[Sgt_Schultze]

He bought this property in 1999 for $264,000. As of July of this year it is slated to be assessed at $591,000. Here's a link to the property assessment. I'd say you're right, he's done pretty well with his investment for 9 years.

[swmobuffalo]

“As of July of this year it is slated to be assessed at $591,000.”

Doesn’t mean he’s going to get that amount if he sells.

[ottbmare]

He bought this property in 1999 for $264,000. As of July of this year it is slated to be assessed at $591,000.

They can assess the property for ten bucks or ten million bucks, and it makes no difference: assessments notwithstanding, it's not worth a plugged nickel. In fact, it's worse, because this guy still has to pay property taxes on a $591K assessment when the house is useless.

Have you driven past there? I go by that construction on my way to work every day. The road runs right through what used to be their back yards. There is no way those houses can ever be sold. They are worth nothing.