Jeff Ostrowski
Alexandra Clough
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Palm Beach County economy: Junkie in withdrawal?
Mike Pappas, head of Keyes Co., likens the real estate boom and bust of the past five years to a drug binge.
“There was an elation on the upturn, and there’s definitely a withdrawal on the downturn,” Pappas says.
Now, he points out, it’s time for a communal 12-step program: “A year ago we were in denial. Then there’s anger and blame. And now there’s acceptance and adjustment.”
In this case, “acceptance and adjustment” refers to home prices that have plunged 30 percent from their November 2005 peak to July’s nadir.
Even so, Pappas remains upbeat about the housing market (what Realtor isn’t?) and calls the downturn a necessary part of the recovery.
“The pendulum has swung and squeezed out the excesses of the past few years,” he says.
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By Boca Condo King
August 25, 2008 4:12 PM | Link to this
Question for Jeff,
Property Tax notices are being sent out now.
Got mine from PB and according to them, my property is worth over 20k more then last year.
I am appealing the market valuation in order to hopefully lower my taxes.
Jeff any help you can offer to your bloggereaders about this?
Boca Condo King