4 Herald - Lantern - Dispatch 5 March '86

House Sale (From page 1) And some of Pierce's competitors are scratching their heads over how he got it all for $150,000 "At that price. I would have bought it myself," observed one broker,-. He said he had "two really, really good" potential buyers "who would have bought it over the phone" for more "Yeah, yeah — absolutely — site unseen." another broker agreed "Honestly. I could say we had three good prospective buyers that would have jumped on it — site unseen 1 think every dealer in Court House did " ONE OF THEM "BIT our heads off" because the properly went for $150,000. he added His prospects absolutely" would have paid more, he said. and. "when they heard the price was $I50,(K)0. they were sick — they were mad - they were downright mad " A colleague contacted the Virginia seller. Mary Flesher. but she was content with Pierce's price. She concluded the sale for Jicr.aunl. Dr. Florence Dowden Wood. 87. who has moved to a local nursing home As a Realtor, another broker explained. "You're under an obligation to the seller to get the highest and best price for it." But. he added, "if the seller was happy with the price she's got, there's not much you can do with it." Assessed at $9fi.4<XJ. the property includes land valued last year at $:J7.900 and buildings at $58,500. Middle Township properties are supposed to be assessed at 105 percent of market value, but assessments actually range 40-181 percent, according to the countv Hoard of Taxation. "BASED ON COMPARABLE SALES in the area. I would say $175.000-$200.000." a Pierce competitor estimated as a better pro-

o ftl I Dihm M'li'rf JOSEPH It. PIERCE

perty price range. One less-historic home on Mechanic Street recently sold for $155,000 while another house in Romney Place went for $160,000. Ufe broker said. Sturdy Savings and Loan acquired Fred's restaurant on a smaller lot at Hand Avenue and Main Street for $165,000 several years ago. another competitor noted, while a 100-foot Main Street lot more recently went for $110,000 "You probably could get $200,000" for the 1854 property, that Realtor estimated. "I don't know that I got it under the noses of every Realtor in town," Pierce said earlier. He's president of the Greater Wildwood-Cape May County Board of Realtors and was teaching a brokers' course last week "I don't think that it is <a low sales price i." he added "That's the price that the lawyer (Andrea C. Balliettei set. She placed the property with his firm and he decided to buy it." he said "She wanted to see it restored. ..." Pierce explained "The average person wouldn't want to put the money into restoring " "I'm sure we're talking about a half million dollars." he continued. "I sort of like to see things restored." "WELL. I WAS CONTENT with the price." said the seller. Flesher "The house is in pretty poor shape. ( but > we didn't want to see it torn down " That's probably what one of his prospects would have done, one of Pierce s competitors conceded, although another of his buyers might have agreed to restore it. the broker added. I don't think there's a finer location in-' Court House for a Realtor's office." he observed, envisioning a handsome shopping plaza like Central Square. Linwood. on the site. "You could spend a half million there and make it beautiful, beautiful "I don't think it's historical." said another broker "I don't think it's worth it i restorationi." "Our interest, as much as possible, is to see it preserved." Balliette said Friday, "of fended" by the brokers' remarks. Among questions raised by disgruntled, would-be-purchasers of the property was its appraisal Purchasers of the property — the Pierces and their partners. James E. and Regina C Williams, obtained a full. $150,000 mortgage from The First National Bank of Toms River An appraisal is normal in most sales of property and usually required by banks issuing mortgages BI T PIERCE TOLD THIS newspaper there was no appraisal Other sources said an appraisal was done by Harry N Hand, owner of the realty firm for which Pierce works, and a member of First National's local advisory board. "It so happens that Harry Hand is a friend, and I got him to give us a free appraisal several years ago." said Balliette Hand confirmed doing that because the County Museum was interested in. but decided against, acquiring the property Hand said he could not give the 1854 house a high value, though, because of its very poor condition. "It was deplorable and unlivable," he

2 VW Bugs' at Rear of Old House

said, "but the land value was there." Balliette confirmed that she suggested and Flesher agreed to place the property with Hand's firm this time around because he previously appraised it without charge. Banking sources said a "several-years-old" appraisal probably would not suffice for a full. $150,000 mortgage. John Q Hefti. vice president and commercial loan officer at First National, confirmed that there was a more recent appraisal. but said it. and the name of the ap praiser. were "a confidential matter between us and the borrower." Hand told this new spaper he had prepared a "letter of value" (which is less detailed than a full appraisal! for the buyers "But I had no interest in it ( the sale > . " he added . Banking sources told this newspaper they doubted a bank would consider such a letter as a substitute for an appraisal, though. HAND WAS ASKED if HE considered the $150,000 price low. "It's all according to what you use it for." he said. "You will have to spend an awful lot of money to save the building A lot of people didn't want to see it demolished because of its age and the history that goes with it." Hand also said his appraisal did not include the antiques "The sale didn't include the contents." he said "I would say some of that was valuable," The National Association of Realtors told this newspaper that it was not improper for a buyer and appraiser to be business partners. "if the seller and financial institution knew about it." And the American Institute of Real Estate Appraisers said there was nothing wrong with an appraiser appraising a property for a business partner if he did it "without bias" and "had no personal interest." Balliette said she was "insulted" by any insinuation that the seller didn't get the best price on the property The lawyer wrote off the brokers" comments as sour grapes, she presumed this story would be "a scandalous thing to do " "You're just stirring up a bunch of hogwash." she told The Herald A Cape May antique dealer reportedlypaid more than $20,000 for the contents of the house That included trunks of clothing, like the lormer owner's 1927 wedding gown, military uniforms of her deceased in-laws, thousands of books, autographs of historic ligures. Victorian furniture, and the original owner's Civil War officer tent Much of it has been resold. OTHER CONTENTS WERE GIVEN away, like the former owner s fossil collec-

tion It went to Stockton State College via her nephew and biology professor there. Dr. Roger Wood of Avalon. Records on many of the finds were lost to termites, he said. Others were sold. The bones, therefore, can be used in his com-" parative anatomy class. Wood added, but not for research The man who bought the possessions said I could take anything I wanted." he continued, echoing his father. Dr. Albert E. Wood, who lives behind the house "To the best of my know ledge, we weren't offered any." Somers Corson. County Museum curator, said of the contents. Several years ago. the museum acquired the sulky which the house's builder. Dr. John Wiley, drove to visit his county patients between 1837-'91. But the house contents were "gone before we heard about" their sale. Corson explained. Sale of the contents was arranged through Balliette. said Pierce. Besides restoring the house and clearing the overgrown gorunds. he said he's waiting to see if a 1941 Jaguar, one of four vehicles left on the property, can also be salvaged. There's a "good possibility." he added, that a vintage barn, moved to the property from 8 N. Main St. and relocated from elsewhere at least once beforehand, would be donated to the county's Historic Cold Spnng Village. Lower Township. "IT'S MY UNDERSTANDING that the bam was built in the early 1600s," said Pierce. "It's an original county building." The village board asked for the bam. with its pegged beams and wrought-iron hardware. and "I think I probably will" donate it. the Realtor added "They're talking about taking it apart board by board and numbering it (for removal)." he noted. "Yes In fact, everything goes." Freeholder Herbert Frederick said Friday of village plans for the barn; he oversees village operations. Worker? there are "going to move on it" as soon as Pierce forwards a letter of approval. the freeholder added. A foundation has been laid, he said, and village officials are now getting moving estimates because they want to relocate the barn before the tourist season Then. Frederick said, it will be used for square dances and other entertainment that otherwise could be rained out. In fall and winter, he added, the barn can be used for equipment storage (Editor Joe Zelnik contributed to this story )

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Honor Rolls At Wildwood High

WILDWOOD - Four students were named to the High Honor Roll for the second marking period at Wildwood High School, having attained all A s. They are: Tim Walker, senior; John McGowan. sophomore, and Sonya Germano and Tracy Troiano. freshmen. Also named were seventh graders Justin Meyer and Anna Allison. ON THE SECOND Honor Roll, which calls for a B average, only one C. and at least one A. are: Seniors Amy Andrews. Frank

Borucki. Patncta Brown. James Cacio. Andrea Conrad. Jennifer Cunningham. Theresa Dove. Paul Franco. Nicole Gambino. Anja Griebel. Wendy Harkins, Laura Krah. Trace) McGowan. Suzanne Noonan. Jennifer Newfield. Michael O'Hala. Ron Patten Robert Patter son, Linda Polini. Jackie Sanceciz. Barbara Satterfield. Scott Sawyer. Thomas Sawyer. Robert Spaulding. Roberta Sterling. Holly Taylor. Tammy Vance Juniors Carey As pen burg, Denise Bainbiidge, Margaret Borneman. [.aura Brown. John Ernst. Diana Gloria. Pamela Goldinger. Vicki Goldberg. Karen L Kelly. Mike Kel ly. Vincent Monlemurro William Nastasi, Christine Newfield. Debra Polhamus. James Sessa. Thomas Shank. Thomas Worrall. Susan Youst. Joann D'Alessandro SOPHOMORES: Tracy Bartha. Gina D'Ambrosio. Dana Einhaus. Kim Fligier. Cathy Haehnel. Roger

Jean. Aaron Meyer. Mark Minahan. Tom Morrell. Rafael Nieves, Greg Olson. Samuel Simpkins. John Steele. Enka Stewart. Sherry Tolan. Gatl Wiedenmann Freshmen Laura Bailey. Maryann Bove. Saleem Campbell, Troy Cawley. Destree Daletto. Raymond Dougherty. Donald Gugel. Mary' Jaffe. Andirw James. Eltsha Kirk. Christopher Looey. KaUilyn Martin. Judy McCrork. Sean Nelson. Loren Oswald. James Polini . Brian Rodgers. Arthur Sanceciz. Richard Sezov. Justin Vogel, Michele Wall. Stephanie Williams Eighth Grade Christopher Becker. Tiffany Davis. Troy Lee. Ed Love. Robert Morrison. Jaequehne Nieves. Martin Nieves Seventh Grade: Mike Emmer, Nancy Alexander. Jen Bachman. Crusy Cooke. Lynea Gallagher