Buyer Beware…
WE LEARNED TODAY THAT KIP 20 LLC HAS FORMALLY WITHDRAWN THEIR APPLICATION TO PAVE OVER FIVE ACRES OF HISTORIC FARMLAND
This is good news for those of us that wish to see land used appropriately which, in this case, is for a residence or for agriculture. Alas, the historic farmhouse and barns are gone, demolished to pave the way for a basketball gym.
However, now is not the time to rest on our laurels. We have learned that the property was put on the market for $2,000,000 as a commercial lot of 5.2 acres. This is why I say "buyer beware" because, on publicly available tax maps of Holmdel this is still a 4.99 acre residential/agricultural plot (R40A zoning).
That's a big ask because:
the lots are not commercially zoned;
the lots are not 5.2 acres in total size;
the rate of $401,000 per acre is over four timesthe rate at which commercial land may be obtained in the area. For example: 55 acres is currently offered off RT 34 and Deer Path for $5,000,000 which is $90,909 per acre. You can check that our here: https://www.loopnet.com/Listing/75-Rt-34-Holmdel-NJ/27374036/
the rate of $401,000 per acre is over five times the rate at which undeveloped R40A land of a similar size may be obtained in Holmdel. For example: 5.27 acres is currently offered at 29 Van Brackle for $365,000 which is $69,000 per acre. You can check that out here: https://www.realtor.com/realestateandhomes-detail/29-Van-Brackle-Rd_Holmdel_NJ_07733_M96593-05015
On this basis, the fair price of the 125-127 property is $345,000, which is pretty close to it's current tax value, although perhaps a discount for the noise and light pollution from the Parkway is warranted? The difference between this price and the $1,200,000 sale price is the hole where the house used to stand.
As a neighbor, we welcome the use of the land as it is intended to be, and remind developers that the Township of Holmdel has decided it wants commercial development: that is along RT 34, RT 35 and in the area of the Bayshore Medical Center.
