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Exclusive | Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’
Jon Stewart is facing online backlash after saying Donald Trump’s case overvaluing his properties was “not victimless,” and sleuths found his own records.nypost.com
Market dynamics and real estate values
It's important to note that Stewart's sale of his Tribeca penthouse for $17.5 million, a figure significantly above the estimated market value of $1.882 million as appraised by the city of New York, doesn’t necessarily equate to an overvaluation on his part.
What it likely reflects is the dynamics of real estate transactions where the ultimate sale price is determined by what a buyer is willing to pay at a given time. In this instance, the buyers, financier Parag Pande and filmmaker Ritu Singh Pande, evidently saw value in the property to justify their investment at that price point at that time.
Nevertheless, this transaction turned out to be advantageous for Stewart, given the substantial difference between the sale price and the city's valuation.
However, the narrative extends beyond this successful sale. Subsequently, as reported by real estate news website The Real Deal, the Pandes placed the property back on the market and ended up selling it in 2021 for just over $13 million. This sale price, while still considerable, represents a nearly 26% decrease from their purchase price  further illustrating the volatile nature of real estate investments and the fact that market values can fluctuate significantly over time.
Why Jon Stewart's Home Overvaluation is Different from Donald Trump's
Experts say there are differences between the two situations.
Norm Miller, a real-estate economist and emeritus professor at the University of San Diego, told Newsweek that "assessed value does not equal market value and it's typical to have a ratio of assessed value in the market value that varies by market."
Miller added that assessed values can also lag from market values.
"They don't necessarily increase the assessed value nearly as fast or as much as the market values change," he said. "So it's not unusual to have a property that's worth $1 million that has an assessed value of $300,000 and so that's a ratio of, what, about 3 to 1?
He added: "The assessed value is being taken as an indication of market value, which it should not."
When it comes to Trump, he was being accused of inaccurately valuing his assets for business purposes, he said.
"He provided misleading values on the upside for financing and on the downside for property tax purposes," Miller said.
The two situations are so vastly different that I'm almost surprised anyone was fooled by the Post's attempt at slight of hand here.
I don't know if this was one of your self-admitted trolling operations or not.
One thing we are seeing from tabloid publications like this (and this one was based on a social media post - one of many - and it's a bigger problem since Musk removed any standards from the platform) is to go ahead and post a blatantly false article and since it's a celebrity they probably won't lose a lawsuit (so nothing to lose) and create the false narrative...it will take time for the rebuttal to set the record straight and by then minds are already made up.
Many folks are not able to critically evaluate such information and so they just take it at face value.
Deceitful articles and trolling are both irritating to me, but some people enjoy it. It demeans both the "speaker" and the "listener", the latter intentionally and the former unintentionally.
