Light rail and rapid transit appear to be the hot ticket in California. Most of our right-of-way acquisition and eminent domain work over the last few years has centered on such projects. One interesting dispute that regularly pops up between the land owner's appraiser and the public agency's appraiser is whether or not there are "project benefits". In analyzing the property's "before-condition" value, such benefits need to be excluded (whether positive or negative). (See Code Civ. Proc., sec. 1263.330.) But when assessing the property's "after-condition" value in the case ...
With the elimination of redevelopment agencies in California, we've been spending quite a bit of time lately discussing the impacts of Proposition 13 on California's budget woes as government agencies continue to fight over a slice of the shrinking property tax budget pie. Proposition 13 has led to another interesting property valuation battle between county tax assessors and petroleum refineries, and the California Court of Appeal recently issued a published decision, Western States Petroleum Association v. State Board of Equalization, settling the dispute.
Just a reminder for all you eminent domain and right of way practitioners still mentally on summer hiatus. IRWA Chapter 67 (Orange County) starts its new year next week. The September meeting is Tuesday, September 14, at the Holiday Inn, Santa Ana/OC Airport, located at 2726 South Grand Ave., Santa Ana CA 92705.
The meeting starts with a "meet and greet" at 11:30. Lunch commences at 12:00. We will have a lunchtime presentation from John Ellis of Integra Realty Resources in Los Angeles. He's going to give us an update on the real estate climate here in Southern California, and I've made ...
- What is the current state of the market;
- How did we get to where we are now;
- What are the trends looking forward; and
- Have we hit bottom yet?
The picture painted by Mr. Ellis [PDF] was befitting of the Halloween season, and in some cases was downright depressing. Most submarkets are demonstrating reduced sales volumes, lower rents, higher cap rates, and lower sale prices. Mr. Ellis demonstrated how a 1.25% increase in the ...
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