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Tag Archives: Philadelphia

Orlando Takes Church Property For Soccer Stadium

Posted in Eminent Domain

The city of Orlando initiated eminent domain proceedings to take property owned by a church to build a new soccer stadium. A judge ruled in January that Orlando could take the property via its eminent domain powers. Orlando spokesperson Heather Fagan issued this statement:  “We have spent the last year trying to work with the… Continue Reading

Appraisal Institute Produces State Appraisal Regs Compilation

Posted in Appraisers

Each state has its own set of appraiser regulations. Although there are substantial similarities, they can vary. The Appraisal Institute has assembled a document titled “Provisions of State Appraiser Licensing and Certification Laws Applicable to Appraisal Review” which is available free to its members and may be purchased by non-AI professionals. The document provides information… Continue Reading

Lawsuits Targeting Appraisal Reviews on the Rise

Posted in Appraisers

According to an article in the Appraisal Institute’s Valuation magazine, litigation regarding appraisal reviews has been increasing.  One possible explanation cited in the article is that there are simply more appraisal reviews.  It also states that some review appraisers lack the necessary competency to perform the work. One of the major categories of claims is… Continue Reading

PA Court Addresses Deficiency Judgment Valuation

Posted in Appraisers, Valuation

The PA Superior Court recently addressed issues regarding determining the fair market value of property in the context of a “deficiency judgment” proceeding.  In Liberty Philadelphia REO, LP v. EFL Partners V, L.P., the Superior Court held that it was proper in that case to fix the fair market value of condominiums based on the… Continue Reading

NJ Bill Would Eliminate State Appraisal Board

Posted in Appraisers

The New Jersey legislature is considering a bill that would abolish NJ’s Real Estate Appraisers Board and transfer regulation of appraisers to the state’s Real Estate Commission. Bill A2387 was unanimously passed by the Regulated Professions Committee March 13.  The Appraisal Institute strongly opposes the bill.  The Bill’s sponsors, Troy Singleton, and representatives of the… Continue Reading

Kelo Properties Still Vacant

Posted in Eminent Domain

In 2005, the US Supreme Court issued one of its most controversial decisions. In Kelo v. City of New London, the Court held that it was not unconstitutional to use the power of eminent domain to take homes and other private property and transfer the property to private entities for economic development. It found that… Continue Reading

Judge Sets Value Of Flight 93 Memorial Property

Posted in Eminent Domain

A Federal Judge agreed with a federally appointed commission’s $1.5 million appraisal of what is now the Flight 93 National Memorial property. The property, located in Shanksville, PA, was condemned for the Memorial. The land’s former owner, Michael Svonavec, argued the 275-acre property was worth $23 million. It is not known whether Svonavec will appeal… Continue Reading

MD Threatens To Condemn House of Cards Property

Posted in Eminent Domain

The House of Cards producers are threatening to leave Maryland if they don’t get millions more dollars in tax credits. In response, members of the Maryland House of Delegates have threatened to condemn the sets, equipment and other property used for that show. The threat was proposed Thursday afternoon by Del. C. William Frick (D-Montgomery)… Continue Reading

Christie Unaware of Eminent Domain Bill He Signed

Posted in Eminent Domain

During a recent radio call-in show, NJ Governor Chris Christie was asked by a listener about legislation providing the power of eminent domain to a new Rutgers-Camden and Rowan University joint board of governors.  Gov. Christie said he was unaware of such a proposal.  However, Gov. Christie had already signed that bill into law last… Continue Reading

Utah Passes Eminent Domain Bill

Posted in Eminent Domain

Utah recently passed an amendment to its eminent domain laws.  The Utah Senate unanimously approved HB 25 and now the bill awaits the Governor’s signature.  The legislation updates language in the state code dealing with eminent domain and also established news guidelines that allow property owners greater access and engagement in the process. The legislation… Continue Reading

HUD May Seek Court Guidance on Eminent Domain for Mortgages

Posted in Eminent Domain

National Mortgage News has reported that HUD Secretary Shaun Donovan stated at a Politico event that the legality of the use of eminent domain to force the sale of mortgages should be decided by the courts.  The American Land Title Association’s chief executive Michelle Korsmo criticized the remarks, stating “Waiting for these eminent domain proposals… Continue Reading

Fannie Mae Launches Appraiser Quality Monitoring Website

Posted in Appraisers

The Appraisal Institute announced that Fannie Mae launched a website focused on its new Appraiser Quality Monitoring process, which evaluates appraisals for data accuracy and consistency. The site gives lenders access to a list of appraisers whose reports will be subject to 100 percent review or no longer accepted by Fannie. Sellers and servicers approved… Continue Reading

Veros: Property Appreciation Approaching Peak Levels

Posted in Valuation

Veros Real Estate Solutions has reported that, although residential real estate values and appreciation grew during the fourth quarter of 2013, it was at a slower rate than previous quarters.  This may indicate that the market is topping out, Veros has concluded.  That report analyzed 345 metro areas.  It indicated an average of 5.1 percent… Continue Reading

Philadelphia Mayor Signs Land Bank Bill

Posted in Eminent Domain, Redevelopment

Mayor Nutter recently signed the Land Bank law and predicted that the City could start selling the its vacant and tax-delinquent properties by the end of the year.  The bill creates a new entity to manage Philadelphia’s vacant land, acquire tax-delinquent properties and sell them. There is an estimated 9,500 city-owned vacant properties and 17,000… Continue Reading

Our Group Authors New Edition of Eminent Domain Treatise

Posted in Eminent Domain

Our Eminent Domain Group has once again authored the leading Pennsylvania Eminent Domain treatise. Bisel has just published the 2014 Edition of Pennsylvania Eminent Domain which can be found at http://www.bisel.com/descriptions/bk60.htm. The treatise was originally published in 1964 and our group drafted supplements to that edition for over 15 years. Marc Needles, my partner and… Continue Reading

FDIC: Litigation, Rising Rates Take Toll on Bank Profits

Posted in Lenders

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.

Philly Condemnation Attracting National Attention

Posted in Eminent Domain

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… Continue Reading

Appraisal Institute: Solar Electric Systems Positively Impact Home Values

Posted in Appraisers

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… Continue Reading