600 Age-Restricted Units for North Brunswick
What happened to running out of land?
From the Sentinal:
From the Sentinal:
Lands may be zoned for senior housing
proposal to rezone two areas of South Brunswick into the new Age-Restricted Residential Communities (AARC) zone and one area from commercial to industrial was moved forward by the Township Council Tuesday night.
If approved, the two areas that will become the first of a new zone developed by the township are a patch of land located between Routes 1 and 522, which is zoned residential, and another area on Route 522 near Major Road and Route 1 zoned for a Planned Adult Residential Community (PARC). The council is expected to vote on the introduction of these ordinances during its next meeting July 25.
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"The object to make this zone was to make housing affordable to certain segments of our township. If you have a home in Kendall Park and you're now 55 or 60 or older and you sell your house to move into another community today, these houses cost $400,000 to $500,000. Many of our seniors cannot sell their house and move into another house with that cost, so these houses would allow for a much lower cost. I think it provides a housing element to a segment of our society in the township that really needs this," said Gambatese.
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The other reason was that by encouraging development in these zones, the township could fulfill some of its affordable housing requirements mandated by the state.
"We owe them 600 units, and the town government has been trying to meet that obligation dictated to us, and this is going to be a critical component of meeting that requirement of the state," said Councilman Charles Carley.
According to Carley, this option was the least painful way of fulfilling the requirements, as age-restricted communities don't burden the school system with an influx of new children.
"It's an old industrial site, and we have a COAH obligation that the state tells us to provide 600 units. This is about as gentle a way we can go about providing the 600 units ... so I want it to move along," said Carley.
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According to Carley, this option was the least painful way of fulfilling the requirements, as age-restricted communities don't burden the school system with an influx of new children.
The big question is, when 600 nearby homes are sold, so that seniors can move into these 600 age-restricted units, who do you think will be buying those homes?
grim
140 more cuts at Washington Mutual..
WaMu cuts 140 more jobs
Washington Mutual Inc.'s big Chatsworth campus took another hit today, losing 140 more jobs, as the bank continued its aggressive cost cutting.
The jobs are among 900 that the company is eliminating across the country and are in response to the softening housing market and a previously announced effort to trim expenses.
More than a third of the jobs nationally - 350 - are real estate appraisers, said company spokesman Tim McGarry.
From Reuters:
D.R. Horton quarterly orders falls, outlook cut
D.R. Horton Inc. the largest U.S. home builder, said on Thursday that orders for new homes fell 4.4 percent in its fiscal third quarter, and the company slashed its yearly forecast due to the soft housing market.
The value of the new orders fell even more, down 7.4 percent in the quarter ended June 30 to $3.83 billion.
Horton recorded 14,316 new home orders in the third quarter, down from 14,980 a year earlier.
The company said it sees the third-quarter earnings of 93 cents per share, way below the $1.30 analysts had expected, according to Reuters Estimates. The new outlook includes write-offs totaling 11 cents per share.
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Horton, based in Fort Worth Texas, also reduced the forecast for the number of homes it expects to sell in the year to 50,000 down from 58,000.
"The current home sales environment is characterized by an increase in both existing and new homes available for sale, higher than normal cancellation rates and an increase in the use of sales incentives in many of our markets," Donald Horton, the company's chairman said.
More than a third of the jobs nationally - 350 - are real estate appraisers, said company spokesman Tim McGarry.
Oh, memory's. Remember when an appraiser was a very serious individual with a sharp pencil? If you are 30 y/o or younger, I don't expect a response.
Not a political comment, for the record I am a registered Republican.
GW to easy AL; I need money to go get the bad guy's, I just gotta get these lefty States off my back asking for money.
Easy AL; no problem GW I'll lower the fed funds to 1% (essentially free money) get the people to swim into that net, banks assets will swell, with the new bankruptcy laws we got em on the hook, and the lefty States will get the money from their lefty citizens, via increasing assessments walla! property taxes go up and lefty citizens pay their own bill! the conservative States will have a surplus.
Sounds like a plan.
The big question is, when 600 nearby homes are sold, so that seniors can move into these 600 age-restricted units, who do you think will be buying those homes?
I agree. I really think these age restricted units are a bad investment, and people know it. When you are ready to check-out, it will cost you less to just hire a health aide, then to spend $500K plus inflated monthly fees just to be around a bunch of other individuals ready to check-out.
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