State of New Jersey, by the Commissioner of Transportation, Plaintiff-Appellant v. Frederico R. Caoili and Estrella…

Summary

The Supreme Court of New Jersey affirmed the judgment awarding just compensation to the property owners. It held that a jury may consider evidence of a potential zoning variance or subdivision when the trial court finds a reasonable probability of such changes, and that the owners' appraisal methodology using comparable sales with a discount for uncertainty was reasonable. The court rejected the State’s objections to the admissibility of the evidence and the valuation approach.