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

Sales in Mount Laurel

Posted at 2:38 AM, Jan. 27, 2006

In a previous post (How Fast Will My Home Sell?), we talked about Sales, The Real Estate Market and Absorption Rates. Now we will look at Mount Laurel and take a closer look at the statistics with regard to price ranges. (All sold data including Average Days on Market (DOM); Units Listed (UL) applies to the full year of 2005. The number of active listings applies to Jan 26, 2006.)

For all houses sold in Mount Laurel for 2005; (S) 1,031; (UL) 1,363; (DOM) 36; (AL) 246; (RA) 2.86.

Price range $0 to $150,000: Sold (S), 102; Units Listed (UL), 90; Average Days on Market for sold properties (DOM), 25; Active Listings (AL), 9; Rate of Absorption or months supply of listings (RA), 1.06.

Price range $151,000 to $200,000: (S), 287; (UL), 356; (DOM), 29; (AL), 57; (RA), 2.38.

Price range $201,000 to $250,000: (S), 253; (UL), 312; (DOM), 37; (AL), 43; (RA), 2.04.

Price range $251,000 to $300,000: (S), 118; (UL), 119; (DOM), 47; (AL), 15; (RA), 4.07.

Price range $301,000 to $350,000: (S), 89; (UL), 136; (DOM), 42; (AL), 32; (RA), 4.31.
Price range $351,000 to $400,000: (S), 75; (UL), 117; (DOM), 46; (AL), 20; (RA), 3.20.

Price range $401,000 to $500,000: (S), 49; (UL), 83; (DOM), 56; (AL), 17; (RA), 4.16.

Price range $501,000 to $750,000: (S), 51; (UL), 86; (DOM), 76; (AL), 21; (RA), 4.94.

Price range above $750,000: (S), 4; (UL), 21; (DOM), 20; (AL), 7; (RA), 21.00.

As we indicated before if the homes sold are broken down into price ranges, the Rate of Absorption (months of supply) will change. In the case of homes in Mount Laurel, it varies from a low of less than 1.06 to a high of 21.00.  Notice also the difference between the units listed and the sold. It is common for new listings to be sold before existing listings; therefore, some of the listings may never be sold. Keep in mind that the DOM figure is only for listings sold. Homes that are priced right or correctly will sell faster than those priced higher than market value will. Rate of Absorption is not an exact science, it is only an indicator of market trends, and requires the judgment of an experienced Real Estate Agent.

If you have any questions about your situation, post an anonymous message here or stop by our website HouseJeanie.com for our email address and phone numbers.

Bart Erickson – The HouseJeanie Team.

Data Received from TReND MLS  -  Information Deemed Reliable but not Guaranteed. Printed 1/27/2006