Saturday, October 27, 2007

Rate-of-Development Ordinances and Condemnation Blight

Rate-of-development ("ROD") ordinances -- coupled with confiscatory land use regulations -- are intended to (and do) depress the Fair Market Value of undeveloped parcels. This allows the government's land thieves to sweep up land at prices far below what they would have to pay in a condemnation proceeding. They can either repeal the regulations or begin eminent domain proceedings so people will get the full value of their property.

In 2006, and so far in 2007, the State's land thieves increased their offers, paying $46,000± for lots in many subdivisions -- which doesn't match what people are paying for ROGO lots -- but it's better than 2005's $35,000. The State paid out $31.8 million for 815 unbuildable Keys properties in 2006 (average $39,086), and $7.6 million for 363 parcels in 2006 (average $21,070.)

A few landowners have really rung the bell. A colleague accepted $220,000 from the State for an unbuildable IS lot on Middle Torch Key. (We told them that must mean the lot is worth at least $500,000.) That's still the highest price the State has paid for a platted lot to date, and was the 7th largest check the State wrote in 2006 (for unbuildable Keys property, that is).

No comments: