Starkville Condo prices

[Leeshouldveflanked]

I noticed several Condo’s I have been watching have dropped almost $40k from a year ago... do you think the prices will continue to drop? The one thing I am a little gun shy on is property taxes... I have a feeling they are going to skyrocket even more because of declining revenues.... cities rarely cut budgets when revenues decline...

 

[Shmuley]

If the FMV of condos in Vegas is falling that precipitously and there are timely appraisals available to establish that fact, it should be a relatively easy process to coax the tax assessor into a downward reset of the assessed value of an individual condo property (assuming that the property is currently assessed above FMV). The reset, however, must be completed prior to the annual approval of the assessment roll which typically occurs in September and comes back from DOR in November. Bear in mind that one does not have control over the millage rates (city, county, school) which are set by the Board of Aldermen, Board of Supervisors and School Board respectively.

 

[johnson86-1]

I noticed several Condo’s I have been watching have dropped almost $40k from a year ago... do you think the prices will continue to drop? The one thing I am a little gun shy on is property taxes... I have a feeling they are going to skyrocket even more because of declining revenues.... cities rarely cut budgets when revenues decline...

No clue if they will continue to drop but I know prices seemed insane last I looked. I'm afraid this season will result in a lot of people realizing they don't love traveling to starkville as much as they think they do, or at least that the alternative is better than they realized.

If I were going to guess, I'd guess that enrollment will be down in the fall, and therefore there will be a lot of people not receiving rent that they were counting on, and the price for condos in the rental market will continue to fall. Not sure how much that will impact the higher end condos.

 

[JMC987]

I questioned the intelligence of those Paying $300-400 a sq ft prior to 2020. If they get their investment back, even in a stable economy, I'll be impressed. No way I would touch a condo in Starkville or any vacation residence right now. Not until this covid scare is over. The prices could drop drastically but you know they won't appreciate in the next year or two.

I dnk if enrollment numbers will be down this fall. A lot of kids had already planned and emotionally invested themselves to go there. However if this continues, 2021 enrollment numbers will be way down.