PLATFORM : Property Drop

By RONALD A. STEELE

May 11, 1992 12 AM PT

<i> RONALD A. STEELE, a real-estate appraiser in Santa Ana, grew up a few blocks from where the riots began at Florence and Normandie. He commented to The Times on some economic effects of the riots:</i>

I would expect that the riots are going to cause some diminution in commercial property values. They’ll probably fall around 20%--about the same decline I found after doing appraisals on Central Avenue near Vernon after the Watts riots.

Housing is more of a supply-and-demand kind of a thing. We certainly don’t have any surplus of housing in the South-Central area. My guess is that, except for neighborhoods hit hard by job losses, prices will remain stable over the long term.

There are some distinct differences between the Watts riots and the recent disturbances. I sensed in the 1965 riots a deep and abiding frustration from every black citizen. I think that exists on a much narrower plane today. We have a black mayor; we have black people on the City Council.

The people in the streets weren’t necessarily representative of all the people of South-Central. I think the healing is going to be faster this time.