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November 18, 2015

The Decreasing Number of Appraisers

According to an article published in MarketWatch written by Amy Hoak, the number of real estate appraisers is falling.  This is not good news for the real estate industry or anyone purchasing a home. As condemnation lawyers, we rely heavily on real estate appraisers to prove the appropriate amount of just compensation.  According to Ms. Hoak, the ranks of real estate appraisers stand to shrink substantially over the next five years, which will mean longer waits, higher fees and even lower-quality appraisals as more appraisers cross state lines to value… read more

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October 22, 2015

Appraisal Standards Board Modifications To USPAP 2016-2017

There have been several important modifications to USPAP.  The Record Keeping Rule was modified.  We have written about the obligation of an appraiser to maintain copies of all reports transmitted to a client.  (Drafts are required to be retained under Appraisal Standards, September 18, 2015). The Record Keeping Rule requires a workfile for each appraisal.  The workfile must include: true copies of any all written reports, documented on any type of media. (A true copy is a replica of the report transmitted to the client.  A photocopy or an electronic… read more

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Posted in Appraisers, Cross Examination, Published Articles, USPAP, Work file
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September 30, 2015

There is no Inflexible Formula to set Just Compensation

Eminent domain is not your typical litigation.  The former owner did not ask for its property to be taken for a public purpose. This is the reason that several decisions have pointed out that what may be normal in litigation between private parties does not apply in a condemnation proceeding which involves a claim protected by our constitutions.  As Justice Thomas A. Dickerson stated, in Matter of Irvington v Sokolik, 13 Misc3d 1220 [Sup. Ct. West 2006], “a condemnation proceeding is not a private litigation.  There is a constitutional mandate… read more

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Posted in Appraisers, Eminent Domain, Valuation
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September 18, 2015

Drafts are Required to be Retained Under Appraisal Standards

The following is a response to a comment from Mr. Rikon’s latest column in the New York Law Journal, which we recently posted here. Below, Mr. Rikon further describes the requirement under USPAP for a condemnation expert to retain his work file for cross-examination purposes. Drafts are Required to be Retained Under Appraisal Standards I write this in response to the comment made by Fred Kolikoff, Esq. dated September 1, 2015.  Mr. Kolikoff, a former Assistant Corporation Counsel for the City of New York, found fault in an article I… read more

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Posted in Appraisers, Cross Examination, Published Articles, USPAP, Work file
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August 28, 2015

New York Law Journal: The Condemnation Expert’s File: Minefield for Cross-Examination

Michael Rikon recently authored a column published in the New York Law Journal titled The Condemnation Expert’s File: Minefield for Cross-Examination. In condemnation cases, each side hires an expert to prepare an opinion on the value of the property. As Mr. Rikon explains in the article, once that expert testifies at trial, his or her work file becomes discoverable by the opposing side, and is often rife with material for cross-examination. This material can range from inaccurate data or the use of a faulty valuation method, to evidence of coaching,… read more

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Posted in Appraisers, Lawyers, Offer & Compensation, Recent cases, Sandbagging, Trial Preparation, USPAP
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