Auto Dealership Valuation Dispute
But not to Frank Cerino, the property owner, who also runs DeCozen Chrysler, Jeep, Dodge on Bloomfield Avenue in Verona. Cerino, 60, said Montclair officials have refused to offer a "fair" price for the site, which Cerino said he has used to store vehicles.
According to Cerino, the property is valued at around $600,000, but Montclair’s offer was only about $300,000.
The linked article relating to a dispute between an auto dealer and a community is well worth reading. As noted in the partial takings/remainder damages article written years ago which can be found on the nationaleminentdomain.com page, the valuation approach for partial takings varies throughout the country. However, Mr. Cerino utilizes the 6,800 foot vacant land for car storage, a very important and integral part of his auto dealership.
