A jury could reasonably award even more than $17 million for Moses Rose’s Hideout.
On Jan. 26, San Antonio’s City Council voted to use eminent domain to condemn the downtown bar Moses Rose’s Hideout to move forward with the planned Alamo visitor center and museum.Although the city hasn’t exercised this power just yet, many believe it will soon because the city has been unable to settle with the bar’s owner, Vince Cantu.
At first glance, this disparity in sales price seems extreme, maybe even absurd. It is rare to see such a big disagreement over the purchase price in ordinary real estate transactions. If such a considerable disagreement ever existed, the parties would probably never enter into substantive negotiations.
According to the Fifth Amendment to the Constitution, for example, landowners are guaranteed “just compensation” if the government condemns their property. But our Founding Fathers never defined what “just” meant. But what a purchaser is willing to buy, and what a seller is willing to give, often change, depending on several variables. Examples include financial feasibility of future development, legal restrictions that encumber the property and the property’s perceived maximally productive use. Because of this, proposed property values often differ drastically between landowners and condemners.
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