The following was in the Sea Isle City Newsletter dated December 23, 2015:
“During our December 22, 2015 Regular Council Meeting the Council had a lengthy discussion regarding the Master Plan Re-Examination which is currently being undertaken by the Planning Board. The Council unanimously agreed to direct the Solicitor to draft an Ordinance for Introduction at the January 5, 2016 meeting reinstating Floor Area Ratio (F.A.R.).”
How will the Ordinance affect the values of real estate in Sea Isle City? I can say with relative certainty that the homes built between 2009, when the Floor Area Ratio (FAR) was eliminated, and now (or soon when the new Ordinance is passed and enforced some time this year), will hold the best value. Why? Because they have the most living space of all the homes ever built. I can speak specifically for homes built by Mashura Builders as holding the best value for more reasons than just size, but I’ll limit this blog to the talking points. They design living space in a very useful way without insulting architectural integrity. Another words, their homes are not overly big and objectionable and the elimination of FAR was never taken advantage of by them to maximize profit from sales. But, I am afraid to say, those who did take advantage of the elimination of FAR are the same people who caused the public outcry for a change back to reinstatement of same.
All of you who own one of the homes that was built during the time period when FAR was eliminated will realize the highest value for your property. As the building codes of Sea Isle City again change, we will have yet another style of home to pepper our streets and cause further inconsistency in the town’s landscape. The fact of the matter is that most of the real estate has already been redeveloped. There are not that many tear downs left on full size lots to redevelop into condo/townhouses which is at the heart of the matter. I am not sure it will really make that much difference overall but it will make a relatively small number of people happy that made a lot of noise during a recent City Planning Board meeting.To end on a positive note, Sea Isle City real estate will always be in demand no matter what is built here. People just love this town and that’s a fact.