Archive | 2020

Creative Approaches to Solving Difficult Appraisal Problems

          We start any evaluation of a parcel which has been taken by the exercise of eminent domain by the application of the overriding principal of the concept of highest and best use.           The concept of highest and best use is well founded in appraisal practice.  Regardless of whether property has been condemned, in valuing any parcel of real estate an appraiser must make a highest and best use of the land analysis as though the property were vacant and as though it were improved.  This is an essential… read more

Posted in Highest and Best Use, Uncategorized, Unusual Land
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MONKEY BUSINESS WITH THE ADVANCE PAYMENT

          New York’s Eminent Domain Procedure Law (EDPL) provides that a condemnor must make an advance payment to a former owner in the amount of its highest approved appraisal.  (EDPL Sec. 304).           The statute contemplated payment of the advance payment to the owner except in three circumstances: (1) Where there is a potential conflict of title or dispute as to who is entitled to receive the payment; (2) where more than 90 days have passed following vesting of title in the condemnor and an agreement has not been reached;… read more

Posted in Advance Payment Agreement, Advance Payments, Distribution Proceeding, Uncategorized
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