Eminent domain reform key to protecting property owners' rights

Tuesday at the Dallas Real Estate Symposium, I spoke to a group of real estate professionals affiliated with the North Texas Chapter of the Appraisal Institute. The daylong seminar included discussions by real estate professionals from throughout Texas with a great deal of knowledge about the current real estate market and its impact on our state’s economy.

One panelist testified that on many commercial properties he has been appraising, the debt on the property exceeds the value in some markets by two-to-one! The good news is that these professionals are analyzing this data to help Texans make smart decisions and turn our economy around.

My remarks focused on promoting Texas agriculture and the importance of protecting property owners’ rights. The underlying value of real estate is bolstered by the ability to use and hold property to its fullest extent.

Currently, the Texas Legislature is considering key eminent domain reform legislation that has passed the Senate and is currently in the House. For more information about Senate Bill 18, authored by Sen. Craig Estes, or more views on property owners’ rights, read my Private Property Owners’ Bill of Rights. You can find out more about SB 18 here.

The Texas Farm Bureau’s Web site also has a special section devoted to eminent domain reform in Texas with informational videos, news stories and other helpful links. TFB has held many meetings and worked tirelessly throughout the past legislative interim to help bring about needed reform.

Texas Land May be a Good Investment

Bad news about plummeting home values and foreclosures dominate the headlines, but the forecast is not so bleak for Texas landowners.

According to the Texas A&M Real Estate Center, 2008 statistics indicate an overall positive shift in Texas real estate values. From 2007-2008, the price of Texas agricultural lands increased an average of 10.5 percent. And, as sales data for the first quarter of 2009 trickles in and projections are made for the rest of the year, trends indicate buyers are active in the market and banks are lending.

Real estate is an appealing investment during a bear market, and while the Texas real estate economy is in a correction phase and market participants need to keep abreast of the latest information, data indicates buyers are looking for quality property. This is what they can find in the Lone Star State--our pledge to private property owners’ rights and economic development make Texas a great place to invest.

You can read more about a variety of issues affecting property owners and the real estate market on the Real Estate Center's Web site.