Remember 2005, when Roseville’s gross market value was $3.9 billion?
Courtesy of the ruptured real estate market and ensuing impact on residential and commercial real estate values, the city is worth about the same in 2011, according to city documents.
The falling price of a single-family Roseville home since 2007 mirrors the nation’s economic problems, with the tab for the median home plummeting from $249,400 in 2007 to the 2011 median value of $206,300 – a 17.3 percent drop in value.
Those Roseville real estate value stats were among many numbers presented to the City Council Monday night during a long-range planning discussion.
Christopher Miller, Roseville director of finance, said the city’s gross market value represents the total value of residential, commercial real estate. Roseville’s current value is $3.928 billion, just $10,000 more than the city’s 2005 value.
Roseville hit its peak value in 2007, when the city was worth slightly more than $4.5 billion.
The Council planning meeting made use of a variety of long-range economic development reports including Roseville or documents created by city officials. (See background documents from City Council agenda.)
Although falling home values, which city officials use as a base for determining the Roseville’s portion of property taxes, aren’t thrilling in terms of sale price and profit, the damage could be worse.
“Given a lot of the data we’re seeing tonight, I think we’re doing a lot of things right,” said Councilman Robert Willmus.
Perhaps in overall operation of city government. But in terms of raw real estate value; Roseville, Minnesota and most of the rest of the U.S. seem to be struggling.
Council member Tammy McGehee, for example, asked Ramsey Council officials for a 2012 value estimate of the median-value Roseville home. County officials’ answer was $196,000, nearly a 5.3 percent drop in the 2011 value of the median-priced residence.
