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Archive | Comparable Sales

June 27, 2023

Who’s in Charge Here: The Province of the Trial Court in a Condemnation Case

New York is one of only three states in the nation that does not allow trial by jury in an eminent domain case.  All claims against the State of New York and certain other state authorities have exclusive jurisdiction in the Court of Claims where, regardless of the nature of the claim, there are no jury trials.  Appropriation claims in the Court of Claims are certainly included and are tried by a Court of Claims Judge.  Other condemnation matters must be tried by a Justice of the Supreme Court.  This… read more

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Posted in Comparable Sales, Eminent Domain, Expert Witness, Province of Trial Court
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March 23, 2021

Valuing Real Estate During a Pandemic

The Granular Approach Covid-19 has significantly impacted real estate valuations.  For example, under the comparable sales approach to valuation, valuators look at sales prices of similar properties in recent transactions, making adjustments for differences between those properties and the subject property.  As stated by Lisa Loychik of Cohen & Co. in a paper dated August 20, 2020, “It’s debatable whether pre-Covid-19 sales can be considered comparable with post-pandemic sales, though.  Valuators are looking beyond comparable sales and considering individual circumstances on a more granular level.  This approach acknowledges that generalities… read more

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Posted in Comparable Sales, Covid-19, Valuation
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September 12, 2019

PROVING FAIR MARKET VALUE BY THE MARKET DATA APPROACH. ARE YOUR COMPARABLES REALLY COMPARABLE?

An appraisal presents a pure factual presentation of data and information utilized by an expert to conclude to an opinion of value.  In New York State, an appraisal is required to be exchanged and filed pursuant to Court Rule.  22 NYCRR Sec. 202.61.  See Miriam Osburn Memorial Home Assoc. v Assessor of Rye, 2004 N.Y. Slip. Op. 50793 (U) (West. Sup. Ct. 2004). The Appraisal Rule allows the parties to prepare for trial with knowledge of each other’s valuations and the foundations and justifications thereof.  Parisi v State, 62 Misc2d 378, 382… read more

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Posted in Appraisal Rule, Comparable Sales, Market Data Approach, Uncategorized
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September 25, 2017

THE MARKET DATA APPROACH, HOW COMPARABLE DO COMPARABLE SALES HAVE TO BE?

We recently filed a brief in an unusual case dealing with the valuation of a 10 acre parcel of land on the Long Island Sound in Eastern Long Island.  The valuation is premised on a filed subdivision map.  Certainly, this is a rare parcel of land to value.  Both appraisers used the market data approach to value the land.  Utilizing comparable sales is the most common approach to value vacant land.  If the property is income producing, the law in New York requires the income approach, or the capitalization of… read more

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Posted in Comparable Sales, Market Data Approach, Valuation
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