Saint Louis, MO asked in Real Estate Law for Missouri

Q: Can you use property that was purchase by a township for a comp to your property in a arms reach distance to your.

Can we use a square foot price on are land to compare with the property that was just purchase by the city. City had purchase many property in same area but most had a building on them. They only need the land for flood control as all building will be tore down at a additional cost. Please help

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1 Lawyer Answer
Jennifer Sheila Kornblum
Jennifer Sheila Kornblum
  • Springfield, MO
  • Licensed in Missouri

A: When a municipality purchases property under eminent domain, it is required to pay fair market value. However, it is unclear from your question whether that is the case here. In any case, you will need additional comparable property sales to get an accurate picture of the value of your property.

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