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I have personally witnessed wild fluctuations such as my immediate next door neighbor paid 510k in 2008 and not even 2 years later the bank that foreclosed sold it for 100k and that was after the guy that lost the place did a nice job remodeling the kitchen and bath…
When it comes to truly one of a kind appraisal is very difficult and at best is based on past sales to form opinion of value.
A widow had a commercial building for years listed at 5 million because her deceased husband said that’s what it is worth… it took years but she did get 5 million for it.
No different than someone saying I wouldn’t take a million for my lakeside cottage even when similar have sold for a fraction.
In short an owner can value above or below the market but is is the market that decides…
I have personally witnessed wild fluctuations such as my immediate next door neighbor paid 510k in 2008 and not even 2 years later the bank that foreclosed sold it for 100k and that was after the guy that lost the place did a nice job remodeling the kitchen and bath…
When it comes to truly one of a kind appraisal is very difficult and at best is based on past sales to form opinion of value.
A widow had a commercial building for years listed at 5 million because her deceased husband said that’s what it is worth… it took years but she did get 5 million for it.
No different than someone saying I wouldn’t take a million for my lakeside cottage even when similar have sold for a fraction.
In short an owner can value above or below the market but is is the market that decides…
All true yet 1.5 billion is way out of reason as someone else pointed out trump had the property re zoned a "business" not someone's personnel residence that does matter in property evaluations.
All true yet 1.5 billion is way out of reason as someone else pointed out trump had the property re zoned a "business" not someone's personnel residence that does matter in property evaluations.
Trump shenanigans coming home to roost.
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