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I was pretty sure that whoever stated that the house was built in the '50s was wrong, based on the style of that ugly building.
It is not owned by the city, its actually owned by an LLC which i am pretty sure is owned by the original owners kid(s).
Why would anyone continue to hold onto that unoccupied house, and continue to pay very high property taxes on it?
I don't doubt what you said, but I have to question the acumen of the family members who are holding onto this eyesore and paying--probably--over $8k every year for property taxes. It's not like the property is going to continue to appreciate in value at this point, based on the commercial nature of that area nowadays. Somebody interested in commercial property in that area would undoubtedly want a much larger piece of land, and nobody in his right mind would want to live in that location.
Why would anyone continue to hold onto that unoccupied house, and continue to pay very high property taxes on it?
I don't doubt what you said, but I have to question the acumen of the family members who are holding onto this eyesore and paying--probably--over $8k every year for property taxes. It's not like the property is going to continue to appreciate in value at this point, based on the commercial nature of that area nowadays. Somebody interested in commercial property in that area would undoubtedly want a much larger piece of land, and nobody in his right mind would want to live in that location.
The prop tax bill is actually $13,500!!! I think they are hoping a buyer eventually shows up. I found a link to an engineering firm that did an environemntal study on the property for Kaplan. So at some point you have to assume Kaplan was interested. If they were interested, I am sure other developers were interested. The area is not ideal, but to throw up a few multifamily homes, i am sure there are buyers for that. I also think you are underestimating the money involved here. I think they have a lot, enough where 13k a year is no sweat.
Yikes! $13k+ annually for a vacant, decaying eyesore...
The area is not ideal That is quite an understatement!
but to throw up a few multifamily homes, i am sure there are buyers for that. I realize that there are people who will buy homes in odd locations nowadays, but...IMHO, anyone who buys a new home located--essentially--on a highway off-ramp, next to heavy industry, has rocks in his head. A new home in that type of location would undoubtedly be worth less on a resale than the original purchase price.
I also think you are underestimating the money involved here.
I have no idea who these people are, nor do I have any idea of how much money they have. However, paying extremely high (non-deductible) property taxes on a vacant home for upwards of 20 years would seem to make it very difficult to actually make a profit on the sale of that property if and when they find a buyer. In addition to the property taxes, they must be paying for insurance, in case somebody trips & falls on that property, and they have apparently also been paying to have the grass cut for 20 years or more. All-in-all, to me this looks like a huge "investment" over the long-term, with little chance for making much of a profit after factoring in the expenses.
Those folks may indeed have a lot of money, but I think that their money exceeds both their common sense and their business acumen.
Anyway...thanks for the update. I do appreciate your efforts to ferret-out that information.
I've lived in North Brunswick for about 23 years, and I've always wondered about that house. When I first moved here, someone appeared to be living in it, or at least working on it. I always assumed that they stopped working abruptly because they ran out of money. Now I see that there is another reason. Anyway, for years they'd put a huge Christmas tree in whichever room is behind the big window on the left. It would look really pretty all lit ip. But now it really is an eyesore. I guess the town is okay with leaving it there because they're taking in so much tax money.
My father was a family friend of the owner. the state or north Brunswick decided to build a road there and the owner pretty much forfeited the house to the township because the road cut his property in half its sad because the whole inside is all marble I couldn't imagine what the house would be worth if they kept up with it and it was destroyed on the inside by looters a teenagers there is a blowing ally in the basement as stated previously.
My father was a family friend of the owner. the state or north Brunswick decided to build a road there and the owner pretty much forfeited the house to the township because the road cut his property in half its sad because the whole inside is all marble I couldn't imagine what the house would be worth if they kept up with it and it was destroyed on the inside by looters a teenagers there is a blowing ally in the basement as stated previously.
funny i was thinking about this home the other day as i had recently passed it and thought about this thread. You sure the state/township owns it, becuause prop records show it to private owners. I would kill to see pics of this home in its heyday.
i was thinking about this home the other day as i had recently passed it and thought about this thread. You sure the state/township owns it, becuause prop records show it to private owners.
If the municipality or the state owns that property, why is it allowed to stand?
Why wouldn't this attractive nuisance be demolished?
If it is owned by individuals, why would they continue to pay more than 10k per year in property taxes for several decades?
I just can't imagine that the current owners would ever be able to make a sufficient profit from the sale of this property in order to offset the property taxes and the homeowner's insurance that they have paid on this vacant and deteriorating structure over the course of several decades.
Last edited by Retriever; 09-29-2016 at 04:44 PM..
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