Archive for the 'Real Estate' Category

Fourth & Valley

 

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I was encouraged at the most recent public SOPAC meeting which discussed plans for the proposed 106-unit development on the Southwest corner of 4th & Valley in South Orange. After many prior meetings over two years in which Village officials and neighbors worked with Meridia, the redeveloper, it appears that area residents are finally feeling that the project will improve the area and deal with potential issues regarding parking and traffic.
Architect James Haley of Haley Donovan made many changes requested by Academy Heights residents, breaking up the facades, setbacks and heights of the building to make it look more varied and organic to the neighborhood. The newest plan also shows a generous amount of public space to be enjoyed by neighbors – something residents said was missing at the Third & Valley development.  Now featured are extra wide (20′) sidewalks – generating more public space and potentially allowing for the widening of Valley Street should traffic studies call for a turning lane or other improvement.

Village President, Sheena Collum said the Village hoped to re-introduce the plan and agreements in January at a Board of Trustees meeting.  The redevelopment plan would then be referred to the Planning Board for approval, then back to the Board of Trustees for a hearing and a vote.

“Third & Valley did not have the robust public process this has had,” said Collum. “Credit the neighborhood for mobilizing.”  Neighborhood residents, David Kraiker, Andrew Kit, Linda Cappaze, Catherine Fisher and myself (and others) got together many times in preparation for our meetings with the town on this project.  Speaking at the SOPAC meeting, Andrew Kit said, “This is the ideal of what a public process should be like.”  We also were vocal about the 320 Valley project that has broken ground nearby.

As the town’s ‘vision plan’ has named the Valley St. corridor as one of the prime areas it’s looking to redevelop (in addition to South Orange Av & Irvington Av), it is very likely there will be interest in other sites nearby in the near future. If you’d like to get involved with contributing to shaping the future of the Valley St. corridor projects, please reach out to me – ken@kenkrasnerhomes.com

 

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Living Trust

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Dealing with a loved one’s assets before they pass away may be a good way to avoid many headaches.

A living trust is one way to avoid the length of a drawn out probate proceeding and the unwanted publicity that may result from dealing with a loved one’s assets prior to death. There are advantages and disadvantages.

Find out if a living trust is a good way for you to deal with family assets. Below is a good article about living trusts and avoiding probate.

Link to Living Trust article

Real Estate conditions in local area

 

The Market in our area looks pretty strong.  Absorption rate is how many months it would take for the entire inventory of that town to sell given current conditions.  Inventory levels remain low and buyers are very active.

Local Market Absorption_08.21.2016

 

TRID

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TRID, a set of regulations that came into effect in October is impacting the lending industry.  Most of the changes are embodied in two disclosure forms, THE LOAN ESTIMATE FORM & THE CLOSING DISCLOSURE FORM.

The new disclosure forms are designed to improve disclosures to consumers and also contain tolerance limitations that may cause lenders to refund fees to consumers when certain costs vary between the initial and final disclosure.

Borrowers must receive the new closing disclosure at least 3 business days before they close on the loan. The final Closing Disclosure must list all the actual costs of obtaining the mortgage.

http://www.consumerfinance.gov/regulatory-implementation/tila-respa/

 

 

 

 

 

Tax Re-Assessment

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A reassessment of property values is now scheduled in 2016 in the townships of South Orange and Maplewood. The two towns are sharing some of the expenses of the reassessment to save money and the new values will be effective January 1 2017.

The revaluation will hopefully achieve the county’s and the towns’ goals of spreading the tax burden more fairly.  Assessed values have fallen below 85% of market values after three years of a hot real estate market featuring consistent growth in property values.

Maplewood’s last assessment was in 2012, after a full revaluation in 2010 and  South Orange had a full revaluation in 2008 and a reassessment occurred in 2011.   For more info visit the Essex County Tax Board.

http://www.essextaxboard.com/revaluations.html

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Warmth and Music at 106 Roland Av. South Orange

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LRto DRKitmain

Public Open House – Sunday, March 29,  1-4pm

106 Roland Ave.
South Orange, NJ

5 Beds and 2 Baths

$509,000

 

Mahogany front porch, HW floors, great flow from LR to DR to Family Room, updated, eat-in Kitchen w/granite/SSAppl, back patio set in verdant garden, sunny Family Room, Mud Room, 3 beds & bath on second floor, 2 beds & storage room on third floor. Finished basement with full bath.

 

For all the details on this Vintage Victorian Beauty, here’s the link

http://emailrpt.gsmls.com/public/show_public_report_rpt.do?report=clientfull&Id=100911481_501982

 

 

Solar energy in residential real estate update

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A new multi-state study shows that homebuyers are more and more willing to pay for homes with photovoltaic energy capabilities or to install systems themselves.

Since the systems are now more commonplace, appraisers are trying to figure out how to value such systems.  In the past, there were rarely comparable properties with panels or other green features for appraisers to use, but now energy efficiency is becoming more popular.  New addendums and standards are being introduced to make ‘adjustments’ easier when there are still no true comparables.

Solar City is starting a project with Bank of America / Merrill Lynch to help homeowners fund solar power systems more easily.

 for more details see links below

http://realtormag.realtor.org/daily-news/2015/01/16/study-buyers-willing-pay-extra-for-solar

http://www.housingwire.com/articles/32605

 


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