Property is for sale for $100,000.

We see that the Homeowner and Condo Developer use of the property are mutually exclusive, but what about the investor?

• High Tax Bracket Wall Street Investor

"Two to one tax write-off, 15% return, Good deal!"

The Wall Street investor is buying the after-tax return on capital and will purchase the property site-unseen. The use of the property, whether home or condo, is irrelevant.

Low Tax Bracket Investor

"Tax right-off is worthless, -5% return, Big looser!"

Not only is the value independent of use, but the value can be dependent on the financial status of the purchaser.