Thursday, September 4, 2014

What Happens to Holdouts?


Slate recently put up a short piece that property profs will love.  It's the story of Edith Macefield, who refused to sell her home to a developer in Seattle.  Most of the article focuses on the aftermath of Edith's decision to resist a very lucrative offer:

Around 2005, a Seattle neighborhood called Ballard started to see unprecedented growth. Condominiums and apartment buildings were sprouting up all over the community, which had once been mostly single-family homes and small businesses. Around this time, developers offered Edith Macefield $750,000 for her small house, which was appraised at around $120,000. They wanted to build a shopping mall on the block where Macefield had lived for the past 50 years.

Macefield turned down the money. Developers went forward with the shopping mall anyway. The mall enveloped her house on three sides.

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