Update to original question:
The property is now zoned for commercial use. It sits on the south side of 322 between Heritage Winery and Wawa. There is a row of homes very close to the road along that stretch. Not all have been taken for the road project, and it seems like that area is in limbo. Even though the lots are zoned commercial, some of the homes are too close to the road to be used as commercial space. One exception is a house that is directly next door to Heritage but a little farther back from the road. It is being converted into a salon.

Again, my property is 1.1 acres with two separate rental units and a detached garage. My neighbor has offered to "package" her property with mine, meaning to put it on the market simultaneously in an attempt to create greater interest, presumably from someone interested in demolishing the old structures and developing the properties.

Of course, I could still just sit tight and keep it as a rental. Thanks for the answers and for any additional info/recommendations.

Hello!! The property can only be sold as a package since it shares one septic and well. The time would not be right if you are thinking to sell with the commercial possibility. The only commercial that moves right now are the apartment complexes. I just sold a 15 unit complex in Newfield for asking price after being on the market for only 3 months. It would be nice if I could take a look at your property so I could be able to help you better. Peter Sklikas(856-404-5049)

There is some good info and tips here. I know of a property on 322 near your place(s) that went from residential to commercial recently. It worked out well in the buyer and sellers case. I like Jody's advice to keep them for investments. That is just my opinion on what I would do.

Good luck.

Hi, if your property is where I believe it is located I think you'll be okay from the commercial zone. I know a large portion on the side of 322 is supposed to be turned into an elderly home community. As far as the down market I think your attitude would change if you took a look at the sales I've been making. The media makes things out to be worse then they are and some realtors accept what they hear, but then there's the go-getters. And those of us are doing fine. If aggressions what you want take a look at my site to see how I do business.

- Mike "Flip"

Hello,
I certainly understand oyur concerns with the various options. If your keeping the property you will certainly want to research if the area will be zoned commercial. As far as the road improvements; it depends on the extent of the work and if they are going to be taking any of your property. The market is not as down as the media would like you to believe. Myself and my office are continuing to sell properties. As for aggressive, we are ranked #1 in New Jersey for units sold the past 8 years. How is that for aggressive? If you have any further questions I'd be happy to assist you. I'd love to gain your business. Thanks!!

Hi Snj2143,
Any property can be sold with the right marketing push and pricing. Remember it only takes one buyer - you just have to hire a Realtor that can market the property to the best group(s) of potential buyers. You know your situation best. If there's no pressure to sell, consider holding it for a little while longer. It's a tough market to jump into right now if you don't truly need to sell. This is definately not a "testing the water" market.

If both units are rented and you've got positive cashflow then I'd hold onto it and keep collecting the rent. You can also wait to see what happens with any possible Rowan development. They may come-a-calling and make you an offer - or perhaps you could present a proposal to them. My good friend is the VP of public policy and govt. affairs there so if you need any info vis-a-vis any expansion plans, or land acquisition plans, let me know. He also sits on the state transportation board so he may have additional valuable insight. I work in the area so if there's anything else you need or if you have other questions don't hesitate to contact me directly.

Best wishes!
Kim

Kimberly Thomas, Broker Associate, Trainer
Realty Executives Brown & Pope
856-308-5989 http://www.NjHomesNearPhilly.com http://www.KimThomasHomes.com
email: kim@kimcanhelp.com

Speak with Janet Weber of Coldwell Banker. She's really aggressive and will be able to help you. Her contact info is:

Janet Weber
Coldwell Banker Residential Brokerage
716 Route 206 & Raider Blvd
Hillsborough, NJ 08844
Direct: 908-904-6813
Cell: 908-642-6801

If it were me, I would keep it due to the explosion of Rowan's campus. The student enrollment is not proportionate to the housing that they have. Students are scrambling to find a place to live. If your place is where I think it is, you should never be want for tenants. Following the same train of thought, there are quite a few parents and/or investors looking to purchase because of the student housing situation, so......I think you are good whichever path you decide to take.