Home Buying in 32951>Question Details

Nicholas, Home Buyer in 32951

Are single family properties in Melbourne Beach selling at or near their assessed values? List prices are far above assessed values. Why?

Asked by Nicholas, 32951 Tue Nov 23, 2010

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7
Hello Nicholas,
Assessed Value. Every one has there own interpretation of value.. The insurace company, a bank appraisor, the tax collector and of course the local real estate agent. All may be differant and all may be disputable. Real estate agents should list property close to actual market value.
WORK WITH AN AGENT WHO KNOWS THE MARKET AND WILL SHARE HIS KNOWLEDGE WITH YOU.
A BUYER OR SELLER SHOULD HAVE THE SECURITY OF OF KNOWING THE PRICE WAS THE BEST POSSIBLE.
1 vote Thank Flag Link Wed Nov 24, 2010
Current market value is determined by what a ready, willing and able buyer is willing to purchase the home at. Therefore the maket values are far above the assessed values.
The assessed values are only used for assessing property taxes.

If I can be of further assistance just call me at 321-960-3577 or e-mail me at brevardsbestrealty@yahoo.com.
1 vote Thank Flag Link Wed Nov 24, 2010
The assessed values have nothing to do with current market value what a willing buyer is willing to purchase a home at. The assessed value is only used for assessing property taxes.
1 vote Thank Flag Link Tue Nov 23, 2010
Hi Nicholas,

Our 2010 Tax Assessments went down considerably in Tampa Bay so if you're comparing properties to the 2010 assessment value it probably impossible to buy a property at or below Assessed Value. Here it generally runs about 80% of "true" market value. So, a $100k property might be assessed for $80k. Sometimes the property appraiser's office is way off either too high or too low so you can't rely on their value as being meaningful to a specific property. It will give you a "ballpark" idea, kinda like the "ballpark" price/sq ft value that some less experienced buyers use to give value.
0 votes Thank Flag Link Wed Nov 24, 2010
You are correct, Nicholas. Most homes in Melbourne Beach are way over-priced. That's why we focus on the foreclosures. Not all great deals are foreclosures, but it is the best place for smart buyers to start searching. Check out our website brevardforeclosure.com.

The link included here is a report I created for you on all the ACTIVE foreclosures in the Mel Beach and Indialantic areas.
0 votes Thank Flag Link Wed Nov 24, 2010
Good Morning Nicholas;
Of the 14 sales in Melbourne Beach between October 01st, 2010 and today 4 sales were below the assessed value....the rest were above.
As per previous replies, the assessed value is for tax purposes and does not indicate market value of the property.
Please let me know if you need further information....I will be very happy to help.
Phil Rotondo, Realtor
ERA Showcase Properties and Investments
Melbourne Beach, Fl.
1-321-394-7878
mailto:phil@321property.com
Web Reference: http://www.321property.com
0 votes Thank Flag Link Wed Nov 24, 2010
Nicholas,

The valuation attributed by the County is for property tax purposes and should not be construed as the same as market value. Depending on the type of structure (single family, townhome or condominium) and the location, the percentage of county valuation that properties sell for can vary widely. I just completed an evaluation of the neighborhood metrics for a home we made an offer on and most recent sales in that development sold for between 115% and 146% of county valuation with an average of 135%.

I hope this information helps answer your question but if I can offer anything additional please feel free to contact me at your convenience.


Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
Web Reference: http://www.tompriester.com
0 votes Thank Flag Link Wed Nov 24, 2010
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