Lowball Watch – $160,000 Offer, $8.85 Million Judgment in Florida

Jim Matson’s blog, Grand Theft: Property, reports in a post of January 25, 2010, that the State of Florida has finally paid for its taking of property that began by the state filing a slow-take condemnation action in 1995, and offering $160,00. In 2004 the state filed a quick-take of the subject property, and raised its deposit to $630,000. The verdict was $8.85 million.

Why the large difference? The state was trying to take advantage of restrictive land-use regulations that had been imposed on the subject property, by valuing the land as so restricted.

For all the gory details, check out the Mattson Blog at http://mattsonlaw.blogspot.com/2010/01/when-will-government-figure-it-out.html