We start any evaluation of a parcel which has been taken by the exercise of eminent domain by the application of the overriding principal of the concept of highest and best use. The concept of highest and best use is well founded in appraisal practice. Regardless of whether property has been condemned, in valuing any parcel of real estate an appraiser must make a highest and best use of the land analysis as though the property were vacant and as though it were improved. This is an essential… read more
January 14, 2020