Daily Archives: May 11, 2010

Bainbridge home values plummet

Bainbridge home values on Bainbridge Island tumbled faster over the past year than any other part of the county, according to a new report from Zillow.com.

Values fell 10.5 percent on Bainbridge, compared to just 1.8 percent for all of Kitsap.

The median Bainbridge home value in March was $490,000. That’s 21 percent less than when the market peaked in February 2007.

Read more in THIS story by Sun business reporter Rachel Pritchett.

City turned down for a car loan

City officials got a jolt when the city was turned down for an auto loan that would have purchased three new police vehicles.

“It was a really small loan we were looking for, but the fact we were turned down should be a red flag for our finances,” Mayor Bob Scales said.

Acccording to a post on Readies.co.uk, the city’s low fund balance and the Bainbridge Ratepayers Alliance lawsuit make Bainbridge “a bad credit risk” in the eyes of the state, which administers the low-interest loan the city was applying for.

Read more HERE.