Lowball Watch – New Jersey

Northjersey.com reports (Evonne Coutros, Saddle River Asks State Supreme Court to Review Eminent Domain Ruling, April 24, 2012 — click here) that the Borough of Saddle River just took it on the chin. It took a 2-acre vacant former service station site, and valued it at $1.35 million. But the owners, contending that there was a probability of zone change, opined to a market value of $5.25 million — which is what the trial court awarded, and the Appellate Division affirmed.

The borough has petitioned the New Jersey Supreme Court for review. Stay tuned.