How much is your house worth? According to the County Assessor, my rickety 1898 Westside Victorian is worth $341,000 which, given its many problems, may be wildly optimistic.
Most of us have skin in the local real estate game – so how about our leading mayoral candidates? Where do they live? And how much are their houses worth? And how big are they? Let’s play ‘National Enquirer’ and snoop through the real estate records on the County Assessor’s website.
Some are livin’ large, and some are not – but all appear to live comfortably.
Steve Bach: seven-room, 3,000-square-foot townhome in Briargate, built in 2007, and now valued at $65,258. Bach paid $433,000 in 2008. After he bought it, it was discovered that his new place, in common with neighboring townhomes, had severe structural problems. Remedying them took four months, during which the Bachs were forced to move out and live in a rented apartment. As a consequence, the Assessor sharply reduced the property’s estimated market value.
Brian Bahr: 12-room, 5,200-square-foot rancher in Northgate Estates, built by Bahr’s company in 2008. Public records indicate Bahr paid $110,000 for the lot. Assessed market value: $567,290.
Buddy Gilmore: seven-room, 2,000-square-foot 1987 two-story house in northeast Colorado Springs. Gilmore bought it in 1992 for $139,000 and it’s valued at $285,000. Warren Buffett, who still lives in the Omaha residence that he bought for $30,000 in the 1950′s, would definitely approve.
Dave Munger: 14-room, three-story 6,700 square foot house in the North End, built in 1899. Described on the County Assessor’s website as “very good quality.” The home is valued at $1.1 million. The Mungers bought it in 2004 for $930,000.
Richard Skorman: seven-room, 3,000-square-foot rancher in Old Broadmoor, built in 1969. The house, which sits on a half-acre lot, was purchased by Skorman in 1998 for $300,000. Market value: $480,000.
And here are the standards that the successful candidate will have to meet.
Mayor Lionel Rivera: 11-room, 5,000-square-foot rancher in University Heights. The mayor bought the lot for $220,000 in 2001, and built the house in 2005. It’s currently valued at 891,000.
Former Mayor Mary Lou Makepeace: six-room 2,000-square-foot two-story North End house, built in 1904. She (and her former spouse) bought it for $125,000 in 1983. Present market value: $377,000.
Former Mayor Bob Isaac: during the 1990s, he lived in a one-bedroom condo on Green Star Drive, for which he had paid about $60,000.
Conclusions? Let’s hope that they’ve reduced their mortgage balances to less than $250,000. The charter provides for a $100,000 salary, but also forbids the mayor from working another job, or operating a business on the side. A too-hefty mortgage payment might force the new mayor to stay home at night, watch TV, drink box wine, and dine on pasta.
Just like a newspaper reporter…