North Brunswick Transit Village Update

From the Home News Tribune...

June 20, 2008
State DOT to fund $3 million study of North Brunswick Transit Village proposal

By GENE RACZ
STAFF WRITER

Proposed plans for a North Brunswick Train Station and Transit Village just got a $3 million boost from the state Department of Transportation, which will help fund a feasibility study.

The grant will be given to Middlesex County, primarily to examine ways to connect Route 130 and Route 1 in the vicinity of the station proposed for a 212-acre former Johnson & Johnson campus. In addition to a new stop along the New York to Trenton Northeast Corridor rail line, initial plans include a hotel and commercial and residential sites.

The former J&J site, including its 1.2 million square feet of building space, was purchased by North Brunswick TOD Associates, LLC, an affiliate of Garden Homes and Garden Commercial Properties, in summer 2006.

"The overall project is not one that's just good for North Brunswick, but one which would be good for the entire region and the entire state," North Brunswick Mayor Francis Womack said. "It is good that the state and the county are having the foresight to do this study not only when you look at the long-term economics for the region, but the day-to-day battle everyone has with gas prices. This is the kind of thing we need to be doing, and you can't have a Transit Village without the infrastructure.

"A study showing how much it will cost is a step in the right direction."
In a letter to Middlesex County Freeholder Director David B. Crabiel, dated May 28, state DOT Commissioner Kris Kolluri noted that the area between Route 130 and Route 1 in the proposed location "is made up of large expanses of wetlands, streams and forested areas." Kolluri added that the key for success in coming up with a viable plan will depend upon "coordination with the Department of Environmental Protection, New Jersey Transit and Amtrak."
Kolluri's letter proposed that Middlesex County assume the lead for the initial phases of the study and that in order for the DOT to fund successive phases of work, "this initial study must conclude that the project is feasible and fundable."

A new train station in North Brunswick would fill the largest gap in the New Jersey Transit System — a 14-mile stretch between the New Brunswick/Jersey Avenue stop and the Princeton Junction station.

North Brunswick has held a series of town meetings regarding the project which is conservatively estimated to cost about $100 million to complete. Womack noted that NJ Transit has plans to install a loop for trains to turn around just south of the proposed station.

"We do know that the bigger picture is that in terms of the state of New Jersey and the towns, we've all got to get together and get our economic situation straightened out so that the Department of Transportation will have money to give us so we can actually have these things that we need."

It's a Matter of Trust

I often run into people who don't trust Realtors. Sometimes, I can understand why. They feel that agents simply want to sell them something, and will do anything to get them to, whether it's bending the truth to outright deception. Instead of real service, it's all about getting paid, and once they're locked into a contract, it's all downhill from there. It certainly is a challenge building trust in this kind of environment.

Of course, then you have NAR making a drastic mistake on numbers in NJ, which doesn't help. (I believe them when they say it's an honest mistake, but for the skeptics, it only fuels the fire... Like any professional, whether contractors, attorneys, mechanics, you name it, there are always those you can trust and those you can't. Trust can be earned, but I know it's a challenge.

NAR owns up

Star Ledger, June 14, 2008 -

"When the National Association of Realtors issued its first-quarter report on the health of the housing market last month, New Jersey was singled out as one of only three states that saw the volume of home sales increase during the first three months of the year.

On Friday, the Realtors' group issued a huge correction, saying that instead of a slight increase, New Jersey's housing market actually saw a 30 percent drop in home sales during the first quarter compared with the same period last year. "It happened in the crunching of the numbers," said NAR spokesman Lucien Salvant. "It was just a mistake and we owned up to it."

As it turns out, only 114,100 homes were sold across the state during the first quarter - nearly a third less than the 163,000 sales recorded in the first three months of 2007. "

Local Market Update

Well, if you were waiting for the best time to buy a home, you may have just missed it. Prices have come down 10-20%, and rates have been at historical lows, where you could get a fixed rate mortgage for under 6%, perhaps even less than 5.75%. In the last week or so, rates have been moved up to 6.5%, perhaps more. So, while you may be buying a house for less than a year ago, your monthly payment may be very similar.

The good news is that rates are still at historic lows and the local market prices seem to be stablizing (especially Renaissance in North Brunswick - man, its hot!), so all is not lost. However, with rising inflation, I'm not sure how much longer the rates will stay where they are before they go up again.

From the Desk of Gloria...

REAL ESTATE UPDATE 2008

Gloria Zastko and Andrew Zastko,
co-owners of Gloria Zastko, Realtors®
feel that a message was heard…
"The lowest interest rates in over 40
years, stabilized prices, a great
selection of inventory, mega tax
advantages and, of course, historically
proven evidence that the best long
term investment is real estate.
The first 5 months of 2008 prove that
"Affordabillity" in both pricing and
interest rates is the keynote to the
American Dream." The Zastko firm
reported its best May since 2005 and
feels this is a good sign pointing
towards stabilization in the real estate
market. The firm posted over 50 sales
transactions, not including new listings
taken for the month.
Zastko feels, "Barring any unforeseen
obstacles, and if interest rates remain
low and prices remain stable, the
remainder of 2008 should maintain
the status quo," further advising,
"Act now or wish you had!"
Gloria Zastko, founder and a 37-year
veteran in New Jersey Real Estate
cites, "At Gloria Zastko, Realtors®
we don’t just list homes, we sell them.
We know the market, tell the truth,
work hard, work smart and deliver
beyond our client’s expectations".
The firm enjoys a solid reputation in
Central Jersey. The firm is open
seven days a week and is located
on the Route 130 corridor in the
Farrington Plaza in North Brunswick.
It’s web site, www.zastko.com prides
itself as "Everything you want to know
about Real Estate." To reach the firm,
email gloria@zastko.com or call
732-297-0600.