pennsylvania condemnation

The Federal Deposit Insurance Corporation has reported that bank profits are down, in part, due to litigation costs. FDIC Chair Martin Gruenberg said that significant legal expenses are pushing down average industry profits. There are, of course, other variables causing the profit decrease. However, it is clear that litigation costs are having an impact.

Reuters had reported that the U.S. Justice Dept. will file several lawsuits alleging mortgage fraud against financial institutions in 2014. AG Eric Holder told Reuters that his agency would use the JPMorgan Chase case as its model for future lawsuits. These cases stem from a White House task force. One possible target is Bank of…

The Philadelphia RDA has condemned property owned by a nationally recognized artist. This condemnation has received a great deal of attention including newspaper and radio coverage (I was interviewed by one station) and now by Forbes. The property owner, James Dupree, has been using this property as his studio. The property is one of 17…

The Texas Supreme Court recently agreed to hear a challenge to a jury’s award of “stigma” damages for contaminated property that was remediated. In that case, the Court will consider whether temporary environmental harm can form the basis of a cause of action.

Oral argument is scheduled for Dec. 5. The case is Houston Unlimited…

The Appraisal Institute has released a study concluding that solar photovoltaic systems typically increase market value and almost always decrease marketing time of single-family homes in the Denver metropolitan area. A PV system is a solar electric system that is designed to convert sunlight into electricity. The Appraisal Institute worked with the Colorado Energy Office…

The NJ Supreme Court recently issued an important decision regarding valuing properties in eminent domain cases for a use not permitted by the zoning as of the valuation date. In Borough of Saddle River v. 66 East Allendale, LLC, the Court considered whether “it was proper to allow the jury to hear evidence on the…

A new Philadelphia billboard bill has passed a City Council Committee.  The bill would legalize all existing billboards and permit conversion of some to brighter digital displays.  The bill was sponsored by Councilman Bobby Henon.   According to the Philadelphia Inquirer, billboard representatives complained about a proposed boost in annual license fees from $50 to $315.  …

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…

The Orlando City Council recently approved a resolution authorizing the use of eminent domain for 2 properties for a proposed soccer stadium. The City Council members voted to allow the initiation of eminent domain proceedings if needed for the stadium project proposed by the Orlando City Soccer Club in its bid to join Major League…

New Jersey Governor Chis Christie signed into law legislation somewhat restricting local governments’ use of eminent domain for private redevelopment. It also creates an alternative to condemnation for redevelopment projects. S-2447, passed 36-1, was expressly designed to codify New Jersey Supreme Court’s decisions holding that the prior statutory standard for “blight” — that the property…