Reassessment or Reevaluation in your Town
Posted at 3:16 PM, Apr. 4, 2008
Donn Lamon the Broker Owner of Lamon Associates sent a message out with the Lamon Listing booklet a few months back talking about reassessment. Given the furor that has occurred in the last few months over reassessment, it is worth repeating here:
Dear Friends and Neighbors,
Do not be afraid of reassessment or reevaluation in your town. The purpose of this process is two fold. One - to bring the values of real property up to 100% of current market value for equalization of all taxing authorities drawing revenues from property taxes. And two - to redistribute the tax burden according to current values, not the values that were placed on your property from the previous assessment (which could be 8 to 15 years ago).
Different trends cause values to change at different rates; i.e. condominiums may appreciate at different increments than single family residences. Commercial or industrial properties may do the same. New developments may see a decrease in their taxes.
The municipal government reassessment cannot increase the total taxes it is now collecting .... only redistribute the tax burden fairly according to the ad valorem (at value) tax system. This system is the most equitable system in the country based on the premise of your ability to pay.
Some states have systems that are not fair or equal to the value. The homestead states freeze increases if you stay in your property, discouraging changing or moving due to losing your tax advantage. The exact properties are assessed differently according to when you bought them. The same home or condo will have taxes at all different levels.
Typically in New Jersey in reevaluation years the tax assessment will double while the tax rate will drop in half. This will equal the identical total taxes raised by the municipality. Unfortunately, New Jersey has the highest property taxes in the country.
Sincerely, Donn C. Lamon
Donn Lamon is Broker Owner of Lamon Associates Real Estate and past Mayor of Cinnaminson, NJ. Donn has been Tax Assessor of various townships in Burlington County, New Jersey.
Cinnaminson Housing Statistics - 2000 thru 2007
Posted at 1:25 PM, Jun. 9, 2008
Cinnaminson, New Jersey Housing Statistics - 2000 thru 2007
It is helpful to look at statistics of housing sales to understand what has happened to the market and to help us take a peek into the future. With this in mind I have used the housing statistics of Cinnaminson New Jersey from the 1st quarter 2000 through to the 1st quarter 2008. All the information has been taken from our local MLS (TrendMLS). The earliest detailed sales records Trend MLS are from January 2000.
At first look it is seen that the Real Estate boom, at least in Cinnaminson, house listing and sold prices steadily rose from the 1st quarter 2000 to the last quarter 2005. From the last quarter 2005 to the first quarter 2008 we have had a correction to the price rise. This trend actually follows the returning visitor count on the house search section of my website HouseJeanie.com. During the 1st quarter 2006 the returning visitor count dropped to 1/2 of the previous years. From the 2nd quarter 2006 to the 1st quarter 2008 the return visitor count has remained fairly even.
The housing sold Days On Market (DOM) were volatile all through the 2000-2005 period. Some houses were sold in a day and some, that were priced higher, took longer to sell. Since the 1st quarter 2006 the DOM has fluctuated some but the DOM has risen to an average of 100 days for the homes sold in the 1st quarter 2008. Keep in mind that the DOM statistics are only for the homes sold. This can be deceiving because in this market where the new listing exceed the homes sold the market the growing number homes for sale exceed the number of buyers. There will be some homes that will take a very long time to sell because they are not priced correctly with respect to the market and when they sell will be sold at a price reduced from the listed price.
So were does this leave the market in Cinnaminson at this point?
We are still finding multiple offers on homes in good condition that are priced correctly. If you look at the 1st quarter statistics of 2008 the average sold price exceeds the average listed price by 4.63% indicating we have a relatively strong market. Interest rates have edged up a little, however, the interest rates are still at a very good level (30 year fixed rate 6%; 30 year FHA 6.25%). The economy is a concern across the country, however, these concerns do not seem to be effecting the housing market in Cinnaminson. There are exceptions however, the average price of homes sold in 2005-2006 is below the average price of homes sold in the 1st quarter 2008. Homeowners in Cinnaminson, if you are thinking about selling your home, the market is just fine, the pricing is just leveling off. Put your home in good showing condition, get a REALTOR® to price your home and put your home on the market.
Bart Erickson, e-PRO, SRS
The HouseJeanie Team
Camden County Activities
Posted at 9:04 AM, Jun. 4, 2008
The QUAKER CITY STRING BAND kicks off the Twilight Concert Series at Cooper River Park on June 26. It is one of five special events scheduled in June, including an open air showing of the classic film “Shrek”; on Friday, June 13, at Cooper River Park and the Parrot Beach band performing on Friday, June 13, at Lindenwold Park. Details are available on camdencounty.com.
The Camden County Freeholder Board’s 2008 Budget
Posted at 9:12 AM, Apr. 24, 2008
The Camden County Freeholder Board’s 2008 Budget
Cuts the Tax Levy & Rate without Reducing Services
The Camden County Freeholders introduced a 2008 spending plan on April 15 that reduces the tax levy by $1 million without a single employee layoff or reduction in any of over 200 services provided by county government.
“This is the second year in a row we have cut the levy,” said Freeholder Director Louis Cappelli Jr. “I don’t believe any other local government in the state has accomplished a levy reduction in consecutive years. I am proud to say that credit for this accomplishment belongs to our management team and our dedicated county employees.”
Click here to read more about the 2008 County Budget
The Editorial “Camco freeholders on the right fiscal path” appeared in the Courier-Post on April 19, 2008
Click here to read the Courier-Post editorial of 4/19/08
HUD Limits FHA Proposal to Seller-Paid Assistance
Posted at 5:11 AM, Jun. 30, 2007
A number of state and local associations of REALTORS® have received reports of a proposed U.S. Department of Housing and Urban Development (HUD) rule that implies the department is seeking to prohibit the use of downpayment assistance programs in Federal Housing Administration (FHA) transactions. To clarify, the HUD proposal would only prohibit seller-paid downpayment assistance. For background, HUD's proposal is consistent with a report of the U.S. Government Accountability Office, which found that the average price of homes using seller-paid assistance was inflated by 3 percent and had a higher foreclosure rate. The proposal also follows action by the Internal Revenue Service (IRS), which has published a rule that strips organizations found to be "middlemen" for seller-paid assistance of their 501(c)(3) tax-exempt status. Looking ahead, FHA reform legislation under consideration in Congress would allow for zero-downpayment FHA loans, which would then abrogate the need for any downpayment assistance.
Moorestown Township Code
Posted at 5:00 AM, Feb. 23, 2007
Moorestown Township Code available on the internet.
Residents and businesses now can easily tap into information on the Moorestown Township Code.
Moorestown Township Code
Bart Erickson
The HouseJeanie Team
Camden County Facts
Posted at 5:00 AM, Feb. 23, 2007
Here are some QuickFacts on Camden County New Jersey from the US Census Bureau
Camden County Facts
Burlington County Facts
Posted at 5:00 AM, Feb. 23, 2007
Here are some QuickFacts on Burlington County New Jersey from the US Census Bureau
Burlington County Facts
Cinnaminson Code Available On The Internet
Posted at 4:00 PM, Feb. 22, 2007
Cinnaminson has made their code available on the internet.
Residents and businesses now can easily tap into information about such topics as zoning, fences, signs, board of health legislation, property maintenance, noise, swimming pools, curfew, licenses, parks, alarm systems, taxicabs, redevelopment, stormwater management, abandoned vehicles, drug-free and drunk-driving-free zones, fire prevention, ethics, recycling, and swimming in the Delaware River.
Cinnaminson Code
Bart Erickson
The HouseJeanie Team
NEW JERSEY SCHOOL REPORT CARD FOR 2006
Posted at 5:43 AM, Feb. 10, 2007
Many are interested in information about schools before they buy a home.
Here is a link to information on New Jersey Schools that may help you.
Bart Erickson
HouseJeanie Team
Campbell Soup makes announcement to build.
Posted at 3:00 PM, Feb. 8, 2007
Campbell Soup made an official annnouncement today about their expansion in Camden. See the Courier-Post Article below.
Bart Erickson
HouseJeanie Team
=================================
CAMPBELL PHOTOS
For a photo gallery of Campbell Soup Co. past and present, go to www.courierpostonline.com/galleries
Campbell Soup shows faith in future of Camden
By EILEEN STILWELL
Courier-Post Staff
CAMDEN
Campbell Soup Co.'s announcement this week to step out of its corporate ivory tower and enter the city's torturous redevelopment fray stems from three years of high-level talks with the city, county and state.
South Jersey's only Fortune 500 company announced on Wednesday its ambitious plan to build a new world headquarters and a 110-acre office park in Camden that would be attractive to world-class companies.
The company wanted to enhance its 1957-style world headquarters so it could keep its staff and entice the best and brightest from competing companies. But building an imposing headquarters with a fitness center, tree-lined walking paths and a cafeteria befitting one of the world's most successful food companies didn't seem compatible with the neighborhood.
Campbell toyed with moving out of Camden and out of the state, but kept coming back to the same conclusion -- that it would really rather stay in Camden.
The solution, said CEO Douglas R. Conant, was to control the neighborhood, or at least a 110-acre corner of it, by letting the company's real estate team, which has built properties around the globe, run the show.
Building a modern business park with excellent road access and Campbell Soup as an anchor is a novel approach for the city. But the project is smaller and more focused than prior plans, does not require any residents to relocate and brings together the city's largest private employer and taxpayer with city, county and state governments.
Today, Campbell is in a gritty hollow of confusing and poorly maintained roads on the south side of Admiral Wilson Boulevard, surrounded by vacant ground, parking lots and a handful of businesses.
It has no visibility unless you happen to be staring at the front door of world headquarters. Parents dropping their kids at the company's award winning day-care center have to cross 10th Street, a curvy launching pad for motorists headed out of the city.
Under a complex agreement announced Wednesday by Gov. Jon S. Corzine, Camden County Freeholder-Director Louis Cappelli Jr., Mayor Gwendolyn Faison and Conant, Campbell will invest $72 million in a new world headquarters. Some roads will disappear or be reconfigured, but the existing Campbell footprint -- now about 36 acres -- will grow to 40 acres to accommodate the new building and park space.
Control over another 70 acres is included in the deal, giving Campbell a clear shot from its headquarters to the boulevard.
Government entities will contribute $26 million to redesign the obsolete road network and upgrade sewer connections, providing a backbone for an office park.
Campbell did not say how many buildings would be included in the park, or how long it would take to build.
"We're not looking for a lifetime achievement award here," said Jerry Buckley, a Campbell spokesman, indicating that the company wants to see this happen in the short term.
Campbell will make a payment in lieu of taxes on its new building, which is expected to cost between $23 million and $35 million, for 15 years. Then the company expects to pay about $2 million a year in property taxes, up from its current payment of $1.3 million, said Conant.
Recognizing Campbell's long history in the city -- the company was founded in 1869 -- Conant said it's time to stop dwelling on the past and look to the future.
"This campus will be the new face of Campbell Soup Company in Camden," said Conant, who has been transforming the company financial and marketplace profile since he took charge six years ago.
While this project represents a higher level of participation in city life, Conant said the company has been active for years through its foundation. On average, the Campbell Soup Foundation contributes $1.5 million a year to to help nonprofit organizations with their work in city housing, education, heath care and economic development.
Corzine said the collaboration represents "an important sign of renewal for the city."
Faison said Campbell Soup's name is synonymous with the city.
And Cappelli, who said he will look to the Delaware River Port Authority and the federal government to come up with the county's $5 million commitment to the project, said job retention and creation is essential for the city's survival.
About 80 percent of Campbell's 1,200 employees live in New Jersey. Another 500 contractors -- from cooks to security to information specialists -- also work at the Camden plant.
"Only a small percentage of the work force live in Camden and most of them are independent contractors," Conant said.
Reach Eileen Stilwell at (856) 486-2464 or estilwell@courierpostonline.com
Published: February 08. 2007 3:10AM
NEW WINDOW GUARD LAW NOW IN EFFECT
Posted at 3:22 PM, Aug. 8, 2006
NEW WINDOW GUARD LAW NOW IN EFFECT. Governor Jon Corzine signed into law on a new window guard legislation that took effect immediately. The legislation rules that were adopted in November 2005, which, among other changes, extends the previous window guard law that applies to multiple dwelling units to condominiums and cooperatives.
REALTORS® who have prepared any leases since Monday, July 31, 2006 for a condominium or cooperative unit that is not a seasonal rental unit, should notify the tenants that they have the right to request windows guards if a child or children age 10 or under will reside in the unit or are present for a substantial amount of time.
The new law requires that the owner, lessor, agent or other person who manages or controls the unit verbally inform the tenant at the time the lease is signed of the tenant's right to request the installation of approved window guards. In addition, verification that the verbal notice was provided and understood must be made in a document separate from the lease that is signed by the both the tenant and the owner, lessor, agent, or other person who manages or controls the unit. A verification form is available by CLICKING HERE.
NJAR secured an exemption to the law for condominiums and cooperatives that are used as seasonal rental units. The term multiple dwelling includes any building or structure of one or more stories, in which three or more units of dwelling space are occupied, or are intended to be occupied by three or more persons who live independently of each other.
UNDERGROUND STORAGE TANK LEGISLATION SIGNED INTO LAW
Posted at 3:10 PM, Aug. 8, 2006
UNDERGROUND STORAGE TANK LEGISLATION SIGNED INTO LAW. NJAR supports this proactive legislation as it will provide grants and loans to homeowners and business owners from the Petroleum Underground Storage Tank Remediation, Upgrade and Closure Fund to finance closure and associated remediation of unregulated underground storage tanks (UST) before they become an environmental hazard.
For more information email Jean(at)HouseJeanie.com
The HouseJeanie Team
Eminent Domain Legislation
Posted at 11:54 PM, Jun. 16, 2006
NJAR presented testimony on S1975 - Rice (D28) at the New Jersey Senate Community and Urban Affairs Committee meeting on Thursday, June 15, 2006. The bill was up for discussion only. S1975, which was introduced on June 12, 2006, seeks to protect the rights of New Jersey’s property owners and safeguard against eminent domain abuse. The bill text is available at http://www.njleg.state.nj.us/2006/Bills/S2000/ 1975_I1.PDF. The Senate Community and Urban Affairs Committee is expected to hold further hearings on the eminent domain issue outside of Trenton over the summer.
HUD Releases New Rules to Curb Flipping
Posted at 11:43 PM, Jun. 16, 2006
HUD Releases New Rules to Curb Flipping
The U.S. Department of Housing and Urban Development (HUD) published a final rule in the Federal Register on June 7, 2006 amending previous regulations regarding property flipping. According to the new rule, only the owner of record may sell properties that will be financed using mortgages insured by the Federal Housing Administration (FHA). Also, property sold within 90 days of acquisition will not be eligible for FHA-insured financing.
There are exemptions from the rule, which include sales of properties by HUD, Fannie Mae and Freddie Mac, state and local government agencies, HUD-approved nonprofits, and sales of properties within presidentially declared disaster areas. The rule takes effect for mortgages endorsed for insurance on or after July 7, 2006. Read the mortgagee letter available through the HUD web site at http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi? d=MLET&s1=06-$[no] &op1=AND&SECT1=TXTHLB&SECT5=MLET&u=./ hudclips.cgi&p=1&r=3&f=G for more information.
Beware of falling in love with remodeled home
Posted at 4:49 AM, Jun. 9, 2006
Inman News often has some good tips. This one deserves repeating. Just pay attention to the details and you will be much happier with your home purchase. Bart - HJTeam
*************************************
Beware of falling in love with remodeled home
Some telltale signs of poor workmanship
Friday, June 09, 2006
By Paul Bianchina Inman News
Are you falling in love with a home that was just remodeled, but want to make sure it was done right before you consider buying it? Remodeling that is all glitz with no substance can be an invitation to some real headaches down the road, so here are a few major things to pay attention to while you're shopping. If--after making as close an inspection as you feel confident doing on your own--you still love the house but still have some doubts, consider hiring a home inspector for a complete professional evaluation before you sign on the dotted line.
Check those wide-open spaces: Open floor plans are a desirable feature in today's homes, but creating them during a remodeling project is more involved then just removing a wall or two. If you are looking at a home--especially an older one--that shows any signs of walls, window and door headers, or other structural components that have been moved or eliminated, you need to look very closely at how it was done. The removal of bearing walls without adequate support is a real recipe for disaster--unfortunately, unless you see an obvious sag in a floor, wall or ceiling, it's very difficult for the non-professional to determine what structural work was done, so just catalog this in your notes to pass on to the inspector.
Got power? A common problem with remodeling that's been done by inexperienced people is overloaded electrical circuits. For example, you may be looking at a kitchen with lots of gleaming appliances and plenty of electrical outlets, but all that electrical usage is split up between only one or two circuits where there should be two or three times that many. One easy test is to turn on a bunch of appliances and other electrical devices in the kitchen and see if the circuits trip. You also want to examine the electrical panel, and see how many circuits have been dedicated to the kitchen, or to any other room you have concerns about. A new remodeling should also show signs of new circuit breakers in the panel, and any older home that's been renovated should certainly not still be on an undersized 100-amp panel or, worse yet, on an original fuse box.
Feeling grounded: Older homes that were built before the electrical codes required grounded outlets may have been remodeled with grounded (three-prong) outlets installed but not properly grounded. A simple plug-in tester, available from any home center or hardware store for under $10, will show you instantly if the outlets are grounded correctly, and will give you a pretty strong indicator of how knowledgeable--and possibly how honest--the remodeler was.
Look for the signs: A simple examination of a home can reveal a lot by simply paying attention to telltale signs.
1. Are there moldings that seem out of place--too large, or installed in unusual places--that might be covering up structural defects, inadequate joints, water stains, or other things a seller would prefer you not notice?
2. That shiny new coat of paint on interior or exterior trim may look nice, but does the surface underneath feel spongy? The paint could be covering up rotted wood or other problems.
3. Is that wallpaper bulging? Heavy wallpaper is an old trick for covering over bad plaster or poorly repaired drywall, so run your hand over wall surfaces to see how smooth they feel.
4. When you look in the attic, basement, or crawlspace, do you notice a musty smell? All the remodeling in the world won't cover up the odor of moisture and mold problems.
5. Are roof shingles curling, cracked, or missing a lot of granules? A fresh coat of paint on the inside ceilings may be covering up water damage from a bad roof, so pay attention to what's up there. The same goes for the condition of the siding.
6. Does it match, or can you see it a mile away? It may seem like an odd thing to consider, but even a good remodeling that doesn't match the rest of the home can be an indicator of a contractor or homeowner who wasn't experienced enough to do a professional job, and that can sometimes be an indicator of problems that have been covered up in other areas.
7. Were the required permits obtained? With any major remodeling that involves changes to a home's structure, plumbing system, electrical wiring, or other substantial alterations, a building permit is typically required. All it takes is a call to the city or county building department where the home is located to find out if permits were required for the work, if they were obtained, and whether all the necessary inspections were completed.
8. Watch out for the "flippers." Sometimes a key to poor remodeling can also show up in what's happening in your town. Has it suddenly become a hot area to move to, with lots of inexperienced "flippers" purchasing older homes to fix up for resale? There's certainly nothing wrong with flipping homes for a profit, but when it's all about the money, it's too tempting to cut corners in areas that won't be seen.
Remodeling and repair questions? E-mail Paul at paul2887@direcway.com.
Copyright 2006 Inman News
Housing bubble: Top 30 cities to watch
Posted at 4:34 AM, May. 6, 2006
Housing bubble: Top 30 cities to watch
The real estate market is shifting -- in what direction depends largely on where you live. Here's our forecast of the 10 cities where prices and values should continue to rise, 10 cities with little room to run and 10 that are most likely to decline.
It's nice to see Philadelphia officially make the top ten list of values continueing to rise.
Philadelphia: Major northeastern cities may be the least expected on a list like this, so we were somewhat surprised to see Philadelphia show up in a favorable position on several reports. The NAR quarterly report showed a 12% increase in appreciation between 2004 and 2005, high enough to encourage people to buy homes, but not at such a dizzying rate as to spark panic purchases. The housing-cost-to-income ratio, at 31%, is quite favorable compared to other large northeastern cities (53% in Washington, D.C., and Newark, N.J., and 72% in New York City) and while job growth is small, it's moving in the right direction.
Some areas of the South Jersey Delaware Valley have had even higher increases in value.
CamCo Celebrates Business Rating
Posted at 5:42 PM, May. 4, 2006
CamCo Celebrates Business Rating
 Camden County officials celebrate with business and labor leaders the region’s ranking by Inc. Magazine as one of the top 20 venues in America in which to conduct business.
The Camden/Burlington County region was rated tenth, just behind Tampa-St. Petersburg and one rung ahead of Jacksonville, Fla., on the list of booming areas. Las Vegas was the hottest of similar sized venues. In Camden County alone, more than $2 billion in projects are either under construction or on the drawing board.
Study: State Laws Against Predatory Mortgage Lending Work Without Cutting Off Credit
Posted at 10:41 AM, Feb. 28, 2006
RISMEDIA
Author: Beth Bresnahan
Publishing date: 02/27/06
RISMEDIA, Feb. 28 A study by the Center for Responsible Lending proves that laws against predatory lending thwart abusive lenders while in many cases increasing availability of credit for people who need it most.
"The Best Value in the Subprime Market: State Predatory Lending Reforms" is the most comprehensive study of its kind. Researchers examined more than 6 million subprime mortgages from 1998 through 2004, or three-quarters of all the loans in the subprime market during those years.
States with the strongest laws -- Massachusetts, New Jersey, New Mexico, New York, North Carolina, and West Virginia -- showed the largest declines in loans with predatory terms.
For the complete article go to:
http://tinyurl.com/po3k8
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Haddonfield and Collingswood - Affordable housing advances
Posted at 10:37 AM, Feb. 26, 2006
By LAVINIA DeCASTRO
Courier-Post Staff
Haddonfield and Collingswood have put in place measures to provide more affordable housing.
Collingswood will soon sign an agreement with a Haddon Township nonprofit to rehabilitate four houses to be sold to low- and moderate-income residents. Haddonfield's commissioners are scheduled to vote on an ordinance requiring developers to provide affordable housing.
Both boroughs are struggling to meet the requirements set by the state Council on Affordable Housing.
COAH has determined that Collingswood must provide 33 affordable units and Haddonfield 195.
For the complete article go to:
http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/20060225/NEWS01/602250332/1006/ARCHIVES
Builders seek role in Mt. Laurel case
Posted at 10:47 AM, Feb. 25, 2006
By ANNA NGUYEN
Courier-Post Staff
MOUNT LAUREL
A national trade group has asked the state Supreme Court if it can intervene on behalf of a private developer in a case that will determine whether a municipality can use eminent domain to acquire property for the purpose of preserving open space and slowing development.
The National Association of Home Builders "urges that a balance is struck between the preservation of open space and the protection of private property rights," said Blake Smith, a spokesman for the group.
The township in 2002 condemned a vacant 16-acre High Pointe tract owned by Mi-Pro Homes LLC at Hainesport-Mount Laurel Road and Elbo Lane.
The township wants to turn the land into a park, Mayor Peter McCaffrey said.
The developer already had obtained planning board approval to build 23 homes and started construction for utilities.
For the complete article see:
http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/20060224/NEWS01/602240387/1006/ARCHIVES
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