The United States Constitution's Fifth Amendment protects citizens from having their land taken for public use without receiving just compensation for its value. Therefore, as outlined in the Uniform Appraisal Standards for Federal Land Acquisitions, any entity acquiring property on behalf of the United States must abide by specific guidelines in appraising the land in question. Because property appraisal for federal purposes raises unique appraisal issues, the standards of valuation are mainly determined by law.
Many Arizona residents may have heard about a new Indian casino in the early stages of development to be built in the West Valley near Glendale. The project has come under fire, with many saying the Tohono O'odham nation should not be able to build the casino resort on land that is not incorporated into the nation's reservation. Three Arizona lawmakers have now joined the fight to prevent the project from going forward. The House has already passed a bill disallowing Indian nations from building gaming establishments on unincorporated land. Senators John McCain and Jeff Flake have introduced a similar bill in the Senate.
Those who are considering developing property in Phoenix or any other city in Arizona must be aware of the legal complexities that might arise. Developers may face issues related to land acquisition, zoning, and development agreements. Yet, even when one thinks he or she knows all the rules and regulations that apply to his or her situation, things can change quickly, threatening to put their development dreams on hold.
States and communities often plan and expand to benefit those residing in the area. A commercial development not only seeks to target the needs of the area but those who will travel through or could benefit on the specific location of a business. In some situation, a development could set the foundation for advancement and could even benefit others on a national scale.
As previous posts have indicated, the Arizona real estate market appears to be recovering from the damage inflicted by the Great Recession. With all of these new subdivision and planned area developments, there is much in the way of difficult legal issues that developers will likely have to face. These include land acquisition and zoning issues, as well as the myriad other challenges that come with real estate development.
Just as in the rest of the county, the Arizona real estate market took a hit after the recession. For many, it took a long time to recover from the period following the burst of the housing market bubble. However, the situation may be changing now. This blog has covered a number of stories that project positive trends in the Arizona housing market. Now may be a great time to become a homebuyer or invest in one of the many emerging Arizona real estate developments.
After the housing market bubble burst in 2007 and 2008, the real estate market took a long time to recover, both in Arizona and the rest of the country, but it's heating up again. In fact, according to one recent survey of investors, real estate is the top area for investment this year.