Real Estate & Property Law

Another Low Ball Offer

By Alan Ackerman

NJ.com

LOGAN TWP. Following unsuccessful negotiations to buy 872 acres of land along the Delaware River here, Gloucester County officials will try to take the property through eminent domain.

The county offered American Atlantic Company $4 million for the waterfront property just north of the Commodore Barry Bridge, land currently used to dump dredging spoils scooped up from the bottom of the Delaware River during routine maintenance.

This is a purchaser who has no understanding of the value of waterway property.  Simply because spoils are at the site may not diminish the value of the location.  This Township should either be ready to pay fair market value or quit wasting everyones' time.  This law office went through a similar situation with the Detroit Marine Terminal taking a few years ago, so we have an understanding of the difficulty of appropriately valuing property on navigable waterways.  The citizens of Logan Township should be concerned.

Full post as published by National Eminent Domain Blog on August 27, 2009 (boomark / email).