TOWNSHIP OF WASHINGTON—A property appraisal using the sales comparison approach for 450 Pascack Road — a 3.2-acre mostly wooded tract long-sought by the Township — values the property and its buildings at approximately $430,000.
Lately, the mayor and Township Council have privately discussed efforts to acquire the tract, although efforts to acquire the property have been on-again and off-again over at least the past five years.
The property includes more than 700 trees, comprising one of the largest contiguous tree canopies left in the township.
Pascack Press obtained the 57-page appraisal report via a public records request. The council next meets Aug. 9.
The appraisal, received July 14 by the Township clerk, notes that an appraiser from McNerney & Associates, Glen Rock, was only permitted to do an exterior inspection of the property “by the property owner’s representative,” who is not identified.
It was not clear what size offer Township officials may make to one of the property’s owners, Robert Morris, but they could decide to offer less or more than the appraisal valuation, following guidance from the appraiser and township attorney Kenneth Poller.
Diane Ferrara, a member of Stop Township Overdevelopment Projects, (STOP) told Pascack Press that the appraisal was “realistic, legally defensible and fair.”
“I’m not at all surprised with the appraisal and I’m proud of our town for doing the right thing,” she said of the council’s move to seek a professional appraisal.
The property was proposed for a 48-unit independent senior living complex last summer but strong pushback from neighbors caused the developer, Lakos Construction Inc., to withdraw its application.
Recently, the property was being marketed for $2.1 million by a property marketing broker and real estate agency with little interest shown.
Once an offer is made, negotiations begin with the owner and may result in a financial settlement. Otherwise, the township may approve an eminent domain ordinance and begin condemnation proceedings.
“In searching for comparables, the [five] sales listed were deemed to be most similar to the subject,” notes the appraisal, listing the comparable property sales ranging $360,000 to $531,250, with an average of $447,000 per building site.
The five comparable property sales used for the appraisal spanned 2015–2018.
“The subject property is made up of a 3.20 acre site which is situated on a heavily traveled county roadway. The site cannot be subdivided due to a lack of frontage and shape of the parcel. Therefore, all of these characteristics were emphasized during our research and analysis of the comparable sales,” states the appraisal.
“Based upon our analysis of the differing characteristics of the comparable sales and with regard to size, location, functional appeal, etc., it appears reasonable that the value estimate for the subject property is equitably represented as follows,” it adds.
The “indicated value of the site” is estimated at $450,000, subtracting the cost of demolition of house and barn at minus $18,000, and that brings the estimated value to $432,000, which the appraisal rounds off to $430,000.
The Township Council approved the appraisal by McNerney, which cost $2,500, at a February council meeting but the process was delayed due to additional reports needed before a final appraisal could be submitted.
The property is made up of a two story, single family Colonial home with a gross living area of approximately 1,800 square feet. The home was constructed circa 1887 and is in “fair to poor condition for its age with observed damage to the roof and front porch.” The structure contains a full unfinished basement.
On-site parking is provided via a barn. The property “has ranging topography with sloped areas towards the rear of the site and a 90+ foot difference in elevation between the lowest and highest points.”
Pascack Road is a heavily traveled county roadway, the appraiser observes.
We reached out to Morris for comment for this article but a family member declined.