January 26, 1986 |
If you have wondered why the prices of new homes have continued to spiral upward, despite relatively low inflation in the national economy overall, look to one key factor: land values. A soon-to-be-released study of residential land prices in 30 metropolitan housing markets shows that the average value of undeveloped residential acreage has jumped at twice the pace of inflation the last 60 months. In some high-growth markets, land values for housing have risen by more than 200 percent since 1980, according to the Washington-based Urban Land Institute (ULI)
September 27, 1992 |
Chris Probasco knows his land. He knows that the original deed on his 258- acre Chesterfield farm dates to the time of King George III; he knows how to maneuver his pickup over the rut-filled dirt roads that plunge through fields dense with soybean and potato crops; he knows how difficult it has been to farm during the last decade, and until this summer, he thought he knew his land's value. "The 1970s were fairly profitable for agriculture. When things got bad in the 1980s, we started to look to do other things.
April 25, 2004 |
Looking at Chesterfield's rolling fields, folded around grain silos and farmhouses, it's hard to imagine that the community of 2,500 is on the cutting edge of the "smart growth" movement. After decades of wrestling with residents' wishes to remain a farming community while still guaranteeing farmers the highest possible land values, this Burlington County community is on the verge of striking a balance between the two. Officials are using the ultimate power tools: money and zoning.
April 11, 2014 |
Revel Casino Hotel in Atlantic City, built for $2.4 billion, is worth $25 million to $73 million, according to estimates by Unite Here, a hospitality workers union that represents casino workers in Atlantic City and across the country. The union resorted to estimating Revel's value based on land values and on the value of hotel rooms, because the property is unlikely to be profitable for many years, making it impossible to use traditional metrics to estimate a sale price. Land values in recent Atlantic City casino sales ranged from $1.25 million to $2.71 million an acre.
April 19, 2013 |
THE CITY administration has declared AVI "fair and accurate. " They say that the new property assessments are closer to the mark than the old ones, that it will take time to iron out the kinks, and that problems can be solved case-by-case, via the appeal process. These claims all rely on an underlying assertion: The Office of Property Assessment used sound methods to calculate the new assessments. This assertion is at best premature. It might turn out that OPA got it right, but there are valid, and troubling, reasons to worry.
December 19, 1991 |
Part of a proposed new zoning ordinance designed to curb development near Lake Galena has caught flak from owners of some of the affected tracts. The New Britain Township Board of Supervisors held a preliminary hearing Monday on a new zoning ordinance based on the township's comprehensive plan. Among the ordinance's key changes would be changing several agricultural parcels from a minimum permitted lot size of five acres to 10 acres, said John Cornell, code enforcement officer.
April 2, 1989 |
Chester County farmers sold more acres of land, at a higher average price per acre, than farmers in any other county in Pennsylvania from 1972 through 1986, according to preliminary findings of a study by Pennsylvania State University. Almost 41,000 acres in Chester County were sold, at an average price of $7,129 per acre, during the 15-year period, according to the study. Statewide, slightly less than 1 million acres were sold, at an average price of $2,836 per acre. Figures for 1987 and 1988 were unavailable.
November 17, 2000 |
To keep builders at bay, the Montgomery County commissioners voted yesterday to spend $1.2 million to ensure that 414 acres of farmland in the northwestern section of the county stays farmland forever. The county money, along with $2.8 million in state funding, does not buy the farmland itself, but rather the development rights to the land. Farmers who voluntarily apply "agree never to allow development on their farmland; they keep it in farming, in perpetuity, forever," said Elizabeth Emlen, the county's farmland-preservation administrator.
September 6, 1986 |
No one can doubt the seriousness of the crisis that has overtaken U.S. agriculture. Farm incomes have fallen, except as they have been propped up by domestic commodity programs. A large drop in land values has led to a wave of mortgage foreclosures and bankruptcies. Large surpluses of agricultural products such as wheat, corn, soybeans and cotton lie piled up in warehouses across the country. The non-farm part of rural America is in distress. And the costs of commodity programs are burgeoning.
May 14, 1997 |
Some highly controversial land reappraisals in Montgomery County may have been overvalued because county employees told the company doing the countywide reassessment to raise the values for open-space properties, commissioners confirmed yesterday. "Bruce Nagel told us this last week during our meeting with them," said Commissioner Richard S. Buckman, referring to the president of Cole-Layer-Trumbel, the firm doing the reassessment. "I was shocked. . . . That was the first that we had heard about it. CLT officials were unavailable to comment last night.