Question: What is the best way to value commercial property?
John C. Koechel: That’s sort of the question that, as a real estate attorney, I usually chicken out on answering. I usually let the business people and brokers answer that, and there are people who specialize in valuing property as well as property for tax purposes. There are all these different professionals who fight it out on a daily basis, both between private parties and with the state and even federal government on what a piece of property is worth, and you see this in the tax context; you also see it in condemnation scenarios.
For example, when Jerry Jones built his big football stadium out in Arlington, just about a whole neighborhood had to be condemned and you can imagine the widely different values people put on their properties. So it can be quite a fight and, like I said, I’m usually helping one party but I don’t crank up the numbers or anything like that.