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Author Archive | Michael Rikon

October 19, 2021

Don’t Trust Your Appraisal? Don’t Worry, Neither Does Your Appraiser.

How strong is the residential market? Well, according to people looking to buy and folks looking to sell, very strong.  In fact, many residential properties put on the market sell for more than the listing price.  Indeed, many times there are bidding wars.  All this is fine until the winner of the war applies for a mortgage. The gulf between contract prices and appraised values highlights the risks to buyers in the current market, especially those stretching their budgets to win a bidding war.  Mortgage lenders will typically lend only… read more

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Posted in Appraisal, Bidding War, Fair Market Value
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October 7, 2021

Black Family Receives Back Land Stolen by Racism

On August 5, 2021, we wrote about “Bruce’s Beach” in Manhattan Beach, California. The blog stated that “It was a destination where black tourists could swim, dance, eat and rest. The City claimed that it needed the property for a public park, but left it undeveloped. Manhattan Beach has been grappling with the history of Bruce’s Beach for years. The Los Angeles County Board of Supervisors voted unanimously to begin the process of transferring the property to the descendants of Charles and Willa Bruce.  Returning Bruce’s Beach to the family… read more

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Posted in Bruce's Beach
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October 5, 2021

Recent Purchase Sinks a Tax Assessment Reduction Try

Thanks to Daniel Sciannemeo, MAI for providing a recent decision by the Honorable E. Loren Williams (Westchester Supreme Court) in Cedar Manor Acquisition LLC v The Assessor of the Town of Ossining.  (Index No. 62538/2020; Filed 9/28/21). In a well written decision, Justice Williams discussed the effort to reduce the taxes on property which was a nursing home business enterprise.  The property sold for $23,715,000 which included the purchase price of the real estate and the business enterprise.  The transfer tax form filed with the County Clerk indicated that the… read more

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Posted in Burden of Proof, Real Estate Assessments, Recent Purchase Price
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September 30, 2021

Las Vegas Crap Shot Turns into An Inverse Taking

Las Vegas was slammed for its action which prevented a developer from pursuing housing plans on a defunct golf course.  The Clark County District Court held that the City’s actions were tantamount to the City taking the property. Kermitt Waters, Esq., owner’s counsel of America attorney for the State of Nevada represented the plaintiff-developer.  The estimated damages could be as much as $1 billion. According to the Las Vegas Review-Journal (September 30, 2021), efforts to develop the golf course began after EHB purchased the land in 2015.  Plans were opposed… read more

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Posted in Categorical Taking, Inverse Condemnation
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September 28, 2021

The Infrastructure Fund: Will Critical Projects Ever Be Built?

The infrastructure bill that could move critical projects has stalled over funding.  For years there has been a backlog of needed repairs and upgrades to highways, bridges and roads.  An infusion of $600 billion in new federal aid could change the status in President Biden’s unprecedented overhaul of the Country’s aging public works system.  There is a sprawling $1 trillion infrastructure package whose future is uncertain. Will the funding be available?  According to the New York Times, the measure’s fate is in limbo as various factions of the Democratic Party… read more

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Posted in Condemnation, Infrastructure Projects
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