Two houses in my neighborhood just sold for over 1 million. These are basic Cape Cod style, four bedroom, two bath on 50X100 lots. All newly renovated (about 200K). Way over valued in my opinion, but the market feels differently. It's insane.
The restrictions on how the property is used, affects the market value.
Here's some back ground.
Mar-a-Lago is deed restricted as a private club. The deed itself is restricted, it can't be used for any other purpose, as such our office values it as we value the other private clubs in Palm Beach County,"
I really don't understand the issue here.
The market dictates the property value. I'm sure in 2008 is was worth less than it is now.
I can list my home right now for 1 million dollars.
It won't sell for that, but what would I have done wrong?
Let's say it did sell for my over-inflated price. I still haven't don't anything wrong.
Two houses in my neighborhood just sold for over 1 million. These are basic Cape Cod style, four bedroom, two bath on 50X100 lots. All newly renovated (about 200K). Way over valued in my opinion, but the market feels differently. It's insane.
It's whatever anyone is willing to pay.
Of course, when the market goes down, so do the prices.
But the market is up for housing for the just 5 years, obscenely so.
Mar a Lago cannot be used as a house, the property is restricted.
But it's worth is whatever is dictated by the market. And there's no way the number they came up with is realistic for that property in that town.
How can a judge find the worth of any property to be fraudulent?
I'm assuming they are trying to accuse Trump of writing off the property at an inflated price?
The restrictions on how the property is used, affects the market value.
Here's some back ground.
https://www.cbsnews.com/news/trump-mar-a-lago-1-8-billion-own-company-said-it-was-too-high/
Here's an appraisal Donald Trump had done 1995
https://www.documentcloud.org/documents/4332803-Clarion-1995-MAL-APPRAISAL.html#document/p17/a394146
It was valued then at 28 million.
In other words, he can stay there as a vacation spot, but can't make it his permanent address?