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I am the owner of a 2 story commercial building (~10,000 square…

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I am the owner of...
I am the owner of a 2 story commercial building (~10,000 square feet) located in the footprint of the new VA Hospital in New Orleans, La. I am very disappointed with the purchase offer. Can u give me some advice as to what information I would need to argue my case.
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 10 minutes by:
6/23/2010
Real Estate Lawyer: socrateaser, Lawyer replied 8 years ago
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 40,148
Experience: Attorney and Real Estate broker -- Retired
Verified

When the government takes land by the power of eminent domain, it only is required to pay the fair market value of the property at the time of the taking. Due to current market conditions, that value may be seriously impaired.

 

However, current economic conditions are more than merely impaired by a commercial real estate downturn -- conditions are also impaired by the Deepwater Horizon oil leak. This could create what is effectively "fire sale" prices on local property which do not represent fair market value in the Louisiana market, even with the ordinarily depressed prices. Therefore, the price should be increased to reflect the reasonable value of the property in a local economy not imperiled by the current emergency conditions.

 

Hope this helps.

 

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