Remember, a house is only really worth what the people in the market are actually willing to pay for it. We'll see how much it sells for and that will determine the true market value. I've appraised hundreds of homes that people thought were worth much more than they really were, especially the ones on the upper end of the spectrum..
That's an interesting point. A few years back, there was a rather interesting battle in Austin between Michael Dell and Travis County over his property taxes. His new home was reported in the news to have cost over $33 million and Dell apparently felt the appraised value was grossly high. I don't remember how the situation was resolved although my hunch is that Dell doesn't lose many battles he decides to fight. Anyway, an interesting question posed in the news coverage was "how much is something worth if no one besides the owner can afford it ?".
I agree Cajdav. The market for these exquisite houses and property is not very big for a town like BR. In a city like Dallas, Miami, etc 3.25 mill is in the upper range of housing and property prices but it is not in the stratosphere of those markets. A 3.25 million house is in the stratosphere in a town like BR. The number of people able to afford that is extremely small in BR but the number of people that can afford that in Dallas or Miami is good size number of peeople.
goldengirlfan that same scenario happened here in the Atlanta area a while back that became public and the rich guy won his battle. It's called Dean Gardens. It has a few buildings on it and the main house is about 27,000 square feet. As soon as he finished building it, it took a couple of years and is surrounded by a 9 hole golf course with 18 tee's, he put it up for sale for like 5 million, which was about 5 million less than the county appraised it at. It never sold and he eventually got the tax bill cut in about half.
