Assessed Home Values Very Rarely Equal the Fair Market Value
In respect to home values buyers need to understand that the assessed value is almost always lagging behind what is happening in the Real Estate market.
People, look up the assessed values and then see the outrageous asking prices for properties!
One of these days sellers will have to wake up to the awful truth that even in Palm Beach home values have plummeted.
Again, one must do the homework and understand that only a few years ago homes in Palm Beach were bought for $500,000 and now their owners have put them up for sale for $4 million. No renovations were done! People still want to keep the illusion that they will be allowed to be "FLIPPERS".
Flipping will never again happen in Palm Beach. The way to cash in on real estate will be the traditional long-term investment plan of old. Buy a home, invest, renovate, and hope for a x% yearly increase in value. Sweat equity! Long-term investment in a property!
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