[Info-vax] Completely OT: Frank Lloyd Wright

[David Froble]

glen herrmannsfeldt wrote:
> 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.

We were discussing eminent domain.  If the government wanted to build a 
road, they don't want my house, they're just going to tear it down.  So, 
because they don't want the house on the land, I hope you're not 
suggesting that they don't pay for the house?

Getting back to the "improved" land, such as a runway.  Again, the 
government doesn't want the runway, they're going to build a road.  But 
if I paid a substantial amount for the improvements, grading the land, 
planting, and such, and now I'm going to lose my investment, should the 
purchase price include my investments, or should the government just pay 
for the "acreage"?

> 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