Short Term Rental Purchase Prices

[Connor Washington]

I am curious to get your input on purchase prices in the Emerald Coast area. I have been looking at some condos along the beach area and I have been seeing that the purchase price is double the price of what the property tax value says the condo is worth. I know that the tax accessors office value is not what the property can sell for, but it seems like double the tax property value is a lot. One condo in particular was sold for ~$375,000 in 2018 and is now on the market for ~$700,000 yet the tax office appraises the property at ~$325,000 as of 2020 tax values. 

I would love to hear your input on if this is normal to see, or if the purchasing prices are getting out of hand.