MAPLEWOOD -- Following months of courtship, Maplewood and Mark Built Homes have carved out a preliminary agreement that will allow the firm to redevelop the township’s historic former police building on Dunnell Road into housing, Mayor Victor DeLuca said on Tuesday.
The parties have agreed to a sale price for the .85-acre property, DeLuca said, but must still address asbestos removal and demolition of the existing building. Those issues, as well as design matters, will be negotiated and drawn up in a formal redevelopment agreement. “I hope that we would be able to close on the property in early 2011 and have a shovel in the ground if not in late 2011, then in early 2012,” DeLuca said after making the announcement. Because they are still ironing out details, DeLuca declined to address the preliminary agreement’s details, including purchase price. He did say that any final agreement would not include a tax abatement.The Union Township firm’s concept includes a 50-foot-high building with 30 to 35 residential units and a one-story parking deck. Earlier this year, a coalition of residents urged township officials to limit the redevelopment’s footprint or risk having a large structure that clashes with the character of the Memorial Park neighborhood. The project’s parameters, though, would be subjected to planning board hearings and approvals before construction begins.A second round of environmental tests, probing deeper than testing done in April, was completed at the site on Tuesday. The initial tests revealed elevated levels of lead, mercury, benzene and other compounds on the property, attributable to two underground storage tanks which have since been exhumed. But the engineering firm conducting the tests concluded that the potential for adverse ecological effects, such as on the nearby Rahway River tributary and on wildlife, are minimal. Results from the second round of tests are expected in two weeks, DeLuca said.DeLuca said he hopes to have the formal redevelopment agreement drawn up by Sept. 7, when the township committee meets next.
Another problem is price shopping. Some homebuyers simply call a list of inspectors to see who charges the least. No consideration is given for possible quality differences, just price variations. Instead of asking for a price quote, buyers should inquire about experience and qualifications. Questions such as "How long have you been a home inspector?" and "How many homes have you inspected?" are far more important than "How much do you charge?" In fact, the home inspector with the highest price may cost the least in the long run.
If your home inspector missed serious defects that were visible at the time of the inspection, you probably did not hire the best inspector available in your area. A home inspection can be a highly beneficial experience or a low disappointment. It all depends on which inspector you hire. Whether you have recourse against the inspector depends on whether the defects were visible during the inspection.
Here's a tip for next time. Real estate agents know who the best home inspectors are. Some recommend the best inspectors, but others will not risk the deal on a thorough inspection. So take the time to check out home inspectors. Find one who is highly experienced and who has a reputation for thoroughness.
Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the National Association of Realtors®.The Pending Home Sales Index,* a forward-looking indicator, rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February.Pending home sales are at the highest level since last October when the index reached 112.4 and first-time buyers were rushing to beat the initial deadline for the tax credit. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said this second round of surging sales from the tax credit extension looks as strong as the original tax credit. “There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales,” he said. “The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs.” NAR expects a net of 1 million additional jobs in the second half of this year and about 2 million in 2011.“The home buyer tax credit brought close to 1 million additional buyers into the market, which is now helping the trade-up market and has significantly improved the inventory situation. This stabilized home prices more quickly and has preserved about $900 billion in home equity; in turn, that is keeping additional households from going underwater and risking foreclosure,” Yun said.The PHSI in the Northeast jumped 29.5 percent to 97.9 in April and is 24.5 percent above a year ago. In the Midwest the index rose 4.1 percent to 104.2 and is 17.9 percent above April 2009. Pending home sales in the South slipped 0.6 percent to an index of 123.9, but is 31.3 percent higher than a year ago. In the West the index rose 7.5 percent to 107.9 and is 12.0 percent higher than April 2009.“A big concern surfacing recently is insufficient time to close the deal at the settlement table. Under normal circumstances, two months would be enough time from contract signing to settlement date,” Yun said. “However, the recent housing cycle has brought long delays related to the short sales approval process by banks, and from ongoing appraisal issues. There could be a sizable number of homebuyers who responded to tax credit incentives, but may encounter problems meeting the settlement deadline by June 30.” Because of these market challenges, NAR has asked Congress to provide flexibility on the deadline for closing.The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.# # #*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.
Existing-home sales for May will be reported June 22 and the next Pending Home Sales Index will be on July 1; release times are 10 a.m. EDT.
Maplewood, Short Hills, South Orange, Summit, and Millburn real estate and homes for sale in New Jersey - Robert Northfield, Realtor
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