Friday, August 18, 2006

Housing Potpourri

Housing sales dive 16.3% in Jersey

The Star Ledger reports housing sales fell in June. It also reported that housing prices fell in Central New Jersey.

Replacing Old Door Hinges

When steel and brass hinges show signs of rust, Tim Carter tells homeowners how to replace the hinge without having to buy expensive tools.

2005 New Jersey School Report Card

It is time for back to school shopping and you can check the report card for your child's school. The New Jersey Department of Education released the 2005 School report card. The 2004 report is also available.

New bill calls for school fees ban

A bill to prevent school districts from assessing activity and sport fees on families. The only school district charging these fees is Washington Township but Assemblyman John Burzichelli
present the bill because he was concerned charging the fees was a wrong direction for school districts.

"Without this (bill), we are allowing such fees to gain momentum in school districts," he said. "It's a bad thing to have and will result in a slippery slope."

Looking to parents to replace funding cuts from the state in public schools does seem a bit of a misnomer but funding must come from somewhere. Washington Township's attempt to keep fund extracurricular activities and sports without looking to property taxes for funding is admirable. If it worked like Assemblyman Burzichelli suggests that only children from families able to pay these fees could participate then yes, it is troubling in public schools because at present property taxes fund public schools.

Growth dilemma for food kitchen

Trenton area soup kitchen will begin an expansion project in September. The 3500 square foot project will allow the soup kitchen to meet the growing number of New Jersey residents it serves to sit and eat their meal. While New Jersey is one of the richest states in the country, 40 percent of families receiving emergency food assistance report having to choose between "buying food and paying utilities, rent and mortgage".

With the wealth to only 10 percent of the population nationally the divide between the rich and the poor is expanding. The gap between the rich and the middle class is also expanding. The Times asks a valid question of New Jersey residents, "Why are we growing soup kitchens?"



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Wednesday, August 16, 2006

Fiscal Challenges

Well it begins. Mercer County and Ewing Township are on a path that leaves residents, potential residents and local enterprise on the road to conflict. New Jersey residents want lower property taxes. Counties and Townships need capital to provide residents with services. As the state looks to reform the tax system and those system dependent on the tax revenue, many townships are struggling to meet their budgets without making further monetary demands on residents.

Ewing Township

Ewing Township needs to increase it revenue to continue doing business for its residents. With New Jersey having the highest property taxes in the country and the legislature meeting in special session to address the property tax issue, Ewing Township approved a plan for high-density housing, condominiums, near one of the Trenton-Mercer airport's runways (see Housing News Potpourri). Did the Township know that their residents were already complaining about the noise living near the airport? Yes. Did they know that the new residents would probably have noise issues too? Yes. Did they suggest that the condo residents would not further distress the school system i.e. no school age children in the condos? Yes. Did township officials suggest the occupied condos would generate needed revenue? Yes. So who is the expected target market for the condos? Was there another location for the housing available within the township? According to the board, no.

Mercer County
Plan brings Delta line to Trenton-Mercer
Mercer County has on numerous occasions attempted establish commercial airlines at Trenton-Mercer airport. They were unsuccessful but the efforts were on record. Finding the right airline to bring the correct size plane to the airport was just a matter of time. Will the plan bring revenue to the area? Yes. Will Ewing residents near the runways still complain? Probably. Should the county discontinue its attempts to attract commercial airlines to the Trenton-Mercer Airport? No, Ewing Township and Mercer County need the kind of enterprises with the airport's potential to expand its revenue generating sources.

Mercer County deals with complaints from current Ewing residents about the noise related to airport activity. Township officials are also aware of constituent complaints about airport noise but approved high-density housing near the airport anyway. Though the Township's decision, distressed the County, they continued the plan to attract commercial airlines to the airport knowing complaints would likely increase with the traffic.

Finding Common Ground

Both the Township and the County are trying to generate needed revenue. Working to increase the attractiveness of the airport will help both the Township, though not immediately and the County. Ewing Township needs the airport to become a thriving concern to attract more business to the area. If the airport gets more use by area business and businesses wanting to do business use the airport for its convenience and will consider locating in the area. With a little imagination and some cooperation both Ewing Township and Mercer County can meet their budgets and provide essential services to their residents.

Ewing residents currently living near the airport and those who unknowingly purchase one of the new condo will still have airport noise. The noise is not going to go away. A successful airport means even more noise in their future. At least Comair has proposed a schedule that allows residents to sleep-in until 7 a.m. when the first flight will depart and end their day after the last arrival at 9:30 p.m. As a compromise, it is not the greatest for families with young children or others who go to bed early; but otherwise it is pretty good. There is no simple solution to the fiscal challenge of balancing a budget but without reliable state dollars, but townships like Ewing will have to be creative and forward thinking in order to survive.


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Monday, August 14, 2006

Spending Maintenance and Upgrade Dollars

There are maintenance dollars and there are upgrade dollars. Maintenance dollars are what is used to keep things in working order around the home. Maintenance dollars also replace worn out appliances and big ticket items like the roof or the furnace. Maintenance is the key to getting back at least what you paid for the property plus the market increases. Upgrade dollar on the other hand improve the quality of your life but do not necessarily add to the value of a home. The best use of upgrade dollars is to improve the property – things that increase the value like increasing square footage of the home. Upgrade dollars tend to be used less frequently than maintenance dollars. Still homeowners need to plan for both expenditures -- 85% for maintenance and 15% on upgrades.
Batheing Beauties
Right now pools are hot! With the summertime temperatures into the 90’s and higher, relaxing in the pool after work seems like just the thing. While it is true that more people want to have a pool in their back yard, when it comes to resale value the pool will cause some buyers to look elsewhere. The dangers to families with young children, the expense of maintenance, the increase in utility costs are all things prospective buyers look at before they make an offer. The stories of toddlers harmed by getting through fences and gates to the pool are too numerous for parents with youngsters to consider a home with an in-ground pool. The last thing you want is to run off potential buyers.

The above ground pool also tends to be a disadvantage to these families but less so than the in-ground variety. The advantage of the above ground pool is that it can be excluded from the sale and moved to the new house if the buyer does not share your enthusiasm.

Consider also increasingly homes are within developments that have a community pool, tennis courts and club house within the development. The homes are closer together and have less acreage per unit around the home – which is prohibitive to an exterior pool. Access to the communal pool is not far away. Instead of having to maintain a pool, the development does and charges you a fee.

Upgrade dollars are better spent on finishing the basement, the attic, moving the laundry room to an upper floor or increasing the square footage of the property.




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