1986-07-15_GENERAL DOCUMENTS - C1981017

• Permit No: C1981017
• IBM Index Class Name: GENERAL DOCUMENTS
• Doc Date: 7/15/1986
• Doc Name: Bid Documents ‎(IMP)‎ Revised RealEstate Appraisal
• Permit Index Doc Type: General Correspondence
• Media Type: D
• Archive: No

Mid—Continent Resources
May 19, 1988
Page — 4 —
Based upon average sales price, the Roaring Fork area, the third area, shows
a decline in the 1983-1984 period with general stabilization since that time.
The middle line on the graph, or the Garfield County total, show the market
peak in 1982 and the subsequent and continuing decline although more moderate
than the following Rifle area. The Rifle area, the bottom line, show a much
more pronounced rise, peak, and decline in average sales prices. As
previously discussed, this area is in the heart of the oil shale area and it's
fortunes followed the oil shale boom/bust cycle. The County wide average was
subsequently negatively affected.
Data from other sources was also sought to substantiate the trend data derived
from MLS statistics. In this regard, the County Treasurer's records were
analyzed with regard to foreclosed properties. The following graph depicts
the County total foreclosures in the 1982-1987 time period.
n
300
lV
200
Garfield Co. Foreclosures 1982 - 1987
100
iC4lk
0
0
02 03 134 05 66 07
A further analysis of the County Treasurer's data indicated that in the year
1986, which had a total of 194 foreclosures within Garfield County, 64
occurred in area three, or the Roaring Fork Valley, and the remaining 130
occurred in area one and two, essentially the Rifle Central Area.
An examination of the Garfield County Assessor's records revealed that,
excluding agricultural and mineral properties, the Roaring Fork, or third
area, contains 55. 19Z of the number of properties in Garfield County with area
one and two, the Rifle Central area, containing 44.81% of the total properties.
The far right column in the following chart illustrates the difference in
foreclosure frequency on an area basis. The County wide average for 1986
developed a frequency of 1 foreclosure in 42 properties. A similar calculation
for area three, the Roaring Fork Valley, developed a frequency rate of I
foreclosure in 70 properties for 1986; whereas, the severity of the bust phase
of the boom/bust cycle in the Rifle area is depicted by the statistic of i
foreclosure in 28 properties.
The following analysis does not include agriculture or mineral properties in
the property counts.
Applegate & Co. Real Estate Appraisers