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Values decline in urban, suburban neighborhoods

Comment: How will sinking property values affect you?

Related articles:
Taxes may not drop with home values | Realtors hopeful

By Lynn Hulsey

Staff Writer

Saturday, June 21, 2008

DAYTON — Kymberly Miller isn't surprised that nearly every home in her neighborhood dropped in value this year. After all, it wasn't long ago that she looked out the window at the dilapidated vacant house next door on South Torrence Street and saw a nude couple having sex on the back porch, not exactly a display that makes people clamor to live in a neighborhood.

But housing value declines are not limited to areas such as Miller's Lower Burkhardt neighborhood in East Dayton, where the average value of a house is $32,000, down from $41,000 last year.

Half of the residential parcels in Montgomery County dropped in value, according to Montgomery County's new six-year property reappraisal, which is awaiting final approval from the State Tax Commissioner.

"It is unprecedented," said county Auditor Karl Keith. "As long as I've been here we've never decreased values on tens of thousands of parcels before. Typically residential real estate values appreciate in value."

The total value of non-agricultural property in the county grew an anemic 1.7 percent. Residential property values increased by less than 0.42 percent, compared to a typical increase of 11 percent or 12 percent during a triennial update or sexennial reappraisal by the auditor, Keith said. The flat growth mirrors other counties across the state and reflects the impact of the growing economic crisis, including the slumping housing market, increasing numbers of foreclosures, a credit crunch and job losses.

"Economists are saying we haven't near hit bottom," Keith said. "It's far from over."

To the north in Butler Twp., the quiet cul-de-sac neighborhood of Cricket Woods features large houses and beautifully kept lawns. It's also a place where overall value declined and the average value of a house is now $194,000, down from $223,000.

Nine-year resident Dave Engle said the decline in value is troubling for folks whose primary asset often is their house.

"If you spend $20,000 on a kitchen or bathroom, which is easy to do, will you get your money back?" he said. "In this neighborhood, maybe not."

Related articles:
Taxes may not drop with home values | Realtors hopeful


How will sinking property values affect you?

Comments

By t_man

June 23, 2008 9:45 AM | Link to this

Please tell us how you justify expenses of our community?

I am referring to all our city and county leaders. How do you justify spending $10,000.00 to visit a sister city, when the school buses gas tanks are running out of gasoline? How do you justify spending 21 plus million dollars for Riverscape Park? This includes the fountain, so there is more money than this spent on it. What is the cost of putting on a firework display? The last I heard it cost $275,000, that was many years ago! What about Fifth-Third Field? Elected Officials has private boxes and food perks, but who pays the bills?

You will not give tax incentives to big companies, but you want tax dollars from people who have no jobs. And you wonder why the housing industry is down in our area? Those who are working are making more money, but they are bringing home less, now then before! Elected Officials are requiring more from the tax payer, than ever before. They have to pay for Food, Medical, Hospital bill and education for those who won’t (not those who can’t) work. Older people are being taxed out of their home! Older people sacrifice food, so they can pay their medical and home taxes.

When they are faced with needing their medicine or paying their taxes, delicately they choose to buy their medicine and fore go their taxes. At last, they lose their homes. While they battle life and death and taxes, maybe they are lucky to pass away and leave you to battle over their remains. You remind me of the Queen of France, (who is wrongly believed to have said) let them eat cake! It must be nice to have all of the authority and no responsibility.

But those of us, who live in the real world, know you are reposing a fraud on us! Listen to those who say, I will never own a house again. These people are broken hearted and giving up on life. You know that if the own a home or rent a home or apartment they are going to be paying taxes. So either way, Elected Officials win!

By will hunting

June 23, 2008 8:30 AM | Link to this

I could not find any employment in Dayton or surrounding areas. I have an advance degree and all the ksa’s that was necessary. I have since moved to Atlanta, GA and found a job in my field of study. It took me no time. The City of Dayton is not getting in better no time soon or the surrounding counties (exception of Warren..etc). Word to the wise, LEAVE DAYTON!

By Will Hunting

June 23, 2008 8:20 AM | Link to this

It is truly sad to witness Dayton fall by the wayside. I had live in Dayton all my life with the exception of going off to college to receive my bachelors.

There are many things that plague Dayton. The job market is terrible, school system suck and housing market is decreasing. I know you receive plenty of tax breaks (depending of the situation), for example Salem Crossing. Now, why would I want to spend $100,000 in Dayton and wake up to see the rest of the neighborhood with vacant houses

By MadDog

June 23, 2008 4:42 AM | Link to this

What a great post:

“By Democratic Party

June 22, 2008 12:02 AM | Link to this

I am concerned as my late mother’s house will be put on the market and my brothers and I worry that we will not get top dollar for it.”

Just like a Democrat…wants money for nothing.

By joe

June 23, 2008 3:04 AM | Link to this

I’ll bet this economic downturn hurts me….I was expecting to get at least 350,000.00 for my house. Now I bet that I’ll be lucky to see 320,000!! That’s it, I’m outa here, Southern Florida here I come!

By Skeptic

June 22, 2008 11:08 PM | Link to this

The valuation is not surprising given the nationwide foreclosure problems. Let’s focus on improving our community. The Dayton region has a lot great assets. The City of Dayton has a lot of great neighborhoods, too. Not only that, but we have dozens of cultural and professional institutions that other cities only dream about. Let’s fight the good fight and turn this ship around, together!

By Dan Kennedy

June 22, 2008 10:59 PM | Link to this

Why does Washington Township have it’s police services from the Sheriff? Their average house value is $189000 and my community of Dayton is $59000. Do they really need my county taxes to pay for their police services? Why aren’t they a city or part of Centerville? The Sheriff police services should be restricted to the low density rural areas of the county that can’t support the full cost of police services.

By tbill

June 22, 2008 8:00 PM | Link to this

8 posts DirkSniggler? Got nothin’else to do? Yeah, sure, you say living in Dayton saves people so much gas because they don’t have to drive as far to those jobs close by (in the city, not the suburbs), like at …..oh, yeah, there are none any more! You work at, where, Frigidaire? Chrysler? Maybe the downtown Lazarus (Rikes)store? Without the health care jobs and Wright Patt, Dayton would be like Youngstown. Wake up.

By Buford

June 22, 2008 5:48 PM | Link to this

For some many years much of the residential properties in Montgomery County have been over-assessed in valuation. Those who chose to fight the County assessment often times won a lower assessment. Problem is, not enough people have taken the time in the past to do much other than lip service in that direction. Fewer residents, fewer jobs, fewer DPS students/yet more expensive, more levys to support everything under the sun. Not a pretty picture.

By karon

June 22, 2008 5:05 PM | Link to this

The city of Dayton needs young urban professionals on the city council. The city of Cincinnati has turned around because of there new young urban professionals on there city council. Cincinnati because of these urban professionals are planning for there new streetcars. Streetcars spur economic development and where that streetcar line starts property values go up!

By SunshineQueen

June 22, 2008 2:54 PM | Link to this

I live in the heart of the city and have a beautiful home. Sure, some of my neighbors let their houses and yards grow out of control. Sure, there are some people walking the streets that should be behind bars. But really, I have no fear of my neighborhood, the yards, or the people. I’m kind to everyone I meet, my home is a beautiful place to live, and the people complaining about the urban neighborhoods are the ones that the current economical delcline is going to affect the most!

By Jeff

June 22, 2008 1:42 PM | Link to this

“The sinking property values in Montgomery County will not effect me at all.”

That has to be the stupidest thing I’ve ever read. You also mention you live in the Beavercreek/Fairborn area, and that people take care of their homes. Have you even been to Fairborn? It’s a dying city too.

Beavercreek, Oakwood, Bellbrook, and Centerville are the only “nice” areas in the greater-Dayton metro area. There are many “stable” communities, but these are the more wealthy ones.

By dirk sniggler

June 22, 2008 1:12 PM | Link to this

Why did she lead off with the comment about the couple having sex?

Because it is the objective of the mainstream media in this area to promulgate as much as possible a superiority complex in suburbanites, so they may continue to keep building McMansion after McMansion and mall after mall. For as long as the sprawl continues, the DDN and their corporate whorewholes continue to get rich at the expense of society and our community as a whole.

By Paul

June 22, 2008 1:07 PM | Link to this

I can’t believe the author chose to put the part about a couple having sex. What does that have to do with housing values? Nothing. It could happen in any area, and it totally detracted from anything this story might have had to offer. Shame on you, Lynn… and the Dayton Daily for allowing it to be their cover story today. This is a prime example of why I don’t subscribe to the DDN at home anymore.

By dirk sniggler

June 22, 2008 1:03 PM | Link to this

I’ve lived in the east end for about eight years now, and have NEVER been threatened with mugging. I walk ALL over and I’ve never had a problem with safety.

All of the folks who these scardycat suburbanites fear so much are really pathetic junkies and drunks owho can barely stand up, let along threaten you.

99 percent of violent crimes happen between people who know each other. I guess that means you’ll stop attending your family reunion, in order to increase your personal safety?

By East Ender

June 22, 2008 12:56 PM | Link to this

tbill, and others, I am so sick and tired of people putting down our neighborhoods. All you saw was one building. You didn’t see the rest of the houses around it. There are lots of well taken care of houses on that street. The media is only going to show you what they want, and only report the bad things. I feel safe walking down our streets.

By dirk sniggler

June 22, 2008 12:52 PM | Link to this

tbill, you really need to wake up. You have EVERYTHING to worry about.

Suburbia is ground zero for the newly underway American depression. An urban lifestyle in a rural setting (what suburbia is), is another example of Americans living in a fantasy land of economic

When fuel hits $10 a gallon (maybe at $5), the happy-go-lucky car culture than has created suburbia all of the sudden becomes economically impossible.

You REALLY need to go to: http://www.kunstler.com

and get some education

By tbill

June 22, 2008 12:35 PM | Link to this

What a stupid way to begin a story, about a couple having sex in the open? Oh, and their clothes were off, too; maybe the writer keeps theirs on?? Who cares? Home owners have been mortgaging their futures and now it doesn’t work that way any longer. Look at the photo in the paper of the neighborhood where the woman who ended up in the garbage died: trashy. Incomes haven’t kept pace with home prices and something had to give. Increased home values are great for sellers, only!

By John

June 22, 2008 12:12 PM | Link to this

The sinking property values in Montgomery County will not effect me at all. I moved out of Montgomery County in January and into a very nice home in the Fairborn/Beavercreek area where the crime rate is low, the people take care of their homes, and where the schools are still good. If one really wonders why homes in Dayton are decreasing in value need only to walk down any given street in West or East Dayton on a Saturday night. If they can do so without getting mugged.

By mtm

June 22, 2008 11:58 AM | Link to this

Video link posted by JB: Yes, all so true. Part of the housing boom were people that purchased homes beyond their means and people aquiring home equity loans on what little equity existed. Also, so called, creative mortgages; ARM’s, duals and interest only. We purchased below our means, 30 year fixed, 5.5% and shred every home equity loan junk mailing. We may have a low mortgage payment but, ability to sell is not very good. The more forclosures that occur, the fewer qualified buyers.

By dirk sniggler

June 22, 2008 11:31 AM | Link to this

If you succumb to fear, then you never really get to live.

I live in the city, and if any of these crackheads dared touch me, there wouldn’t be much left afterwards besides chalk marks on the pavement.

They know as much too. I feel fine. Don’t believe the hype.

By Sam

June 22, 2008 11:29 AM | Link to this

I lived in Dayton (Springboro) for 18 months for my job; the area was terrible, probably the most depressing, run down, area I have ever lived in. I never considered taking my own life until I had to spend time in Dayton. Lots of people are thinking like I and moving away. Those who moved to Dayton for jobs no longer have jobs, and are moving on. Face it Dayton is a dumb, Dayton is dead. Ya’ll need another good flood to wash it away, along with the trash that call Dayton home.

By Kathy

June 22, 2008 11:25 AM | Link to this

Even before the “bubble”, my house in this god-forsaken city lost value. I can never move unless I want to pay to do it. My $70,000 house is now worth maybe $40,000 on a really good day. It isn’t only about jobs. Who wants to live in a city where you’re afraid to take a walk down your street or afraid you’ll be shot by accident, or send your kids to schools where you fear for their physical safety because the “charter” (loser) schools are taking all of the public school funds? This city sucks!

By dirk sniggler

June 22, 2008 11:20 AM | Link to this

Comparatively speaking to the schlock the DDN usually puts out, it’s a good job. Now she’s got lots of follow-up stories to work on (if she’s a perceptive reader of her reader’s comments), thanks to you.

Stop hatin’ on everything and everybody. It has never solved a single thing.

By JB

June 22, 2008 10:42 AM | Link to this

Economic implications of the real estate bubble http://www.youtube.com/watch?v=11sG3zgE9Hk&feature=related

By WRG

June 22, 2008 10:42 AM | Link to this

“Excellent, thorough, explanatory journalism. Thank you for your efforts.” - Dirk

Are you kidding me? A couple of quotes from the auditor and a look at two - count them - two areas – this is excellent journalism? Where is the breakdown by area? Which areas are getting hit the hardest and which are getting hit the least? How did we get here? How can we get out of this mess? What’s the City and County going to do with less revenue? This is just like everything else that the DDN reports on; a couple of quick paragraphs that really don’t tell you anymore than the title did. Give me a break! They’re just filling space between ads.

By dirk sniggler

June 22, 2008 10:03 AM | Link to this

One more thing dear Lynn Hulsey:

Excellent, thorough, explanatory journalism. Thank you for your efforts. We need more of this, and less Britney.

Make that no Britney.

By dirk sniggler

June 22, 2008 9:58 AM | Link to this

In so many ways, Dayton is where the dream of a happy-go-lucky culture of automobile worship began, and where it is all ending.

Good riddance.

By dirk sniggler

June 22, 2008 9:52 AM | Link to this

To the poster Mobea who posted the following the paragraph that follows this, the answer to your question is VERY clear. You, and thousands and thousands of others just like you, left.

> I grew up in Dayton and came back two years ago for vacation. I was sick to my stomach to see so many vacant and boarded up homes in what used to be nice neighborhoods. What the hell happen? >

By JB

June 22, 2008 9:49 AM | Link to this

“It is unprecedented,” said county Auditor Karl Keith. “As long as I’ve been here we’ve never decreased values on tens of thousands of parcels before. Typically residential real estate values appreciate in value.”————————————————————- To quote Homer Simpson -“DOH!” - what did you expect ? Real Estate values have been in an artificial bubble for over a decade. Housing is NOT an investment - it is a commodity ! http://www.speculativebubble.com/images/homevalues1.gif

By MIC

June 22, 2008 9:40 AM | Link to this

As a former employee of Montgomery County, I have to comment on the assertion by one poster that Montgomery County is “…largely bloated with loosers that are unemployable in the private sector.” I now work in the private sector, but initially faced the prejudice expressed by this poster. I have won awards for excellence in my current private sector position. You can find bloat and losers in any organization. Montgomery County employs many fine people.

By MIC

June 22, 2008 9:37 AM | Link to this

As a former employee of Montgomery County, I have to comment on the assertion by one poster that Montgomery County is “…largely bloated with loosers that are unemployable in the private sector.” I now work in the private sector, but initially faced the prejudice expressed by this poster. I have won awards for excellence in my current private sector position. You can find bloat and losers in any organization. Montgomery County employees many fine people.

By mtm

June 22, 2008 9:05 AM | Link to this

Perhaps a full scale tax revolt would be a solution. City and county govt work for us. We do not work for them! But, as jobs and people leave, some parts of the dayton area will look like a ghost town, slums or both. The people that are left will not be able to pay for govt services.

By Mobea

June 22, 2008 8:54 AM | Link to this

I grew up in Dayton and came back two years ago for vacation. I was sick to my stomach to see so many vacant and boarded up homes in what used to be nice neighborhoods. What the hell happen? It’s like the drug addicts took over the whole city. How did that happen? It was horrible to see! Street after street.Oh my God, now that GM is closing it’s only going to get worse. I cried when I left. I feel sorry for Dayton. The city that died.

By Gaishan

June 22, 2008 8:45 AM | Link to this

I’ve been looking for a home, since the market is so depressed I felt now was as good a time as I was ever going to get. But I’m finding that while there are literally thousands of homes on the market, people aren’t coming down much on pricing, now in truth that could be because they’re up to their eyeballs in debt on the houses, I completely understand that. What a shame that a market correction has to have such wide and devastating effects.

By Papa Ubu

June 22, 2008 8:36 AM | Link to this

No. I live under the train trestle next to Harrison Radiator. Furthermore, Bill Pout of DaytonMostMediocre.Commedy will solve everything through his Creative Crass Inanity. Why just this year alone four never-open art galleries have been established in the SnoreAgain Distict!

By h

June 22, 2008 8:31 AM | Link to this

Hey bulldog, I bet those county losers can spell. Dumba$$.

By Lynn

June 22, 2008 8:13 AM | Link to this

I now think about just leaving my house since no one will buy it. Its not even for foreclosure reasosns, just to get out while I have some sanity left. I will never own a home ever again.

By barking bulldog

June 22, 2008 7:12 AM | Link to this

Folks, when are you going to realize your government is just like the oil commpanies. just as gas goes up from $3 to $5 a gallon - property taxes are going up too despite the fact that real property values are tanking in the toilet. Property taxes aren’t about property values - they’re only about government revenue. Montgomery County is the prime example of a too big, unresponsive, uncaring government that is largely bloated with loosers that are unemployable in the private sector.

By mtm

June 22, 2008 6:38 AM | Link to this

If property values decrease, then, with that, property taxes should decrease. If taxes are based upon the appraisal rate. And, there should be a decrease in the number of bond levy’s being passed. Fewer homeowners due to a decline in population and jobs. Fewer student in public schools. Reality is that a persons primary asset may be a 401k, retirement or other investment. Not a house or property.

By Joaniesgarden

June 22, 2008 5:24 AM | Link to this

There is a restructuring of industry going on that is long overdue. It should have been done back in the 70’s but each time an auto industry threatened a bail out to re-tool to market trends (based on OPEC fuel prices and our dependency on petroleum products) Pressure from government and direct municipalities would prop them up with a crutch like a Dali painting. The dinosaurs are becoming extinct, the value of the American dollar is dropping like a rock. Don’t think you are not affected.

By deb

June 22, 2008 4:33 AM | Link to this

I would like to know how Dayton can show an INCREASE of .42% in residential value, when Columbus shows zero growth? That doesn’t make sense…..I can’t sell my home for the current tax value, i hate to see what the new one is going to be..

By Democratic Party

June 22, 2008 12:02 AM | Link to this

I am concerned as my late mother’s house will be put on the market and my brothers and I worry that we will not get top dollar for it.

By concerned

June 21, 2008 11:09 PM | Link to this

Dayton’s housing values won’t affect me, but I do worry about all of my family members that live in the area. There has to be new innovative industry to get Dayton propped back up. Maybe making solar products. Hopefully GM or some other car manufacturer will build high efficiency vehicles. Dayton has so much history with the wright brothers and wright pat. It would be a great lose to America if it doesn’t come back.

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