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Info on Meridian Crossing?

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Frank Lostracco

Thread Starter
Junior Member
Joined
Mar 13, 2003
Professional Status
Certified Residential Appraiser
State
New Jersey
Anybody have any info on Meridian Crossing off of Church road in Bear. (Down the street from Lestardos). It appears that Ryan Homes built 20 or so attached homes for 55 and older, then they left. Reybold took over and has built hundreds of non 55 and older attached homes. They just started to build 55 and over in another phase. The Ryan homes are much larger, but the clubhouse is now shared by all the residents. The owner still states that there is an age restiction on the homes. He said he hasn't paid his dues lately, and doesn't know the contact.
Of course, there are no comps.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
Just did an over-55 up near in Newark. Too true - there ARE no comps.

The age restriction sticks with the, house but in bad times like now,
as someone said, these communities go from you have to be over-55, to,
you have to know someone who knows someone that's over 55.
Outsiders use of the over-55 clubhouse probably violates original rules,
but since developer in control... only your local friendly attorney can say.

I decided that due to lack of 55+ communities, a potential buyer would look throughout Northern NCC
(above the canal), so whatever was out there that was similar in style/age/size was a potential comparable.
I got the Bank to agree to that -before I agreed to do the appraisal-
and warned them sales might be 20 miles away!
Suggest you "Head them off at the pass" too; If they don't agree, let someone else go crazy :icon_idea:

Good Luck !

.
EDIT: Odd... MLS doesn't show this as 55+ community. ????
 
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