Cranbury housing market to crash?

[Guest]

I am really worried about the impact of the new COAH rules on Cranbury's housing market.

[guest1]

Let's make noice! Worry doesn't help.

[Guest]

No reason for it to. No need to be alarmist. Let's assume some hypothetical worst case, which would be that the Township eventually has to accept the full COAH requirement without modification. That would give them two practical choices: 1) Merge with another town or allow builders to cover the obligation by building a lot of at-market housing too. Both would radically change the character of the small town but Main Street would still be Main Street, the preserved farmland would still be preserved, the faculty of the Cranbury School would largely be the same, the parents would still be there, etc. Taxes wouldn't alter radically since the town would have been forced into one of those two choices before they did. Eventually, very long term, the quality of the school district could well decline as a result of either action, but most people, including buyers, don't think that long term.

Honestly the biggest negative impact on home prices, besides the general regional and national economy, would be if the ratio of local inventory of homes for sale increased due to people fleeing. That could have a short term impact. But overall I still know plenty of people who want into Cranbury, even if all this looming news. The only reason some houses have been on the market a long time is people haven't been pricing them right. They should be asking about 10 percent below the market peek of 2 years ago but a lot of people are still in denial. When houses come on at the right price they are still going pretty fast.

[Guest]

The NAR (National Association of Realtors) reported last week that New Jersey first quarter home sales declined 30% compared to last year. So, do not panic - it has nothing to do with the COAH issue. Cranbury has done a great job concerning COAH in the past - this is the 3rd round and the ship has not sailed.

There are many problems that COAH has encountered and lawsuits will be a possibility. Also, COAH is voluntary - we could always opt out. Especially since the new COAH homes that will be built will represent 20% ratio.

Concerning consolidation, that is far off and may never happen - Corzines Consolidation efforts are now being seriously fought by many organizations and townships.

Don't forget, we already have a fantastic highly rated elementary and middle school. Our high school is consolidated with Princeton right now - Who knows maybe we will have our own High School?

[aResident]

If Cranbuary can keep the student population stable, then we will be fine. If not, then all Cranbury homeowners should be concerned.

We will have a much higher property tax to support the growth and the agreement with PHS will be in trouble.