Mark, thanks for clearing up your two identities. But I am still unclear about this and other sales to APartners. I assume they part of the agreement? Does the agreement say that it is based on the market value when the transaction is done or was the price set before?
As to someone's comment about condemned owners getting market value, well, that's the struggle and what I do. It also got me thinking about how I would handle it. The appraisal of the beachfront several years ago would have been a problem when there was no action and everything was unsure. However, I think one needs to think outside the box, which was a lot of appraisers (if they even had one) do not do. While we're all supposed to be unbiased, one can always find one to reach the client's perspective. That is not all bad because there is a range and working in litigation I always tell my clients that it is my job to tell them when I reach the end of the plank they try to make me walk. An unsupportable appraisal is no good to anyone. I imagine that valuing the land in AP several years ago would be like my experience in Times Square during the first takings in 1990. The area was blighted. But as I maintained there, and as I see in AP, while the blight may have emanated originally from sources other than potential condemnation, for many years the specific market were not permitted to revive under normal thriving market forces because of the potential condemnation that arose and hung like a sword over the areas for many years. In fact, there are a great many parallels in my view between Times Square and AP. It is my understanding that the original plan many years ago also included some condemnation? At least I understand that the waterfront was cleared and the rights given to a developer who failed and ultimately the rights well held up in court for over a decade. No prudent investor would try to make a deal under these circumstances. People do not buy into condemnation or litigation, except at extremely discounted prices. Thus, if appraisals were done, the appraiser should have seen this and lookd to other areas with similar attributes (beach, etc.) but that were not adversely affected. To many this would seem a stretch to go out of a community, but in AP's case, at least years ago, that is what would need to be done to give a fair valuation. Hey make some noise, I'll be the valuation expert for the group, I shoot bigger birds than these everyday. ------------------------ Yahoo! Groups Sponsor --------------------~--> Make a clean sweep of pop-up ads. Yahoo! Companion Toolbar. Now with Pop-Up Blocker. Get it for free! http://us.click.yahoo.com/L5YrjA/eSIIAA/yQLSAA/Y2tolB/TM --------------------------------------------------------------------~-> Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
