Property Tax Appraiser Keeping It Real in Miami

posted on January 12th, 2010 filed under: Real Estate News

The Miami-Dade County Property Appraiser, Pedro Garcia, is keeping a campaign promise to revalue properties’ market values to reflect actual market conditions.  That may seem unremarkable, but the changes are dramatic.

This is especially true for Miami condos.  Market values have been slashed by nearly 50% in the Brickell area.  For example, a 2-bedroom unit in Jade saw its market value revised from $729,000 in 2008 to $401,000 in 2009.  A 2-bedroom at The Mark went from $458,000 to $252,000.

These are not low-ball valuations.  You can actually buy condos in Miami for about the price that the property appraiser is assessing them.  Not that they’re all screaming bargains.  Jade and The Mark are nice buildings, but you might need to pay high maintenance and run the further risk of assessments to cover deadbeats and delinquencies.  Tread carefully.

Some Coral Gables condos have seen significant reductions as well.  The market value of a 2-bedroom unit in Ten Aragon was revised from $382,000 in 2008 to $286,000 in 2009.  A 2-bedroom at 100 Andalusia went from $402,000 to $322,000.

The market values of single-family homes have been reduced as well.  For smaller homes in the north of Coral Gables, values are down about 20% from 2008 to 2009, like a 2-bed, 2-bath, 1600-sf house in the 1400 block of Medina Avenue that was valued at $453,000 in 2008 and $362,000 in 2009.

The smallest reductions have occurred in wealthy communities, no doubt reflecting the persistence of high asking prices, oversupply, and low sales activity in the market for luxury real estate in Miami and Coral Gables during 2009.  For example, a 6-bed, 6-bath, 7500-sf home in the Cocoplum neighborhood of Coral Gables was valued at $3.6 million in 2008 and $3.4 million in 2009 — barely more than 5%.  Of course, that should change as the ice breaks in the high-end market.

All of this information is easily found using the property search tool at the Miami-Dade Property Appraiser’s web page.  See for yourself at http://www.miamidade.gov/pa/property_search.asp.

Garcia is the first Miami-Dade Property Appraiser to have been elected rather than appointed.  He is well-qualified, having been a licensed appraiser for many years.  Those qualifications helped him win office in a run-off election in 2008 against a better-known opponent who was not a licensed appraiser.

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