Dan: It's hard to follow. Some of the issues the present council had came with the Carabetta agreement which was more or less purchased by APartners. I don't think that has any bearing on the subsequent transfers, however. I believe that among the many failings of the Council is the failure to give us information to allow us to judge their performance. However, there can be no excuse for not appraising the properties before the transfer. It is a bargaining chip as values are rising. I have heard of no instance, not one, where the Council has placed any demand or bargained for anything. It borders on the absurd.
-----Original Message-----
From: dfsavgny [mailto:[EMAIL PROTECTED]]
Sent: Friday, December 03, 2004 11:11 AM
To: [EMAIL PROTECTED]
Subject: [AsburyPark] etc
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.
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