Need to sell commercial real estate because new school being built

[iKwak]

What is the name of your state? CA


One of my family members own a commercial real estate in an industry city.
He received a letter from the city saying that he needs to sell the property because the city plans on building a new elementary school in that area.

Well, he can live with that. What he likes to know if:


1) How does he go in a negotiation with the City of cost per square feet? (Like what is the process?)

2) Can he discuss a "trade" where he and the City trades each other property?
For example, he would give up his property to the City and in return, he gets to choose an available City-owned property since the City probably owns a lot of real estate.

3) Lastly, do you know any online forum that focuses on commercial real estates?

Thank you for your time.

 

[FarmerJ]

The best bet is to go to the links up top and locate a real estate atty who can help make sure that the property owners interest are met and help the property owner make informed decisions about any negotiated settlements made with the city .

 

[HomeGuru]

What is the name of your state? CA


One of my family members own a commercial real estate in an industry city.
He received a letter from the city saying that he needs to sell the property because the city plans on building a new elementary school in that area.

Well, he can live with that. What he likes to know if:


1) How does he go in a negotiation with the City of cost per square feet? (Like what is the process?)

**A: hire a real estate attorney that has experience in representing homeowners on eminent domain condemnation cases. One of the first things t he attorney would do is hire a commerial RE appraiser to determine market value and highest and best use.
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2) Can he discuss a "trade" where he and the City trades each other property?
For example, he would give up his property to the City and in return, he gets to choose an available City-owned property since the City probably owns a lot of real estate.

**A: yes, he can or he can even ask the City to buy for him a property of his choice that could be exchanged for his property.
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3) Lastly, do you know any online forum that focuses on commercial real estates?

**A: yes, but these would not really help you in your case.
**********
Thank you for your time.

**A: no problem......