The cost of "raising" homes!
Posted in the Middletown Forum
#1 Feb 24, 2013
36259. House raising costs!
by dastraw, 02/24/13 1:18 PM
Kindly see the attached article.( http://barnegat-manahawkin.patch.com/articles... ).
Looks like the costs can vary greatly but this article is geared for those who have flood insurance. My concern lies with those without insurance, whose homes are "subtantially damaged" or require knock down and who are on fixed incomes and cannot get a mortgage .
Here is a real life example. 1940s frame bungalow, with two bedrooms in tough shape before the storm, now "substantially damaged"! House is appraised at $40K, land at $105K ,78% land /22% structure. Amazing, a 50x50 lot with a marsh accross the street can be appraised that high, especially in a flood plain. Equally amazing, is that the land is a little more than 2.5 times the structure's value!
The decision to raise the existing structure, refurbish it or knock it down is a moot point given the owner's financial situation and the inability to obtain a mortgage, also requiring costly flood insurance. What are the real options for those who fall into this type of unfortunate situation?
For some, they will take whatever $$$ FEMA will give them and walk away. Others will try to sell their lot, if they can. This will require paying taxes on the lot until a buyer can be found. The more abandoned lots, the more difficult it will be for sellers to get a fair price. So then, is that lot assessed at $105K worth anywhere near that now? Of course not. IMHO the seller would be lucky to get $30K for the lot.
So why should those that continue to pay taxes pay taxes at the ridiculous assessed value and what will townships, FEMA and the state do to help them out? Until buyers are found and new structures are built we will all be paying higher taxes due to the lost ratables. And just wait for folks to start the appeals process once they learn that the market value of a $105 K lot like their's is only $30K .o
#2 Feb 24, 2013
Thanks for keeping us up to date with that article from December 4th.
Do you think the groundhog will see his shadow this year?
#3 Feb 28, 2013
Just in from Nj.com/forums/middletown
36280. Sandy, FEMA flood maps, taxes and rebuilding!
by dastraw, 02/28/13 11:35 AM
From today's Star Ledger!
""On my street, seven houses are condemned, and the town threatened to fine us if we didnít start to rebuild," said Linda Ferraro, who owns a home in Seaside Heights. "But Iím not sure what to rebuild, or how to pay for it."
I can see a town fining an owner to knock down and remove a condemned structure but not for being unable to rebuild. This "grass roots" movement in Toms River needs to encompass all towns struck by Sandy in Ocean and Monmouth counties to be effective. IMHO the expanded FEMA maps are designed to raise premiums to cover the insurance companies for their losses in Sandy. And they need folks to rebuild to collect those premiums and keep ratables on the tax roles. The concerns and needs of the homeowners are not on the radar and they need to be.
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