Real Estate & Property Law

Nashville is in for a fight

By Alan Ackerman

Nashville Business Journal

Appraisers working for the Metropolitan Development and Housing Agency had the task of assigning values to several downtown properties that may soon give way to a new downtown convention center.

Determining property value when comparable sales are few and far between can be a tough task, and one that, for up to seven parcels, may be in the hands of a jury.
    
When the City of Nashville decided to build a convention center, like so many other communities, it disregarded the basic principles of eminent domain.  First, the owners have the right to choose the time and place of sale.  To claim that there is a short-term lull in the market, which there clearly is right now throughout the United States, does not fairly allow the owner the opportunity to be fully and fairly compensated.  Using a few low ball sales does not help in the condemnation process either.

Nashville is in for a fight!

 

Full post as published by National Eminent Domain Blog on November 12, 2009 (boomark / email).