Perfect viewing weather for the full moon- last night over the ocean, and early this morning over the bay.
Perfect viewing weather for the full moon- last night over the ocean, and early this morning over the bay.
This subject came up yesterday while meeting with a bay front property owner.
A re-post from June 2016.Â
I attended a seminar this morning with important information regarding bay front ownership.
Some Riparian Grants issued between the late 1980s through the early 2000s have the following language:
“This grant is made upon the condition and limitation that there shall be no further filling of the presently flowed tidelands. Â If any filling does occur within the presently flowed tidelands herein granted, the title to the lands conveyed herein shall immediately and automatically revert to the ownership of the State of New Jersey, but without any diminution in the consideration paid upon the delivery of this instrument.”
When a property owner installs a new bulkhead (which typically extends out 24″ from the existing bulkhead based on current zoning), the State defines the added 24″ as  “filling”.  And YES, even if the required DEP and/or CAFRA permits were obtained.
The Department of Tidelands has a new regime, and this enforcement is viewed by attorneys and title company representatives as a method to generate revenue. Â Frustrating to say the least!
Bottom line: the State of New Jersey expects the land owner to “buy back” this filled area, even though a large sum of money was paid for the original Riparian Grant. Â
Unfortunately, the issue will not go away. Â Even if a bay front owner has no plans to sell, their heirs will eventually face the problem. Â And because the cost to resolve is based on the value of the land, it makes sense to remove the lien sooner rather than later.
Practical steps if you own a property on the bay:
1) Find your original title work (settlement papers). Â If a Riparian Grant was issued on the property, it will be attached.
2) Read the language in the grant- checking specially for the reverter clause referenced above (not necessarily in all grants).
3) If the reverter clause is in the grant, and you have installed a new bulkhead that sits out beyond the original bulkhead, it’s important to move forward with a resolution. Â A current survey will be needed to show the exact measurements of the new bulkhead, too.
A local title company and land use attorney can help you apply for a Statement of Non-Interest or a Confirmatory Grant from the State of New Jersey.
I am here to provide recommendations for experienced professionals, and answer any questions to the best of my ability.
Another active month of sales in Avalon and Stone Harbor NJ!
During the past 30 days, a total of 41 properties SOLD (settlement) with an overall median selling price of $1,440,000
13 of the sales were for condo/townhouse style units, ranging from a 1st floor 3 bedroom condo over the 21st Street bridge for $400,000; to a newer bay front townhouse style (side by side) on 20th Street for $1,725,000. Â The median selling price of all condo/townhouse units-Â $799,000
27 of the sales were for single family homes, ranging from a small cottage on Linden Lane in Stone Harbor for $425,000; to a custom 3 level bay front home with a pool on Fifth Avenue in Avalon for $4,750,000. Â The median selling price of all single family homes-Â $1,612,500
1 sale was posted as a multi-family (duplex) at 160- 84th Street, Stone Harbor. Purchased by a builder and torn down (land value sale) for $1,250,000
In addition, there are 86 properties sale pending, with an overall median list price of $1,399,000 (final selling prices are posted after settlement).
Please let me know if you have any questions regarding market values in Avalon or Stone Harbor NJ.  ann@anndelaney.com  609-967-7950
Thank you for your interest!
A structural crack was discovered late yesterday on the 96th Street draw bridge. Â The bridge is closed until repairs made- likely after the weekend.
Fortunately, the Ocean Drive bridge via North Wildwood Boulevard is no longer charging tolls (closed for the winter).
UPDATE 11/1/16- the repairs are expected to take at least 1 week. Â
Tuesday Views