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ARTICLE ID 195798

$________ Condemnation – Defendant property owner contends borough's use of non-comparable improved properties invalid because other properties cited by municipality are not comparable.

Middlesex County, NJ

This was a condemnation case that involved in March ________, taking by the plaintiff borough of the three unit residential building that was owned by the defendant. The units were rented, and the plaintiff borough introduced evidence that the value was $________. Their expert’s opinion was based on sales of allegedly comparable three unit properties. The expert also maintained that when typical expenses were deducted from rental income, a similar value would be concluded.

The defendant property owner’s appraiser explained that there were no comparable improved properties within the market area, and therefore, relied solely on the income approach to value, and looked at the market and historical income and expense information to derive his valuation opinion of $________.The jury awarded $________.

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