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Who Fell The Most In Palm Beach County ? Residential or Business Properties?

By
Real Estate Agent with The Gasset Group & Get It Done For Me Virtual Services 13253167-SA00

The market fell for more than just residential homeowners here in Palm Beach County Florida however the statistics show that the average to lower end residential properties dropped more in value than the higher end properties and the local businesses.

Property tax appraisers have determined new values for Palm Beach County Florida properties. Our new tax bills are reflecting the dips.

  • Residential properties valued under $200,000 dropped by 27.4% last year.
  • Residential homes valued from $500,000 to $1 Million only dropped by 15%- of course that is relative because the drop may be more significant.
  • Residential homes valued over $1 Million dropped only by about 7% and some high end neighborhoods actually went up in value, not down.

We are now seeing the commercial bubble bursting taking its' toll on commercial values and the tax revenue they bring in.

Even though commercial properties did not drop like the residential properties did, they still decreased in value.

  • Tourist attractions are doing quite well in spite of the economy woes. Tourist attractions only dropped by about 4% in value.
  • Golf courses turned out to be the best business to own with the lowest drop in value at less than .02% and many golf courses actually increased in value. Homes in Golf course communities are still in high demand for baby boomers who want to retire here in Florida.
  • Cemeteries dropped slightly by about 5%; we all have to go somewhere when we die and people still have to die so the cemeteries still have a built in clientele. There were several cemeteries that went up in value by over 50%.
  • Night clubs dropped the most at 7.4% ; so I guess we could venture to say that people may be going out less to nightclubs and staying home with their spouses or significant others more. That would be a good thing.  Rachel's adult entertainment, the most popular adult club in Palm Beach county  has a previous market value of $3,357,972 and that has dropped now to $3,076,795. Their proposed property tax bill this year is $88,489.

Overall, those drops are not as significant as many feared. Palm Beach County remains a great place to own a home and own a business.

        

 

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Who Fell The Most In Palm Beach County? Residential or Business Properties?  -was first published on South- Florida-Luxury-Living.com.

Copyright © 2009 By Katerina Gasset, All Rights Reserved.*Who Fell The Most In Palm Beach County? Residential or Business Properties?

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In real estate we service Utah County, Salt Lake County, Wasatch County, Tooele County. This includes many towns and cities. Some of which are: Provo, Orem, Salt Lake City, Draper, Springville, Spanish Fork, Payson, Lehi, American Fork, Vineyard, Saratoga Springs, Eagle Mountain, Pleasant Grove, and more. 

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Comments (2)

Jeremy Williams
Red Hawk Coaching - Kingwood, TX
Business Coach, Husband, Father, and Dog Wrangler

Nestor and Katerina,

I think the residential is starting to get some footing, but the commercial bust is following. I know here in Kingwood, TX, especially raw commercial acreage is not moving.  People are just not able to get the commercial financing that was available even a year ago.  But like all declines in the market there will be an incline.  Great information

Jeremy Williams
Keller Williams Realty
Kingwood, TX
www.williams4yourhome.com

 

Sep 26, 2009 07:27 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Thank you Jeremy for your nice commentary. What goes up must come down and visa versa:) Katerina

Sep 26, 2009 08:34 AM