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re: What value did NY courts place on MAL?
Posted on 3/21/24 at 11:59 pm to LemmyLives
Posted on 3/21/24 at 11:59 pm to LemmyLives
Generally market value is 3x assessed value.
2
Posted on 3/22/24 at 12:46 am to momentoftruth87
quote:
market value is 3x assessed value.
It must be different in residential. But when Houston goes through an oil crash, 100k people get laid off, but your assessed value increases to the max (10%) it raises questions.
I brought in comps, articles from the Chronicle, and they just told me to frick myself with a plunger sideways... They are about making sure the districts get the money they need, and not reality.
It's fantasy. In TX, for residential, assessed value is far higher than actual market value, and that was before the magic of interest rates. If I can't sell a house for (500k, example) but you change me taxes on a 750k house, on what basis are you valuing the home? It doesn't matter now, I'm never buying a property in this county again. The assessors around West Houston seem to be especially bad. But they literally just make shite up to support charging you more.
Hey, they house next door is valued at $135 a sq foot, they have a pool, and we don't? Totally reasonable we're at $180 a square foot from the same builder, the same year.
Just low key venting.
Posted on 3/22/24 at 1:07 am to Blutarsky
This is the "fraud" trial right? Can someone refresh me on why NYC has ANY say so over MAL or how "overvaluing" MAL has any effect on NYC?
IE. how the FCK do THEY have standing?
IE. how the FCK do THEY have standing?
Posted on 3/22/24 at 5:54 am to Blutarsky
quote:
A place 2 or so blocks away from MAL is on the market for $45 million and it sits on about .25 acres, at most, and it doesn’t have water access.
Rush Limbaugh's widow just sold their place. 2.8 acres for $150 million. It is a somewhat comparable piece of property as it has beach on one side and intercoastal on the other.... same as MAL. In real estate, this is called a comp.
At 18 acres + ammenities MAL is easily worth $500 million and probably more.
Posted on 3/22/24 at 6:00 am to Blutarsky
quote:
What value did NY courts place on MAL?
The judge based his value on the county tax assessor's valuations (between $18 million and $27.6 million), assessor valuations are generally far lower than what properties actually sell for.
The bottom line on this is that the bank did its own valuation and agreed with Trump's valuation. So if the bank's own valuation is the same as intended borrower and the loan is paid back, where is the fraud? Who was defrauded?
Posted on 3/22/24 at 6:02 am to tgerb8
quote:
This is the "fraud" trial right? Can someone refresh me on why NYC has ANY say so over MAL or how "overvaluing" MAL has any effect on NYC?
NY says he overvalued his properties for some loans he got from a NY bank. They say thats fraud. But the loan was repaid and the banks didnt lose a dime.
Posted on 3/22/24 at 6:10 am to SECSolomonGrundy
quote:
NY says he overvalued his properties for some loans he got from a NY bank. They say thats fraud. But the loan was repaid and the banks didnt lose a dime.
Yep, there is no complaintant and no victim in this case. Pretty much uprecedented.
Posted on 3/22/24 at 6:16 am to SECSolomonGrundy
The debate always starts at point A, never let the other side start at point B and "assume" point A.
In this case its not what the judge valued the properties at, its whether the banks filed suit because they were harmed. In this case the banks valued the assets used for the loan and deemed them sound for the amount requested.
This and the "rape" case should scare the shat out of any normal citizen.
In this case its not what the judge valued the properties at, its whether the banks filed suit because they were harmed. In this case the banks valued the assets used for the loan and deemed them sound for the amount requested.
This and the "rape" case should scare the shat out of any normal citizen.
Posted on 3/22/24 at 6:19 am to momentoftruth87
quote:
Generally market value is 3x assessed value.
Any property is only worth what someone is willing to pay for it. Period.
Posted on 3/22/24 at 6:32 am to WhiteMandingo
quote:
Trump tower in New York was valued at $3.50 and a subway coupon
Restaurant BOGO Foot Longs, or a NYC Subway token for one of the 28 subway lines in the city.
Posted on 3/22/24 at 7:24 am to Blutarsky
$18 million.
But even cnn said he could sell it for $240 million.
But even cnn said he could sell it for $240 million.
Posted on 3/22/24 at 7:45 am to ronricks
quote:
Any property is only worth what someone is willing to pay for it.
Imaging being so triggered you down vote this. That is how 'comps' are used - by what people actually closed and paid for like properties
I guess since it is Trump that doesn't apply to his sycophants? Its true of anything in life - your possessions are only worth what someone is willing to transact payment for them. Period. Trump isn't immune to that.
Posted on 3/22/24 at 7:48 am to ronricks
Right, which proves this whole charade regarding MAL is a political hit job. Thanks for making our point.
Posted on 3/22/24 at 7:55 am to TDTOM
quote:
Right, which proves this whole charade regarding MAL is a political hit job. Thanks for making our point.
Nowhere have I said it wasn't
Real Estate is only worth what someone is willing to pay for it. It doesn't matter what the county tax assessor, a real estate agent, or a 'judge' says. Its only worth what someone is willing to transact for it. All this dick measuring on here is for nothing. Maybe Trump will put MAL on the market and we actually find out? Until then its a bunch of sycophants whining and crying over something that is impossible to prove until it is sold.
Posted on 3/22/24 at 7:56 am to ronricks
quote:
ronricks
You have rammerjammer-level TDS
Posted on 3/22/24 at 7:57 am to Gifman
quote:
You have rammerjammer-level TDS
Because I said any real estate is only worth what someone is willing to pay for it? Walk me through that logic.
Posted on 3/22/24 at 7:58 am to ronricks
quote:
Maybe Trump will put MAL on the market and we actually find out? Until then its a bunch of sycophants whining and crying over something that is impossible to prove until it is sold.
You are an idiot.
Posted on 3/22/24 at 8:07 am to TDTOM
quote:
You are an idiot.
Real Estate is only worth what someone is willing to pay. Doesn't matter who owns it - Trump, Biden, Obama, or Hillary Clinton. To deny that is idiotic. Period. Trump isn't immune to how real estate valuations work.
Posted on 3/22/24 at 8:12 am to ronricks
quote:
Real Estate is only worth what someone is willing to pay.
When selling
The value is based on the appraisal till then
Posted on 3/22/24 at 8:14 am to TDTOM
In Florida, tax values are based on revenue generated, not value of the property as a residence. Since Mar-a-Lago is zoned as a business and generates revenue, it's assessed value is far less than it would be if it were strictly residential, because the club does not generate enough revenue to justify a price of hundreds of millions of dollars.
For collateral purposes, Mar-a-Lago should be valued at far more than the commercial appraisal values, since it could easily be rezoned as a residential property, or the new owner could just live on the property, just like Trump does (he has an exemption that allows him to live on the property).
For collateral purposes, Mar-a-Lago should be valued at far more than the commercial appraisal values, since it could easily be rezoned as a residential property, or the new owner could just live on the property, just like Trump does (he has an exemption that allows him to live on the property).
This post was edited on 3/22/24 at 8:17 am
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