New turnpikes can raise land values for some, lower them for others
In an article titled “Driving prices: New turnpikes can raise land values for some properties, but lower them for others” featured in The Journal Record, writer Dale Denwalt took a look at how the construction and development of turnpikes can affect land values and sales in nearby areas. Jeff Todd, a shareholder with McAfee & Taft who frequently represents landowners in condemnation matters, was interviewed for the story.
Todd said that land sales near the proposed turnpike in eastern Oklahoma County could stagnate until construction is completed. “That’s the issue where you have the shadow of condemnation on top of area, and if it goes on for very long, then the sales in the area tend to disappear.”
While landowners who have their property taken through the condemnation or eminent domain process are entitled to just compensation, he said there is no legal recourse for landowners of nearby property to collect damages in the event their land values fall.
“Eventually, that turnpike will create more growth in the area, but no one has a crystal ball to know how and when that’s going to take place,” said Todd.