This last Tuesday, John Tuteur, the Napa County Assessor & Recorder, spoke at my company’s morning meeting and presented some very interesting facts about property values here in Napa County for this last year. He stated, property values had increased .38% year over year for the tax year from 2009 to 2010 and Napa County was only one of three counties who did so of the 38 counties (there are 58 in California) who had so far reported their annual property values. Then came the kicker (At Least on Paper); this was due to 323 million dollars in new commercial development which had been in the pipeline for several years and which finally appeared on the tax rolls last year. The total property value of all property in Napa County is approxiamtely eight billion dollars down from a peak three years ago of nearly ten billion.
He also stated there were 773 foreclosures in Napa County in 2008, 589 in 2009 and based upon the number of foreclosures year to date, there are expected to be 711 this year. Another interesting fact was the city of St. Helena had a decrease in property values year over year for the first time ever. Granted only .27%, but even heaven isn’t immune from this downturn was implied.
If you are considering buying here in the Napa Valley, you should check out John’s information at the County’s web site. He has written some great articles about different real estate topics, property taxes, assessment issues and even some as unusual as the Assessment of Oak Wine Barrels.
Given there are still parts of the city of Napa where home values are still approximately 50% of where they were at the peak, I feel very fortunate to live where I do. Yountville is down around 25% from its highs.