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Case Study #1:

Two parcels of adjacent vacant land in a Downtown Redevelopment district were purchased with separate transactions. The second parcel closed six months after the adjacent parcel.

The transactions included the following:

  • Entitlements
  • Full set of architectural plans (estimated value - $500,000)
  • City-approved site plan
  • An on-site sales center was opened to take reservations
Due to lender restraints placed on the property owner, the sales volume was insufficient to obtain financing. The deposits were, therefore, all returned since the property owner was never able to obtain “hard contracts.” The property as of the lien date was vacant.

Because of the downturn and decreased demand in the luxury condo market, the property owner realized he had paid “too much” for the property. MJ Stone physically inspected the site, as well as many other failing or failed projects within the surrounding neighborhood. The property got caught up in the boom and was suffering with an assessment that was in excess of a “fair and equitable” Market Value.

The County considered our Firm's analysis, as well as market conditions and the subsequent trend of oversupply and no demand. MJ Stone was able to work with the respective County and resolve two years of assessment.

The tax savings to the property owner approximated $160,000.
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