Land Wanted New Jersey Estates is actively seeking land for acquisition in the following New Jersey Counties: Somerset, Morris, Union, Essex, Middlesex, Hunterdon and Monmouth. RESIDENTIAL: Single family zoned property. Property with or without development approvals will be considered. Mixed use zoning or redevelopment opportunities. Property zoned for a mixed use of residential and commercial uses, primarily existing buildings in village centers or downtown shopping districts. Redevelopment of economically obsolete properties such as industrial buildings, shopping centers, etc. Single lots and "tear-down situations" in Summit, Chatham, Madison, Berkeley Hts., New Providence, Basking Ridge, Bernardsville, Warren and Watchung. COMMERCIAL: Office, retail or mixed use property. Property with or without development approvals will be considered. MULTI-FAMILY: Multi-family zoned property. Property with or without development approvals will be considered. Senior-Citizen Condo. Property with or without development approvals will be considered. DEFINITIONS Raw Land - Untouched land in Natural State At this point in time the land does not have a street (gravel or paved), pipes in (or above) ground, utilities, or grading work. Approved Lot(s) - (Preliminary Sub-Division Approval) Municipal Approved Process has been completed to point where lot(s) exist on a paper map. At this point, more money and effort can be invested to build streets, install infrastructure for utilities, grade lot(s) (if needed for area drainage or elevation of structure). (Title can not be exchanged for individual lots.) Improved Lot(s) - (Final Sub-Division Approval) All rough street paving is complete, utility connections have been installed to the curb line of the lots from street mains. A foundation hole can now be dug for each structure. (Each lot can stand on its own for sale as a lot alone or a house/lot package.) *In order to proceed the land owners must invest in engineering costs to determine the layout, and percentage of land contributed by each owner to the project. Next, a Limited Liability Corporation must be formed (L.L.C.): Pay legal and accounting fees. Alternatives for Land Owner L.L.C. supervises and pays for engineering, legal, etc., to begin subdivision process. Provides money and management to keep process going. This adds a little value, which inures to L.L.C. (Sell to developer now or continue process) L.L.C. pays and manages professionals to continue the approval through the Municipal, County, DEP, (and perhaps other state) approvals. A little more value added (costs and expenses so far not included *(#1 and #2). Preliminary approval obtained after 2 (±) years. Sell to developer now or continue process. Preliminary approval obtained. The L.L.C. is at the point it was 2 years ago without having the burden of the approval process. Costs and expenses returned (without interest earned) through the sale price. Sell to Developer. L.L.C. continues the development process. Negotiates with and pays contractors to build roads, sewers, streets, lighting, drainage and grading of the general area and all infrastructure for project. Sell to builders now. L.L.C. now has improved lots to sell. They can sell individually or invest additional money to build speculation or custom homes. (If L.L.C. decides to build homes they could consider that they must sell with enough profit to compensate for the costs of the entire approval process, costs of lot improvements, building costs, and brokerage fees. Profit must exceed these costs plus compensate for interest that may have been lost had they invested the money from the sale of the property before the approval process began. Sell "as is" to developer. Allow developer to go through the approval process. The L.L.C. can wait until completion of the project (2-3 years) and collect the (agreed upon) contract price. New Jersey Estates NJ estate new homes new jersey homes nj realestate    This website is for information purposes only and nothing herein is intended as advice. It is not intended as a    solicitation if your home is currently listed with a broker. It is not our intention to solicit the offerings of other real    estate brokers. We are happy to work with them and cooperate fully. An Equal Opportunity Company. Equal Housing    Opportunity. "The statements and representations contained herein are those of the builder, and not Weichert    Realtors nor Weichert New Homes and Land."