Archive | Appraisal

Manalapan Farm Owner’s Condemnation Award of $4.5 Reversed as “Miscarriage of Justice”

The Asbury Park Press reported yesterday that the State Supreme Court reversed a jury award of $4.5 million to a farm owner.  According to his counsel, the Town took the property to prevent its development.  The farmer had been seeking to sell the property for housing development which the Township opposed.  The Town thought it would be a good property for the Township to own for recreational expansion.  This certainly is not a condemnation for a public purpose.  Taking property to stop its development is not a lawful taking.  A… read more

Posted in Appraisal, Evidence, Re-zonings
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MEMO TO APPRAISERS: KEEP IT SIMPLE

          An interesting decision from the Fourth Department presents the issue of can an appraisal be limited to the study of specific economic measurements.  Most appraisals of property taken in condemnation consider the three basic methods of valuation, Viz.: comparable sales or market data approach; capitalization of income; or, the cost or specialty approach.           In Matter of Rochester Genesee Regional Trans. Auth. v Stensrud, ___ AD3d ____ (June 7, 2019), the condemnor’s motion to strike that part of claimant’s appraisal report with respect to “investment value” and to preclude… read more

Posted in Appraisal, Methods of Valuation, Uncategorized
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WE DON’T NEED NO STINKING HUMAN APPRAISER – WE WILL USE A BOT

The November 30, 2018 Wall Street Journal has an article, “Home Appraisals Go High-Tech.”  It seems that the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp. and The Federal Reserve have proposed loosening real estate appraisal rules so that a majority of homes can be bought and sold without being valued by a licensed appraiser.  According to the article, the plan would increase the value of homes that can be sold without an appraiser visiting the property from $250,000 to $400,000.  This does not sound like… read more

Posted in Appraisal, Appraisers, FDIC
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SANDBAGGING, A PRACTICE THAT MUST STOP

My column for the August 28, 2018 issue of the New York Law Journal, “The New York State Legislature Should Revise the EDPL” contains many suggestions for revisions of the law.  One suggested change addresses the practice employed by condemning authorities commonly known as “sandbagging.” Eminent Domain Procedure Law § 304 addresses the concept of advance payment.  As the statute states, the condemnee may elect to accept such offer as an advance payment and such election shall in no way prejudice the right of a condemnee to claim additional compensation. … read more

Posted in Advance Payments, Appraisal, Sandbagging
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WHAT A JUDGE SHOULD DO IF THE APPRAISAL IS DEFECTIVE

In a recent case, the appraisal prepared by Claimant specifically set forth a complete narrative of how the damages to the property occurred together with an analysis and calculations. The appraisal further calculated the before and after results following the takings. An appraisal is not the substitute for witnesses’ testimony. Case law emphatically holds than an appraisal is not the substitute for an expert’s direct testimony. The appraisal report is not in itself evidence; its function is to enable adequate and intelligent preparations of the issues for trial and to… read more

Posted in Appraisal, Defective Appraisal, Evidence
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