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Remainder Sales

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Jerry Everett

Freshman Member
Joined
Jun 4, 2003
My name is Jerry Everett and I work at the University of Tennessee Center for Transportation Research. Part of my duties here is assisting the Tennessee Department of Transportation (TDOT) with their research program. TDOT staff have a project idea in the area right-of-way. They would like to have a database system that would allow them to track and analyze the impacts of their right-of-way purchases, curb and gutter installations, etc. on property values. They refer to this topic as "remainder sales" and define remainder sales with the following example. Suppose TDOT purchased a 10 foot wide strip of real estate to use as right-of-way that cuts the front yard of that home back from 60 feet to 50 feet. Most other homes in that area have a 60 foot front yard. The question is a few years down the road does the fact that this home has 10 feet less of front yard impact the sale price of property when it goes on the market?
I'm aware of the http://www.tnrealestate.com/ database. Are you aware of other databases that would allow one to track and analyze the impacts of row purchases on property values in TN? Can you point me to examples of similar studies, real estate professionals with expertise in DOT right-of-way appraisal, research articles, states that have developed such a system or other leads on this topic?


Jerry Everett
Research Director
Center for Transportation Research
Suite 309 Conference Building
600 Henley Street
University of Tennessee
Knoxville, TN 37996
(865) 974-8275
 

Willie

Senior Member
Joined
May 30, 2002
Professional Status
Certified General Appraiser
State
Tennessee
Jerry, you might call Norman Hall or Jim Comstock in Nashville or Gary Standifer in Brentwood. They all have extensive experience w' TDOT and such matters. They might know or be willing to do studies for a fee.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Sounds to me like a way to justify "no value in the taking". Glad you are doing it and not me.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
State of Texas tried this and got their hands slapped. The courts ruled that the improvements could not be used to offset the taking.

Roger
 
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