000 48,100
61,400 73,000 74,100
91,600 120,000 128,200
22,100 30,000 36,100
57,700 79,900 78,000
35,200 76,900 47,600
41,400 93,000 82,800
41,300 85,000 55,700
52,000 55,400 62,400
32,800 55,000 44,500
66,400 110,000 89,400
55,700 60,000 75,200
87,200 86,750 113,500
68,600 70,000 82,600
70,800 73,000 83,800

The table above includes single family properties and duplexes. These are accurate, even when assessed valuation does not reach sale price. An assessor, who has done many Riverwest properties, said he had observed that many properties are being sold for more than the asking price, some the same day they were offered. He further noted that the increased valuation provided the owner with equity on which he or she could borrow to upgrade the property. A property owner may call and obtain the comparable properties for his or her property. The question this poses is how financial diversity can be maintained in a neighborhood in which housing prices are skyrocketing.