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 Scales, 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.