Earlier this month, the developer/owner of the only Hamburg active adult community, Ballyowen Bluffs, changed. According to public Sussex County NJ real estate records, the Bluffs at Ballyowen, LLC, transferred ownership to Lorterdan Hamburg Developement LLC in a Deed in Lieu of Foreclosure.
"Yikes," I say because my husband and I were the very first to purchase within Ballyowen Bluffs. As a Sussex County NJ real estate agent, I directly participated in the sale of 5 out of 6 other homes here. For many reasons, I deeply care about the future of the Bluffs community and my neighbors.
Sure, it has worried us all that only 7 of 67 potential homes had sold and prices plummeted.
The "new" owners, Lorterdan Hamburg Development LLC actually sold the property to the Bluffs at Ballyowen, LLC, in 2004 so Lorterdan again owns the project.
The Mayor and Council of the Borough of Hamburg are considering lifting all age requirements for Ballyowen Bluffs - meaning it will no longer be an active adult community. An ordinance (bill) is slated for final passage on December 7, 2009 at which time "all interested parties" may weigh in during the Council meeting. The sad truth is - in many areas of the U.S. - active adult communities were less popular with buyers than had been predicted.
Perhaps we Ballyowen Bluffs residents can at least convince the town to finally install a street sign if we play nice .
I'm also adamant that our stromatolite fossils will be safeguarded no matter what other changes occur!
UPDATE Dec. 7 - Ballyowen Bluffs age restrictions were indeed lifted. Ballyowen Bluffs - No Longer an Active Adult Community in Hamburg - Sussex County NJ real estate news
Copyright © 2009, Irene Kennedy, all rights reserved. This blog post represents Irene's personal musings.
Considering selling a home or looking to buy one around Sussex County NJ? Benefit from creative marketing, top negotiating skills and vast real estate knowledge by contacting Irene via the data to the right.
Irene Kennedy, who is a NJ real estate agent with Weichert, Realtors, lives in Sussex County & works from the Hamburg office. Her primary market includes: Augusta, Branchville, Crystal Springs, Frankford, Franklin, Hamburg, Hampton, Hardyston, Highland Lakes, Lake Mohawk, Newton, Ogdensburg, Scenic Lakes, Sparta, Stockholm, Sussex, Vernon, Wantage.
Irene: I'm a little bit confused--maybe because we are in different states--or maybe just because it's Sunday and I haven't had my coffee yet.
It's my understanding that a deed-in-lieu is a single property transfer from the seller/borrower back to the servicing company/note holder. Does this mean that the Lortendan Company was the original note holder and the other folks were out of $$$$?
Sometimes, in California, we see a subtitution of trustee where the property transfers or is sold to another note holder. Anyway, I just need clarification (or more coffee).
Good morning Irene, interesting that the mayor is checking into lifting the age restrictions, wonder how the people who did buy will feel about that?
Oh what a tangled web we weave.... in this madness we call real estate now.
Irene, there is no way you fit into the age range .... come on... fess up on this one... I just realized what you said about yourself. Your photo looks like you are a bit on the younger side, LOL.
Irene, an over 55 community? You don't look old enough - you must have married an old guy! And that's got to be a scary position to be in.
Melissa - You're right on the money. Lorterdan did some of the initial site work, sold the entire project but held one of the notes. Bluffs LLC built standing homes and clubhouse foundation before running out of funds.
Andrea and Pat - Thank you for noticing that I am one of thoseshamefully-young trophy wives who is a mere 51.
Federal regs actually permit 15% (or maybe 20%) of owners in age-restricted communities to deviate, although not all local/town zoning ordinances permit that. Frequently in Active Adult developments, a certain number can be over 18 but under 55. Little known because advertising that fact has some restrictions.
Chip and I explored this before buying here, although he was old enough. God forbid something happened to him before I hit 55. I suspect this scenario was the reason the exceptions were enacted.
Here at the Bluffs, of the 5 other sales I handled, 3 didn't have any owner yet 55. To say we're all active is an understatement - no one yet to retire!