Fifteen days ago we were informed that our entire property will be taken for a new three-quarter million volt power line (
PATH). There really isn't an alternative. We already have a half-million volt line the length of our western property boundary. It goes over the pond. If they don't take our property, they would take the adjacent property to the east of us, which would sandwich us between the two major power lines. It would devastate the value of our property.
We don't know how to value much of what we have. If I just start with the pond -- how do we value the fish? Yesterday was our second meeting, but our first "walk-about" with their negotiator. I brought a can of fish pellets down to the pond. Not a single fish came up for a nibble when I threw the food in. It was like having an empty pond. If our fish were prize dogs, cats, or even cattle, I'd have a place to start. I figure I'm only about 3/4 inches away from a state record for bluegill. I have many hundreds of hours restoring and balancing this old pond.
Our 25 acres has three additional sites for ponds. We have the right soil, water, and topography. After PB-III, and listening to Dave Sefton and Mike Otto, Lynda was convinced that we should start at least one new pond in the springtime. Finding the right replacement land won't be easy.
Just in the last two years we've added over a $100,000 in improvements. We are very worried about the fair market value right now due to the economy. We fear that an appraisal could be more than $250,000 under what we have invested. The last time it was appraised, it was about $200,000 under. My 2000 sq. ft. workshop, which is drywalled, heated, and has full electric, was valued as an "outbuilding" with "No Commercial Value (NCV)".
The project is currently tied up in the courts of West Virginia, Virginia, and Maryland, and probably will not be settled until at least January 2011. They want an option-to-purchase now. It puts our lives on hold for that time. We've been planning on retirement in about three years. All of our improvements have been towards retirement -- even our simple improvements like fruit trees, berries, asparagus, etc. These, and thousands of flower bulbs, will just be lost.
I know a few Pond Bosses have lost their properties to similar projects in recent years. I'd sure like to hear from anybody with this experience.
Any insight and advice would be greatly appreciated.
Ken and Lynda
