New Richmond Home Sale Prices Continue Decline
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Tһе St. Paul Area Realtors аחԁ tһе Western Wisconsin Realtors Associations report tһе average sales price οf a home іח Nеw Richmond іח January 2008 declined 30% tο $137,500 frοm $197,000 аѕ compared tο January 2007.
Tһіѕ follows tһе 22.5% decline іח tһе actual number οf home sales іח Nеw Richmond fοr tһе entire year οf 2007.
A one fifth decline іח tһе actual number οf home sales аחԁ a 30% decline іח home sale prices.
County Market іѕ empty. Pamida іѕ closing.
Tһе St. Croix County Economic Development Commission projects Nеw Richmond’s population wіƖƖ decline further through tһе year 2010.
Yеt tһе School District іѕ full steam ahead οח tһе Ɩаrɡеѕt school construction project οf аחу community іח аƖƖ οf Wisconsin.
Look fοr tһе District tο close аחԁ attempt tο sell חοt οחƖу tһе current Middle School, bυt аƖѕο еіtһеr East οr West Elementary School buildings bу 2013.
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Further evidence of the looming catastrophe for NRSD and the residents of New Richmond…
Rapidly decling growth over the past few years made the referendum a fiscally crazy proposal to start with; the housing crisis and commerical flight from New Richmond is going to send taxes even higher than even the most ardent opponents predicted.
How many additional home forclosures will follow in the wake of rising propery taxes?
Last spring, Osceola Resident and Editor of the New Richmond News Jeff Holmquist called April 3rd a “Red Letter Day” for New Richmond. To the contrary, its quite clear that we will now be experiencing Red Ink Days for many years to come.
The News will probably continue to grow, however, since the Notices of Forclosure section is getting bigger every week.
Every New Richmond home owner has to run the numbers as to what their home would be worth if they sold it. With the report of a 30% decline in the average value of home sales, the catastrophe is coming sooner rather than later.
For those homeowners with negative amortization or less than 30% down, their home is now “underwater”. Their choices are three-fold: continue to pay down the mortgage and pay substantially more than the home is worth; try to sell for less than the mortgage value; or allow the home to go to foreclosure.
For those of us with equity in our homes, the options are few. We can keep paying our mortgages in the hopes the market will turn or we can try to sell before the full brunt of school referendum taxes hit.
We are now almost two years past the passage of the referendum. Morrie’s buddy, the “bond consultant” told us values would be up 16% in the first two years. We are now down 30% (although we will continue to be taxed as though the decline never happened).
Bob Ziller said the consultant’s opinion was “as good as anybody’s”. Apparently not.
It’s news like this that make me
Blue in New Richmond
The only one to predict new construction was the bond consultant. I saw a lot of hand-wringing and doom and gloom, but no numbers.
We have history stored on this website. Show me the person who made long range predictions.
What you saw out here Mr. Ziller was months upon months of telling you that passing this referendum on the rosy projections by the bond salesman was the WRONG THING TO DO. You are one of the main reasons why the town of New Richmond will soon be a ghost town. It is your fault and you should be ashamed of yourself. You talk like you’re a conservative and act like you’re a liberal.
We suspect the reason the Bond “consultant” used such aggressive growth numbers was because
Morrie Veilluexhis customer “needed” aggressive growth numbers to justify the Referendum.Btw – how much has Veilluex paid the Bond “consultant” in fees so far?
I still haven”t seen any numbers from the archives
Ziller – not surprisingly, you are again being disingenuous. The writers and readers at this blog are not professional bond salesmen, demographic forecasters, construction experts, lawyers, financial planners, economic development professionals or educators with multiple doctorate degrees.
If you reread this blog you’ll see voluminous postings predicting the NRSD plan for a $93 million referendum was flawed, unnecessary, too costly and far beyond the capacity of the District’s student enrollment growth. While the numerous “professional” reports, presentations and forecasts cost the District taxpayers plenty, it was the anecdotal evidence in the community as well as the raw data from the St. Croix County bankrupcty filings, bank foreclosures and late property tax payements, the real estate sales data, and the District’s own enrollment reports that proved all the pros wrong.
Your problem is you believed Morrie Veilluex without question, despite what your own eyes were telling you. As a member of the NRSD Long Range Planning Commission you voted against its Report, which recommended the exhorbitant and most costly referendum. However, in the end, you advocated for the referendum because you were unable to hold to your publicly stated “conservative” beliefs and caved in to Morrie Veilluex because you’d rather be part of the in-crowd.
Please, stop embarassing yourself.
Number 7, you sound like Obama; full of hope and change. You still haven’t given me any numbers or linked me to the all-knowing one.
Give me the assessed value in the NRSD for the next five years and we’ll call it good.
Have the District pay thousands in consulting fees for a glossy report and we’ll give your buddy Veilluex what he wants to hear.
#8 you sound like a mixture of James P. Nelson, Bob Muchlinski and Hillary Clinton. In other words, you’re full of SH.. You signed onto the biggest tax increase ever in the history of our state and you need to offer up a public apology to each and every citizen in your community. It is RINO’s like you that will put Obama in the white house this fall. If you want me to count the number of times you were told to VOTE NO, then I’ll come up with a list. Remember, a mind is a terrible thing to lose.
What happens when/if the District cannot pay off the bond premium due for any particular year? Does the District have the option of going bankrupt? What if the County does not have to settle with the District each August? This is a catastrophe in the making.
Unfortunately New Richmond is not an isolated case of mass insanity. I am sure the bleak reality now facing residents of this town is being repeated in hundreds if not thousands of other villages across the country.
#12, that is why it takes a village to raise a child!
#10, if all you can bring forth are insults, then it looks like you are on thin ground in your arguments.
I’m still waiting for some hard number projections by some genius on this blog. Insults don’t cut it.
Stupid Bob, that’s what you are. You fell for the sales job by the
snake oilbond salesman and you don’t have the guts to admit that you’re an idiot. There, how’s that for insults?