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Online Stock Market Trading A decade ago, a developer paid less than $1,000 for a narrow piece of land squashed between two Waldwick homes. Twice he applied to build a home on the skinny stretch, and twice he was rebuffed by the town, which told him in so many words, "you're crazy." Now, after suing the borough, the developer is poised to sell the land for perhaps more than $50,000 to an unwilling buyer: borough taxpayers.

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Stock Investing Course Under an obscure statute, the borough may have no choice but to buy the land if it won't allow Paramus-based Municipal Securities to build on the plot, which is one-third the size required to build homes in the area. Known as the law of inverse condemnation, the statute provides that certain property owners can't be denied use of their land by a governing body without compensation.

Town Plans Like the Ordnance Survey maps, the plans frequently contain annotations made by the Griffith's Valuation team and subsequently by Valuation Office personnel. The plan below shows the village of Ninemilehouse, in County Tipperary. Every house and outhouse, every plot of land is clearly shown, with the lot or street numbers used in Griffith's Valuation. So if you have identified an ancestor in this village you should be able to see exactly where they lived.

Stock Market Game George Martin, principal of Municipal Securities, has applied to build a dwelling less than 19 feet wide on the 25-by-100-foot lot. The residence would rise between the wood frame of a home under construction at 123 Lincoln Ave., where another house once stood, and a lime green two-story house at 127 Lincoln Ave.

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Stock Investing Game The case has angered borough officials and Lincoln Avenue residents who say Martin is taking advantage of the law to avoid responsibility for a risky investment in the lot.

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Journal Prime Rate Street Wall "He's not an innocent," Ted Lurie said of Martin. Lurie has lived at 127 Lincoln Ave. for 52 years. "He knew darn well when he bought the property that it was undevelopable."

Multiple plans For larger towns, their size may mean that several plans are needed to cover the area. Given that most plans are at the scale of 5 feet to the mile, if the town covers an area of much more than a square mile, more than one sheet will be needed. For many places there are multiple plans, usually created at different times. The majority are undated, but as far as possible the one you retrieve first will be the earliest, which will the one first used in Griffith's Valuation. Since the plans cover a wide range of dates (though all 19th century), you will be able in many cases to see the development of towns over a period of nearly 100 years; in many cases the plans are marked up by hand to show new developments. These plans are still often used by the Valuation Office today, when they need to determine whether, for example, a particular plot of land has ever been built on, even where no trace of any building remains.

Stock Market News Lurie points to borough zoning ordinances that govern construction on his tree-lined street of modest one- and two-story homes. Lots must be at least 75 by 100 feet and side yard setbacks at least a combined 25 feet. Martin's proposed home would have a combined total of 6 feet in side yard setbacks.

Stock Investing Basics "The house would make a laughingstock of Waldwick's regulations," Lurie said. "It would reduce my quality of life and the value of my property." The house would be about 3 feet from Lurie's property line and 13 feet from his home.

Stock Investing Software Martin has said that the town-house-like dwelling wouldn't have an adverse affect on property owners. The lawyer for Municipal Securities said there's no way that Martin could have known beforehand that the zoning board wouldn't allow him to develop the land.

Stock Market Trading "I'm sure he knew that the lot didn't conform to the zoning ordinance," said lawyer Ray Jacobs. "But there's no way you would know [whether the board would grant permission to build] until you made an application."

Stock Investing For Dummy According to plans on file at Borough Hall, the first floor would include a garage, laundry room, boiler room, bathroom, and recreation room. Two bedrooms, a bathroom, kitchen, dinette, and living room would make up the second floor.

Stock Market Crash The zoning board cited aesthetic and safety reasons when it voted the application down in July. The board feared that emergency workers wouldn't be able to reach parts of the home and agreed with residents who testified that the house would be out of character with the rest of the neighborhood.

Stock Investing Tip The variances could not be granted without "substantial detriment to the public good," the board said.

Stock Market Chart "It's somewhat ludicrous when you think about what [Martin] wants to do," Mike Schiefer said recently. Schiefer lives across the street from the lot. "Having a little house stuck in the middle of bigger houses is kind of silly."

Online Stock Investing Mayor James Toolen agreed.

Stock Market Crash Of "Any reasonable person would see the land is not fit to build on," Toolen said. "It's disturbing to think how people can take advantage of the system. [Inverse condemnation] is a loophole in our system that's got to be corrected."

Stock Investing For Beginner In its defense, Municipal Securities said there are 21 houses within 200 feet of the lot that are built on substandard 50-by-100-foot lots. There are also 11 homes within 200 feet of the parcel on 75-by-100 or 100-by-100-foot lots.

Finance Journal Personal The borough is using the buyer-beware argument in defending against the suit.

Stock Market Report "They didn't buy it with a reasonable investment expectation," said Borough Attorney Menelaos Toskos. "Look at what they paid for it."

Finance Investing Stock Market But Toskos admits he's fighting a battle much tougher than in 1999, when Municipal Securities' appeal of the initial zoning board rejection was thrown out on a technicality. The plan rejected this year had slight alterations from the original design.

Wall Street Journal Com Because the lot was created as the result of subdivision decades before current zoning laws were passed, the company's claim meets the standard of inverse condemnation, Jacobs said.

Stock Market Investing Advice "As long as someone owned this property when it was a buildable lot, [its status now] doesn't matter," he said. "I don't think the town wanted to recognize that they were going to have to either grant the variance or buy the lot."

Street Trader Wall Jacobs said he tried unsuccessfully to sell the lot to Lurie and his neighbor. Lurie said he couldn't afford the $30,000 asking price. Jacobs also tried to negotiate a deal with the town, but officials balked at the $50,000 that Martin wanted as fair market value. Jacobs said a house built on the property would probably sell for between $150,000 and $200,000.

Indian Stock Market Martin is also seeking the costs of the zoning board application, which includes engineering, architectural, and expert witness fees. Jacobs couldn't give an exact amount but said that the overall figure sought is "substantially more than $50,000."

Stock Investing Advice Lurie now wishes he had bought the property years ago, when he was under the incorrect assumption that a neighbor owned it. Meanwhile, some borough officials are cursing inverse condemnation, which, constitutional law or not, has put the town in an apparent no-win situation.

Free Journal Street Wall By Brian Aberback - 11/21/2003

Topic: Sprawl

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