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The Real Deal Miami

Greenacres mayor turns real estate marketer

July 09, 2012 02:15PM

Mayor Sam Ferreri

Greenacres Mayor Sam Ferreri has an unusual plan to generate revenue for public services, the Palm Beach Post reported: real estate marketing. Condo values are still so low from the recession in Greenacres that many homeowners pay almost nothing in property taxes thanks to Florida’s homestead exemptions. Indeed, 323 condos in Greenacres have zero taxable value according to the Palm Beach County Property Appraiser’s office. Mayor Ferreri’s plan is to take advantage of northern and foreign interest in the South Florida condo market and advertise local real estate to targeted buying groups.  “By sales going up, property values will go up,” Ferreri said. “Hopefully our average condo value of $40,000 will increase to $60, $70 or $80,000.” [Palm Beach Post]