Berk v. Tamiami Investment Co.

DICKINSON, District Judge.

This case is the outgrowth of the great variance which is almost periodically experienced in the selling prices of real estate. The case is typical. Expressed in terms of the mortgaging value of this real estate it was worth in June, 1925; approximately $20 per acre; in July, 1925, approximately $140; in August, 1925, $170; in November, 1933, $22;. and in December, 1933, less than $7. To this counsel for the mortgagee' adds the naive and interesting statement that the mortgagee has since sold the mortgaged premises for $2 per acre, and that in truth it has no value.…