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Change in Riverwest Property Values: 2000-2002

2000 Assessed Valuation2001 Sale Price2002 Assessed Valuation
   
35,60080,00048,100
61,40073,00074,100
91,600120,000128,200
22,10030,00036,100
57,70079,90078,000
35,20076,90047,600
41,40093,00082,800
41,30085,00055,700
52,00055,40062,400
32,80055,00044,500
66,400110,00089,400
55,70060,00075,200
87,20086,750113,500
68,60070,00082,600
70,80073,00083,800

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.