Active in the real estate sector since 1997, Konstantin “Stan” Belenky is an accomplished NJ real estate appraisal expert. In his present position, he serves as the chief appraiser of Pyramid Consulting Group LLC in East Hanover, New Jersey. In the course of his career, Stan Belenky has conducted numerous appraisals for market value, real estate taxation, insurable value, mortgage value, and condemnation value.
Condemnation is a legal process (eminent domain) that enables a government to seize private property for purposes of public use such as the construction of power lines, roads, airports, or pipelines. According to the law, the government must provide fair compensation to property owners for seizing their property. To determine the condemnation value, appraisers use three different approaches, which are the market data (sales comparison) approach, the cost approach, and the income capitalization approach. The market data approach is the most common and involves appraisers analyzing the recent sale of properties based on size, location and zoning that can be compared to the same property being condemned. The appraiser performs an adjustment to take into consideration a property’s unique features in order to come up with a market value of the condemned property.
The cost approach is generally used to appraise special-use and unique properties and is ideal for appraising properties whose market data may be difficult to obtain. This approach calculates a property’s value based on the individual value of its components such as land and property improvements. Finally, the income capitalization approach is applied for income-generating properties such as rental apartments and some commercial properties. This approach estimates a property’s value by examining how much income a property can produce.
Stan Belenky 