[Info-vax] Completely OT: Frank Lloyd Wright

[glen herrmannsfeldt]

AEF <spamsink2001 at yahoo.com> wrote:
 
> It seems to me that "fair market value" is whatever the owner can get
> for the place. It doesn't matter that the owner thinks it's worth more
> than that.

Well, there is always supply and demand, but yes.

If a house has some features that a buyer isn't interested in,
then the buyer won't want to pay for those features. If a similar
house is available without then, then the buyer has a choice.

But if no similar house is available, the buyer might pay more.

In the hospital expansion case, the best choice was the condominium
development that they bought, but there were some other choices
nearby. Near enough. The sellers couldn't get too greedy, but they
still got a good deal.
 
> Consider this: If you thought a place was worth x, and the market
> value was much less than x, which would you pay?
 
> One man's garbage may be another's gem, but fair market value is what
> the owner can get. If someone offers x, and no one else will offer
> more, the fair market value is x, regardless.

-- glen