Foreclosures and Fraud Distorting Home Values:
As the South Florida housing boom was running out of steam, Stephen Czuchta was astonished to learn that his Sunny Isles Beach condo had jumped 20 percent in value in a year.
Or so said the tax man.
In his 2008 property-tax notice, Czuchta's unit in the Oceanview was valued at $447,310 -- up from $372,760 -- guaranteeing a big property-tax increase on the two-bedroom investment unit.
When the next round of proposed property-tax notices go out in late August, many South Florida homeowners may find themselves in the same boat -- baffled by valuations that defy logic.
With South Florida's real-estate market in upheaval, property appraisers and the boards that review their decisions are struggling to put a fair and accurate price tag on properties. Muddying the waters: an array of foreclosures and short sales (distressed properties sold for less than the amount owed to lenders) and a significant dose of mortgage fraud.
All of them can distort reality when determining the true value of a property -- and surrounding properties.
I hope you enjoyed this week's newsletter.
Sincerely Yours,
Michael C. Blickensderfer, Esq.
This excerpt is not meant to substitute for legal advice in any way. If you have a legitimate legal question, please contact our office and speak with an attorney. |
Homebuilders are feeling a lot more optimistic that the worst housing downturn in decades may be finally starting to turn around. 
