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1: Highest and Best Use (Eminent Domain)
Near West Side - Chicago
Initial Offer: $ 279,000
PRS Opinion: $1,963,000
Based upon Highest and Best Use of Commercial/Office 1st Floor and Residential Above
City's claim: Industrial depressed area
Defendant's claim: Area undergoing extensive redevelopment
Jury Award: $1,600,000
2: Constructive Re-use (Eminent Domain)
South Loop - Chicago
Initial Offer: $ 600,000
Based on vacant, older, former office building
Date of Value 2000
PRS Opinion: $ 2,000,000
Based upon constructive re-use as either a hotel or condominium
Settlement Results: Successful Settlement
3: Office Building (Ad Valorem Taxation)
Suburban Chicago
Lease Determination for
U.S. Army Corps. of Engineers
Barge Facility
4: Gasoline Station/Mini-mart (Eminent Domain)
43,000 SF, good suburban location
6,500 SF, Area of Take
Road widening, turn lane, two frontages
Elements of Damage
» Size reduction
» Loss of pump island
» Loss of parking Access for tankers
PRS Opinion for Condemnor
» Size reduction (value)
» No damage to remainder
» Value for Temporary Easement
» Estimate of cost to relocate pump
Result: Successful settlement
5: Subdivision Analysis (Financing)
Appraisal Problem: Value undeveloped land "As Is"
Do Market Study for Highest and Best Use
Analyze Feasibility
Estimate Absorption Period
Develop Opinion of Present Value as Developed and Sold (5 year period)
6: Counseling in Bankruptcy
Issue: Assist receiver in liquidating heavy manufacturing property
Steps Taken: Inventory Real Estate and Equipment
» Develop universe of potential buyers
» Develop potential alternate use
» Develop marketing strategy
Results: Two, full price offers from users
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