Eminent Domain and Fair Market Value in a Depressed Real Estate Market (2014) / Chapter Skim
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Pages 53-58
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B-1 APPENDIX B -- SUMMARY OF TRANSPORTATION DEPARTMENTS' RESPONSES TO THE SURVEY 1. Of 23 state transportation departments responding to the survey, 10 departments stated that during the real estate crisis that they had had eminent domain cases in which property owners argued that the valuation of their property for a transportation project should take into consideration the effect of depressed property values because of the financial or real estate crisis.536 2.
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B-2 Four transportation departments stated that they were unaware of any opinions accepting that the effect of the real estate crisis and depressed property values should be considered.538 3. As for whether any transportation departments had developed or revised any eminent domain policies regarding the valuation of property because of the effect of depressed property values, three departments stated that they had done so, California Department of Transportation (Caltrans)
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B-3 5. Transportation departments were asked whether during the real estate crisis the ability to value real property in their jurisdiction had been affected by government intervention (e.g., efforts to reduce foreclosures)
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B-4 6. In connection with the preceding question, four transportation departments stated property owners in their jurisdictions had argued that sales are not comparable sales because they were not sales conducted voluntarily or at arm's length.
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B-5 The Idaho Transportation Department stated in regard to the replacement cost method that it "was used rarely, (1-2 cases) over the last few years;" that "no procedure or criteria were established; and that the method was used on a "case-by-case basis." Other departments responding to the question had not encountered situations in which property owners had resorted to the replacement cost method of valuation.541 Caltrans advised that "[t]
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From page 58... ...
B-6 Seven departments responding to the question stated that the courts in their jurisdiction had not admitted evidence of the price paid by an owner for the property.
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