Your client owns a condominium that they purchased for $460,000 in 2009. It is assessed for real estate tax purposes at $506,000, and its replacement value for insurance purposes in now $580,000. The property was just appraised and has a current fair market value of $550,000. The original loan for the condo was $360,000, and the current loan balance is $319,500. How would this property be accurately reflected on a net worth statement?