Archive for May, 2009

COAH is Un-American

Saturday, May 16th, 2009

I have never been described politically as anything other than a liberal.  A bleeding heart liberal, maybe even.  I care about the common man, of which I count myself.

 But I do draw the line.

In the 1975, the New Jersey Supreme Court decided that the township of Mt. Laurel was unlawfully excluding low and moderate income families from town.  Over the course of the next nine years, the Court found the same happening in Mahwah, Franklin Township, Chester, and again Mt. Laurel.

 The result was the Fair Housing Act of 1985.  The Council on Affordable Housing (COAH) was formed, under the auspices of the state Department of Community Affairs, to enforce regulations enacted to combat this practice.

COAH’s mission was and is “To facilitate the production of sound, affordable housing for low and moderate income households by providing the most effective process to municipalities, housing, providers, non-profit and for profit developers to address a construction obligation within the framework of sound comprehensive planning.”

 Poppycock!  Bullfeathers!

What the law said, in effect, was that no matter how nice or exclusive your town is, you will be forced to supply your COAH-mandated quota of low and moderate income housing.

I vigorously oppose this forced integration of different economic levels of people.  It’s un-American.

I have an above average income, but I’ve never been so foolhardy to think that I can afford to live in Palm Springs, California or West Palm Beach, Florida or Newport, Rhode Island or a hundred other exclusive locals.  I don’t whine about it.  I don’t try to force a town to make sure there is a cheap house for me to buy.

Life is economics.  You have to live in a community that you can afford.  Interference by legislative do-gooders is not right.

My first home was in rural Maine.  It’s all I could afford.  My next property was in rural North Carolina.  Again, it was all I could afford.  I understood my place in the economic pecking order and I accepted it.  I lived within my means.

My first home in Cape May County was purchased when I was 44 years old.  I scrimped and saved.  I worked two and three jobs.  I never turned down overtime.  I was aware that hard work equalled rewards – in this case a nice home at the Jersey shore.

Two communities in Cape May County are being forced to shoulder an unfair burden of affordable housing.  By 2018, Middle Township – which includes Rio Grande and Cape May Court House – must supply 934 units.  Upper Township is on the hook for 531 units.  Yikes, that’s crazy!

The effect on the two school systems, the police force, the services needed will hamper existing homeowners with an even larger tax burden than they already have.  And their way of life will change forever.

It’s time to repeal the Fair Housing Act.  Government meddles in our lives way too much.  COAH is living proof of that.

- Mountain Man

Local Real Estate Market is Active

Monday, May 11th, 2009

Despite media reports that the real estate market is in the doldrums, active full-time real estate agents are finding that not to be the truth.  At least here in Cape May County, New Jersey.

 With interest rates hovering around five percent and ample property inventory at rock bottom prices, savvy buyers see opportunity.

 Here’s the real estate activity in the Wildwoods – that includes Wildwood, North Wildwood, West Wildwood, Wildwood Crest, and Diamond Beach – as of May 11, 2009:

 Single family homes – 268 currently for sale, 19 currently under contract, 88 sold in the past year.

 Multi-family homes – 117 for sale, 4 under contract, 34 sold.

Condominiums/townhomes – 1065 for sale, 79 under contract, 433 sold.

 The number that jumps right out is 433 condos sold in the past year.  That’s impressive.  And keep in mind that this figure is only for Multiple Listing Service sales serviced by a realtor – not private sales, sheriff sales and bank sales handled without a realtor.

 Throw in the single family and multi-family sales and it’s 555 properties that were sold.  Another 102 will close soon.  That’s hardly a “dead market” as some doom and gloomers would have you believe.

The average condo sold for $318,670, with the median for days on the market (DOM) at 154 days (or about 5 months).  The total sales were $137 million.

Multi-family properties averaged $294,695 with a median DOM of 131 days (or 4 months+).  Total sales were $10 million. 

Single family homes averaged $432,011 with median DOM of 178 days (6 months).  Total sales were $38 million.

 These numbers are just for the Wildwoods.  I’ve avoided throwing in the countywide figures because the Cape Mays, Stone Harbor, Avalon and Ocean City are so much higher priced that they unfairly make the sales figures unbelievably high.  So here goes:

Single family – $442 million in sales in past year averaging $528,008. 

Multi-family – $22 million in sales averaging $420,040.

Condo/townhomes – $306 million in sales averaging $418,917.

Put together (and I’ve not included commercial or land sales in our discussion) that’s $770 million in sales this past year through realtors.

As you can see, plenty of folks are putting their money into real estate.  They understand the value found in today’s market.  Don’t you?