Data from commercial real estate firm Calkain Companies confirms that the demand for net lease assets remains strong. Transaction volume for these properties increased 15 percent. Retail net lease cap rates have compressed to below 7 percent.
“Net leases remain highly popular in 2014, averaging the lowest cap rates in the past three years despite…
According to analytics firm Interthinx, the risk of property valuation fraud increased during the first quarter. The report noted that in addition to high property appraisals, individuals purchasing and listing multiple properties in the same neighborhood to artificially control prices to their advantage also is a contributing factor to the rise in property valuation fraud…
Joseph Pasquarella, MAI, has been appointed by Gov. Tom Corbett to the Pennsylvania State Board of Certified Real Estate Appraisers for a four-year term, the Appraisal Institute reported July 14. Pasquarella, senior managing director at Integra Realty Resources’ Philadelphia office, will help establish professional standards for all real estate appraisers throughout the state and help…
I recently argued a case before the PA Commonwealth Court regarding whether our client, a church, was barred by the statute of limitations to seek just compensate for the partial taking of its property. In In re: Condemnation of Land, 2014 WL 3028035, Jenkintown Borough filed a declaration of taking in 1998 seeking to…
My partner, Abe Reich, recently successfully argued before the PA Supreme Court a case determining “whether the occurrence of a murder/suicide inside a house constitutes a material defect of the property, such that appellees’ failure to disclose the same to the buyer of the house constituted fraud, negligent misrepresentation, or a violation of the Unfair…
PA law requires that challenges to condemnations must be filed within 30 days of service of the Declaration of Taking. The document that is filed challenging the taking is called “Preliminary Objections.”
HB 2387, currently being considered in the PA House of Representatives, would increase the time for filing the Preliminary Objections to 90 days.
The PA Senate is considering a bill which would make minor changes to the PA eminent domain statute providing for reimbursement for professional fees and expenses. Generally, PA requires reimbursement for up to $4,000 for those fees and expenses. If enacted, SB 1096 clarifies that this payment is owed “per property, regardless of right, title…
We recently had a significant victory in a large tax appeal case in Allegheny County, PA. The property included 2 office buildings that were being transitioned from a single tenant to a multi-tenant property. There were 2 years under appeal and, prior to our challenge, the assessed fair market value was $49 million. Our appraised…
A part of California’s statutory eminent domain law has been declared unconstitutional. The Third Appellate District Court of Appeal ruled in Property Reserve, Inc. v. Super. Ct. of San Joaquin County that pre-condemnation entry statues violate California’s version of the US Fifth Amendment’s taking clause – Article I, Section 19 of the California Constitution. This…
The Pennsylvania Eminent Code currently provides for reimbursement of up to $4,000 for “reasonable expenses actually incurred for appraisal, attorney and engineering fees.” A recently introduced bill would amend that section to provide for reimbursement of up to $4,000 “per property.” It would also limit the reimbursement to $1,000 “where the taking is for an…
