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Improvements made on surrounding land, will affect the price of all surrounding land. Blue Oval City, is an improvement, land values will raise accordingly.
Quote:
Originally Posted by 2mares
And there is a difference in acreage suitable for building and acreage for roads and road right of ways and a difference in the private sector and government sector.
Why does it matter what the buyer intends to use it for in the price of the land? Improvements were made, land values increased to surrounding and adjoining properties. However, the State it seems wants to retro the price. This is what the land owners are saying, they're only getting pennies on the dollar for the land.
Some one is lying --- the State or the land owners?
per the bold from the article:
"In windows all around the nearby Brownsville town square, businesses have tacked up “Welcome Y’all!” signs with the blue Ford logo, including one at a local real estate firm next to a listing for 70 acres of vacant land near Ford’s new BlueOval City campus. The listing is on the market for $14.5 million – an exorbitant jump in value from $10,000-per-acre asking prices several years ago."
I'm thinking that's where they get the $37,500 for the 10 acres, in the sentence, "The state’s offer? $37,500 — or $3,750 per acre."
Yes, unfortunately the court will decide the fair price for the land and guaranteed it won't be the same as that listing price.
Quote:
Originally Posted by ocnjgirl
That listing price was from several years ago. It was a couple of years ago all real estate was greatly inflated, but has since dropped down to more normal prices. Even houses where I live, blue collar kind of run down area, were listing for greatly inflated value but now the boom is over. So we don't know if $10,000 an acre is the current value.
I did a search, this is the text under the link for a search on "0 MORTON HILL, Stanton, Haywood County, TN, 38069"
Mar 14, 2023 ...0 Morton Hill Road is a 70 ac of land for sale in Stanton, TN 38069. This property was listed for sale on March 12, 2023 by Weichert, REALTORS-
Do I need to bold the date? On that page: Price $14,500,000
Yup. It's not cheap either. The appropriated land must be paid for at current market prices.
Been there, done that. Our land was already being used as a road to access our farmland by my family, so for us, eminent domain put some substantial extra income in our pockets.
Eminent Domain never got a foot of our good land- we made the dirt road on ground we couldn't farm- waste land that was never able to grow anything but rocks.
But the state made our little road a lot better for us to use once it was scraped down smooth and paved. And it added a lot onto the price our farmland will fetch when it's put up for sale.
I guess you didn't feel the need to fight back, like the Tennessee farmers. Those farmers are being sued; the state is carrying on in its lawsuits seeking to force landowners to “sell” their property for far below market value.
The value of that land, is whatever the judge says it is at the end of the law suit if they should loose. And of course we all know they will loose.
James Madison declared the purpose of the government in the following statement delivered at the Virginia Constitutional Convention in 1829:
It is sufficiently obvious, that persons and property are the two great subjects on which Governments are to act; and that the rights of persons, and the rights of property, are the objects, for the protection of which Government was instituted. These rights cannot well be separated. The personal right to acquire property, which is a natural right, gives to property, when acquired, a right to protection, as a social right.
Present day, the government can do pretty much whatever they want and the crowd, sugar coats it and cheers for more.
Why does it matter what the buyer intends to use it for in the price of the land? Improvements were made, land values increased to surrounding and adjoining properties. However, the State it seems wants to retro the price. This is what the land owners are saying, they're only getting pennies on the dollar for the land.
Some one is lying --- the State or the land owners?
It matters a lot what the land is intended for and who is buying. Even though the land values increase overall due to the Factory, not all property is equal.
The purchase price will be based on fair market value of that particular piece of property. Its like getting comps when you are selling or buying a home.
1. A listing for 70 acres of vacant land near Ford’s new BlueOval City campus. It’s on the market for $14.5 million – an exorbitant jump in value from $10,000-per-acre asking prices several years ago. This land is being sold as development property. And it has not sold.
2. Marvin Sanderlin's property is 10 acres in the path of a planned roadway connecting the Ford plant to the interstate. Two acres will be purchased to be used for the road at $3,750 per acre. An additional 8 acres will become inaccessible. He will be compensated $3,750 per acre for that. He is getting 37.5K for two acres of land.
Other property owners have been offered ~ 4-8K per acre for a few acres needed for the road.
See the difference in land value or do you believe that 2 acres for road widening is worth 200,000 per acre?
I guess you didn't feel the need to fight back, like the Tennessee farmers. Those farmers are being sued; the state is carrying on in its lawsuits seeking to force landowners to “sell” their property for far below market value.
The value of that land, is whatever the judge says it is at the end of the law suit if they should loose. And of course we all know they will loose.
James Madison declared the purpose of the government in the following statement delivered at the Virginia Constitutional Convention in 1829:
It is sufficiently obvious, that persons and property are the two great subjects on which Governments are to act; and that the rights of persons, and the rights of property, are the objects, for the protection of which Government was instituted. These rights cannot well be separated. The personal right to acquire property, which is a natural right, gives to property, when acquired, a right to protection, as a social right.
Present day, the government can do pretty much whatever they want and the crowd, sugar coats it and cheers for more.
You dont know it is far below market value. What do you think a two-acre strip is worth? Yes, that will be determined in court. I imagine the negotiated price will be based on fair market value of comparable properties in the area and not racism which the article seems to be leaning toward.
Uh huh...and judges are an arm of the bureaucracy.
Kelo v New London.
And would you rather the farmers not have the opportunity to go to court for a higher price or just take whatever the state offered?
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