Michael Rikon
It is a truism that the value of real property is often not simple to fix. We all recall the study of the legal dilemmas that faced "Black Acre" in law school, but the focus on its value is far more illusive. If beauty is in the eye of the beholder, then value of real property lies in the one who has title, but not always. Real property value is very dependent on the factual circumstances presented. It is also dependent on the reason for the need to value the property. Real property rarely
more » ... roperty rarely presents itself in a perfect model of circumstance for valuation. This does not mean that one occasionally does not get lucky. There can be a very recent sale of a condominium unit in the same building, in the same line, and only one floor away. This rarity aside, real property is usually unique in a number of factors including its location. It generally lasts forever and is of limited supply. Its value may be very dependent on its use which could be unique to its present owner. What real property is worth may not be equated to what it cost. Nor does fair market value necessarily mean assessed value. Real property value will often vary depending on subjective factors, legal issues and the very nature of the inquiry. In this article we will address the valuation of real property as it may appear in the context of eminent domain. EMINENT DOMAIN In no other field of litigation is value so keenly put in issue as in a condemnation case. It is the primary inquiry.