BARNEGAT – The first signs of development of the Coastal Woods complex began a couple of weeks ago as crews worked to cut down trees on the site.
Developers of the condominium project on Lighthouse Drive say units should be available for move-in as early as December of this year.
Homes Now Inc. originally planned to initiate the construction of 148 age-restricted condominiums nearly a year ago. According to Christine Hofmann, Executive Director of Homes Now, prospective buyers have already contacted her regarding potential sales.
“We are a non-profit organization that focuses on building quality affordable housing,” said Hofmann. “Twenty percent of the units will be restricted for those meeting the criteria for low- and moderate-income sales.”
The Leviticus Fund recently reported joining three other non-profit lenders in arranging $11 million in construction loans to fund the Coastal Woods project. The total cost of the development is in excess of $25 million.
Located within yards of Exit 67 South on the Garden State Parkway, Coastal Woods will be a mix of one- and two-bedroom units. The condos will be divided amongst four buildings and range in size from 850 square feet to 1,236 square feet.
Floor plans indicate that purchasers will have the choice of selecting between nine distinct layouts. Both one-bedroom and two-bedroom units have optional second bathrooms. However, the Lighthouse unit is the only one that divides the space between two levels.
Hofmann said the sales prices originally set last year from $153,000 to $253,000 have risen to $157,000 to $285,000. The increases are in line with changes in the real estate market.
As a condominium complex, residents will also pay monthly fees associated with common areas and amenities. Preliminary plans suggest maintenance fees would be approximately $250 monthly, although that amount remains subject to change.
Maintenance fees include internal and external building concerns of all common areas. A portion of the monies goes to reserve assets for capital improvements.
“The fees are a little higher for condominiums than for single-family home communities,” Hofmann explained. “That’s because the residents share in costs for everything, such as the siding, the roof and the elevators in the buildings.”
Barnegat Township has not afforded Coastal Woods any tax abatements in connection with the construction of the project. The township will collect property taxes based on the assessed values of the units.
“Based on the current market rates, we estimate an average of $5,500 in annual tax revenue from each of the regularly priced units,” said Martin Lisella, Township Administrator. “The affordables should bring in about $2,000 per year.”
The Coastal Woods condominium complex is age-restricted in accordance with municipal zoning requirements for the ten-acre parcel of land. The project consists solely of residential dwellings, with no space allocated to retail establishments.
The developer gained all necessary government approval before beginning construction. Homes Now plans to maintain trees on the property as required by the Pinelands Commission.
