Tag: fair market value (FMV)

May an owner of condemned property recover damages for a decline in property value between when a project was proposed and commenced?

A government entity planned to construct a freeway bypass through an owner’s property. The government entity initially intended to seize only a portion of the owner’s property and staked out the boundaries of the partial take before commencing work. Two years later, the government entity began work and seized the entire property, providing compensation to the owner in the amount of the property’s fair market value (FMV) at the time the entire property was condemned.

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Your buyer: your bidding war

Together, speculators and agitated end users have driven the current rise in home prices. This crowding, paired with a near normal new monthly supply of available housing for sale, is forcing multiple bids to be submitted the instant a property hits the MLS, or when the for-sale sign goes up.

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