Real estate deals happen every day in the Miami area and most go down without a hitch. However, when a disagreement arises, it could end up going all the way to court as both parties work to plead their case.
The owner of a Hilton hotel is making a final plea to the city council in an effort to raise the value of his land and in turn receive a better deal. According to reports, the owner has included a new appraisal of the site by Florida-based Keystone Consulting Group, which states that the dirt value is worth a lot more than the current sale price. The city is planning to sell the site to the developer of an Embassy Suites.
The last-stitch effort by the owner of the hotel comes just days before a vote is to be held in the city council on the sale’s approval. The state’s sale price for the property is listed at $579,000, which the owner claims is extremely low. The new appraisal from Keystone determined that the true fair value for the property is $2.8 million. However, the city claims that it has determined its current valuation of the land under the proper guidelines.
When someone is facing a construction or real estate battle he or she needs an experienced team of real estate attorneys in his or her corner. By having the right knowledge and understanding of these kinds of situations a person has a better chance of coming out on top when a court makes its decision. Anyone caught up in this kind of litigation, Might want to meet with a knowledgeable real estate attorney soon.
Source: Port City Daily, “Hilton owner sends last letter of dispute ahead of city council's vote on convention center hotel land sale,” Ben Brown, Sep. 26, 2013.