Ted Ihde

Neighborhoods are often interwoven by unique neighborhood features…and in KC’s Brookside, arguably, that unique neighborhood feature was that trolley…

Brookside is a proud collection of charming, quaint, leafy neighborhoods. Located in a southern section within Paris of the Plains – Kansas City, Missouri. Brookside also happens to be the largest contiguous master-planned community in the United States. Master-planned communities…that topic shall be left for another writing.

Part of the Country Club District, original plans for Brookside neighborhoods included building new homes for middle-income families, upper middle-income families, as well as high-income families. The more expensive homes in Brookside neighborhoods tended to have been built towards the west. Oftentimes, higher home values in Brookside neighborhoods have been assumed to be able to be determined based upon how far east – or how far west – of Main Street the home was originally built.

Brookside’s Trolley Track Trail…

The Harry Wiggins Trolley Track Trail. This iconically-Brookside-only feature, named after the KC-born Missouri state senator Harry Wiggins – is a six-mile long pathway which runs right through the middle of those charming Brookside neighborhoods.

There is no trolley that one would ever find today on this Brookside trolley trail. No trolley, and no trolley tracks either. But at one time, there had been a trolley. Trolley tracks too. That old Brookside trolley run in Kansas City had been born in the late 19th Century.

By the late 1800’s, similar to cable cars which were already running out west in San Francisco, early-day KC trolleys, traveling along the Harry Wiggins Trolley Track Trail – through Brookside – were propelled by underground cables. The earliest Brookside trolleys ran by gripping underground cables. The underground cables were built along – I.e.: built underneath – the Brookside trolley track.

As the late 19th Century transitioned into the early part of the 20th Century, the means by which KC streetcars and trolleys were propelled – the underground cable system – was replaced with a streetcar and a trolley propulsion system, powered by electricity.

Those old Brookside trolley tracks we are talking about here have long since been torn up. The Harry Wiggins Trolley Track Trail is a now KC favorite among walkers, runners and cyclists. Not trolleys. Those old, adorable KC trolleys in Brookside – as well as the trolley tracks on which Brookside trolleys once traveled – long since having been replaced by a walking path. And by Kansas Citians walking, jogging or cycling over to Roasterie to enjoy a nice latte. In Brookside.

At its inception, the Harry Wiggins Trolley Track Trail fostered a trackbed, wooden cross ties, and the ballast. Facilitating a trolley’s passageway, through Brookside neighborhoods. This trolley line? This was the Country Club Line.

The Country Club Line took trolley patrons south in KC…over to Brookside Shops at 63rd Street and Brookside Boulevard. To a fun-filled day of Brookside shopping.

Founded in 1920, the Brookside Shopping District was Kansas City’s first suburban shopping center. Thirty-seven years after the Brookside Shopping District first opened, the last KC trolley chugged along that old Country Cub Line, and into Brookside. That was in 1957…1957 being the year the last trolley traveled into Brookside.

At one time, Kansas City had one of the most extensive streetcar systems – and trolley systems – in the country. In 2024, Kansas City – happily, once again – has its own fabulous KC streetcar system. One which is quite unique to Kansas City.

During the latter part of the 19th Century – and on in to the early part of the 20th Century – Kansas City’s streetcar system functioned as the primary mode of public transportation for Kansas Citians.

Times changed. Kansas City, like most cities by the mid-20th Century, replaced their streetcar system – as well as their trolley, and their trolley tracks – with buses. And bus routes.

Long, long ago those old trolley tracks in Brookside were torn up. Streetcar lines were torn up throughout Kansas City. The end of KC’s streetcar. The end of KC’s Brookside trolley.

In Brookside, this end-of-an-era transportation transformation led to the adoption of the Harry Wiggins Trolley Track Trail as a Brookside neighborhood favorite. For walkers, joggers and cyclists.

The Harry Wiggins Trolley Track Trail.

Colts Neck Township

The origin of Monmouth County’s Colts Neck Township goes all the way back to the late 17th Century. So let’s take a look at our 17th Century beginning for what we know today to be, Colts Neck Township.

The origin of Colts Neck Township…

In 1676, two Native Americans brokered a real estate sale. This was a land sale. The land sale totaled just under 1,200 acres. To be precise, it a 1,170-acre brokered land sale.

This acreage was sold to four Monmouth County locals. These four Monmouth County locals? Nathaniel Leonard, Thomas Leonard, Henry Leonard and Samuel Leonard.

Here is the breakdown for the Leonards’ 1.170-acre 17th Century Monmouth County land purchase – Henry Leonard acquired 450 of the 1,170 total acres. Samuel Leonard acquired 240 acres. Nathaniel Leonard acquired 120 acres. John Leonard acquired 120 acres. And Samuel Leonard acquired 120 acres. Here we have the original real estate sale for what would go on to become, Colts Neck Township.

Recorded in the minutes of the Board of Proprietors of the Eastern Division of New Jersey is one specific bill of sale which would be of interest to those who love Colts Neck. As well as to Monmouth County historians. This, the bill of sale for our aforementioned 17th Century “Colts Neck” land sale – the Leonards’ acquisition of these 1,170 acres in Monmouth County. Nearly 1,200 acres which would, in time, evolve into today’s Colts Neck Township.

The four Leonards acquired their land from two native Americans. The two Native American land sellers? The sellers of the 1,170 Monmouth County acres which would go on to become Colts Neck Township? Almeseke and Lamasand.

While the history of, How Colts Neck Township came to be…, goes all the way back to this brokered 17th Century real estate sale between the Leonards and Almeseke and Lamasand, it would be another two hundred years after this brokered land sale until Colts Neck Township officially became a New Jersey township. And from this point, it would be another one hundred years until the township name – Colts Neck Township – would become the official name for today’s Colts Neck Township.

As a township name, Colts Neck Township was officially adopted in 1962. Through a local referendum.

Prior to the aforementioned 1962 referendum – which gave Colts Neck Township its name – what is now Colts Neck was, at that time, Atlantic Township.

Atlantic Township?

In 1847, through an act which was carried out by the New Jersey legislature, Atlantic Township was established.

Atlantic Township, circa 1847 (formed by way of an act of the New Jersey legislature) would be renamed Colts Neck Township, circa 1962 (by way of a local referendum).

Through an act of the New Jersey legislature, Colts Neck Township – I.e.: Atlantic Township, at that time – was initially spun off from portions of three neighboring townships – Shrewsbury, Middletown and Freehold. There is a bit of irony to this 1847 legislative land spin off. This irony involves Shrewsbury.

At one time, Shrewsbury had been one of the largest sections of the land area which we would have, informally at that time – prior to any local referendums, prior to any acts carried out by the New Jersey legislature, and prior to any Township Act – called “Colts Neck.”

Through the New Jersey Township Act, Shrewsbury – as one contributor to the formal origin of what is today, Colts Neck Township– became a New Jersey township 49 years prior to Colts Neck’s appointment as a New Jersey township.

For comments about this article, or for ideas or suggestions for additional pieces written about Colts Neck Township, kindly email or call the author, Ted Ihde.

email: authortedihde@gmail.com

mobile: (816) 699-6804

Land banks in New York…it’s working

There are just about 4 million total residential homes in state of New York. So, with all of the upheaval in our real estate business today – the NAR settlement, changes to buyers agency compensation, high mortgage rates, increased competition, limited inventory…among all of the other “normal” business challenges in real estate – if one is looking for a unique real estate specialty to consider focusing their efforts upon, as we head into 2025, here is something to consider…

Thirteen years after New York’s Land Bank Law went into effect, there are still in excess of, somewhere in the neighborhood of, 40,000 vacant residential homes situated within municipalities throughout The Empire State.

Two general truths…

Truth “A”: a land bank has procedures available to the land bank which enable the land bank to acquire vacant and abandoned properties.

Truth “B”: Developers look for opportunities to acquire, then, to redevelop, properties.

Once redeveloped, and thus, in turn, once transitioned from its former status as a “non-performing” property to a new status – “performing” property – that property can be sold. Thus, returning what once had been a neighborhood liability to the community…coupled to a handsome, new classification: performing property. A community asset. A property which has now been added onto the municipality’s property tax roll.

As such, performing properties create newly-found property tax revenue for municipalities. Additional property tax revenue – now coming into the coffers of municipalities – ease budgetary constraints municipalities face.

Through New York’s Land Bank Law, in The Empire State, a New York municipality possesses the ability to create their own land bank. By establishing a land bank, resources, direction, vision, personnel – coupled to leveraged capital – enable New York redevelopment to take place. In essence, New York land banks create passageways whereby, as this passageway is followed, adverse conditions attributed to non-performing properties which are nestled, often times, for far too, too long, within New York State tax districts…are lessened.

The New York Land Bank Law was signed by Governor Cuomo on July 29,2011. New York’s first land bank was established the following year.. in 2012. Today, there are over 30 land banks in operation in New York State.

Here are some regional New York land bank statistics to think about. These are local land bank statistics…taken from the area of New York State where Josh Allen plays quarterback. And, albeit, as a KC Chiefs fan, I must say, he plays QB pretty darn excellently up there too:

A. 230 properties acquired

B. 44 renovations completed

C. $2.4 million in assessed Values returned to communities

D. $14 million in leveraged investment

Land Banks in New York…it’s working.

There are just about than 4 million total residential homes in state of New York. If one is looking for a real estate development specialty to consider going into 2025, today, 13 years after the New York Land Bank Law went into effect, there are still in excess of somewhere in the neighborhood of 40,000 vacant residential homes located in municipalities throughout the state of New York.

Two general truths…

Truth “A”: a land bank has procedures available to the land bank which enables the land bank to acquire vacant and abandoned properties.

Truth “B”: Developers look for opportunities to acquire – and redevelop – non-performing properties.

Once transitioned from a non-performing property to a “performing” property, that property can then be sold. Thus, returning what was once a now-performing property to a neighborhood as a “performing” properties. As a community asset. As a property which is now on the municipality’s property tax roll. As such, performing properties create newly-found tax revenue for municipalities. This eases budget constraints.

Through New York’s Land Bank Law, in New York State, the New York municipality possesses an ability to create their own land bank. By establishing a land bank, resources, direction, vision, personnel – coupled to funding – enable New York redevelopment. Once created, New York land banks improve adverse conditions stemming from non-performing properties located within New York State tax districts.

The New York Land Bank law was signed by Governor Cuomo on July 29,2011. New York’s first land bank was established the next year.. in 2012. Today, there are over 30 land banks in operation in New York State..

Here are some land bank statistics from the part of New York Stare where Josh Allen plays quarterback:

A. 230 properties acquired

B. 44 renovations completed

C. $2.4 million in assessed Values returned to communities

D. $14 million in leveraged investment

A Fed rate cut…and mortgage rates went up.

Mortgage rates are at their highest levels in two months. This, after the Federal Reserve cut the federal funds rate for the first time in four years.

The Federal Open Market Committee sets a target range for the federal funds rate. The federal funds rate? The federal funds rate is the interest rate banks pay on money they – as banks – borrow from other banks.

The Fed does not directly set mortgage rates.

The Fed influences mortgage rates. The Fed influences mortgage rates through the role the Fed plays in setting monetary policy. As such, the Fed indirectly affects the interest rates borrowers lock into at the consumer level, by way of how credit spreads evolve in the market as a result of the Fed’s actions. In relation to the issuance of debt instruments.

Credit spreads consist of the purchases of – and then the simultaneous sales of – contracts within the same asset classes. Credit spreads are not always so easy to predict. Then too, mortgage rates are not necessarily – nor definitively – so easy to predict, short term, either. Although the general direction mortgage rates will end up heading can rather accurately be predicted through actions taken by the Fed.

America’s 1st Commercial Bank

In 1781 Bank of North America opened its doors to the public for the first time in Philadelphia. Therein, we have the birth of the first commercial bank in the United States. Philadelphia’s Bank of North America.

The collective vision of two early American forefathers – Alexander Hamilton and Henry Morris – Bank of North America was initially intended to operate as a de-facto “central bank.” A bank that would contribute capital towards the financing of United States government operations.

In a twist, Bank of North America was established as a state chartered bank (chartered in Pennsylvania). Not as a commercial bank. And not being set up as a commercial bank, the “central bank” idea for Bank of North America never materialized.

Great for buyers…great for sellers: the 2-1 buydown

When mortgage rates are high – like they are today – you can use a 2-1 interest rate buydown to obtain a lower mortgage rate. And a lower mortgage payment.

The 2-1 interest rate buydown is a home loan feature whereby funds are set aside in an escrow account at the closing. These funds are set aside for the benefit of the buyer. The escrowed funds enable the buyer to “buy down” their interest rate for the first two years. In year one, the buyer’s interest rate will be 2% lower than the 30-year rate. In year two, the buyer’s interest rate will be 1% lower than the 30-year rate.

The 2-1 interest rate buydown is simple. It’s a 2% interest rate reduction in year one. It’s a 1% interest rate reduction in year two.

In years 3 through 30, the buyer’s interest rate remains the same. The buyer’s mortgage payment will remain the same as well. The buyer’s interest rate in years 3 through 30 – as well as the buyer’s mortgage payment in years 3 through 30 – is established when the buyer locks their rate.

The 2-1 interest rate buydown provides a buyer with an opportunity to qualify for a larger loan amount. This increases the number of homes the buyer can go out and look at.

By using the 2-1 interest rate buydown, a buyer can purchase a larger home. A buyer can purchase a more expensive home. A buyer can purchase a home with more “bells and whistles.” All are nice options. Possible, through the use of the 2-1 interest rate buydown.

What does a 2-1 interest rate buydown cost?

The cost of the 2-1 interest rate buydown is equal to the difference between principal and interest payments – based on the 30-year rate, which goes into effect in year 3 – and the principal and interest payments on the bought-down, lower rate in year 1 and year 2. Escrowed buydown funds are paid at the closing. Paid by the seller. Held in escrow. For the benefit of the buyer.

You are thinking about selling your home. How can the 2-1 interest rate buydown help you, as the seller? Let’s look at a few situations…

When the housing market is softening. When higher numbers of sellers are listing their homes for sale. When the housing market shifts from a seller’s market to a buyer’s market. When you see price reductions. When homes are sitting on the market – unsold – for longer periods of time. In each situation, the 2-1 interest rate buydown is an attractive tool that can be used by a seller to attract more buyers.

Over the past few years, mortgage rates have remained stubbornly high. When mortgage rates are high – like they are today – buyers who may be thinking about purchasing a home are also thinking about those higher mortgage rates. Higher mortgage rates = higher mortgage payments.

The 2-1 interest rate buydown lets a buyer get into the home they want today, with an interest rate during the first two years that will be closer to the lower mortgage rates buyers were used to seeing a few years ago. Lower mortgage rates buyers are eagerly waiting for. Mortgage rates…that are just not getting much lower.

Families hoping to purchase a home are taking notice of higher mortgage rates. Higher mortgage rates place pressure upon family budgets. This affects whether a buyer will decide to submit an offer to purchase a home. Which in turn, affects prices sellers get for homes they are selling. All being good reasons to consider using the 2-1 interest rate buydown. The 2-1 interest rate buydown benefits buyers. The 2-1 interest rate buydown benefits sellers.

Through the 2-1 interest rate buydown, as the seller, you offer your buyers the benefit of the lower mortgage rate. And the lower mortgage payment too. In year one. And in year two.

As the seller, by offering your buyers a lower mortgage rate for the first two years, you will attract more buyers to your home. Because your home is being sold with the 2-1 interest rate buydown. Because your home is being sold with a lower mortgage rate. Because your home is being sold with a lower mortgage payment. For two years. As the seller, this positions your home – which is being presented to buyers, with the 2-1 interest rate buydown – as an attractive option. Especially when compared to other homes on the market that buyers may be looking at. Because those homes don’t provide buyers with a lower mortgage rate in year 1 and year 2. Because those homes don’t provide buyers with a lower mortgage payment in year 1 and year 2. And yours does!

The 2-1 interest rate buydown. It’s great for sellers. The 2-1 interest rate buydown. It’s great for buyers.

The year 1900 brought us The Gold Standard Act and The Wizard of Oz

The Gold Standard Act was signed into law on March 14, 1900 by President William McKinley. The Gold Standard Act made gold the singular standard for the United States currency.

The book – The Wonderful Wizard of Oz – was published on May 17, 1900. The book was written by L. Frank Baum.

L. Frank Baum’s book is about the American monetary system… just as the 19th Century ended, and the 20th Century began.

The Wonderful Wizard of Oz.

Oz is the abbreviation for ounce. An ounce of gold. Gold, the new currency standard. An ounce of silver. Silver, the replaced currency standard.

Twenty-seven years prior to The Gold Standard Act…twenty-seven years prior to Baum’s book, the Coinage Act of 1873 was signed into law by President Ulysses S. Grant.

The Coinage Act of 1873 officially replaced silver with gold as the standard for the United States currency. The Gold Standard Act expanded upon what went into effect through the Coinage Act, twenty-seven years prior.

The yellow brick road in The Wonderful Wizard of Oz is representative of the new American currency standard, gold.

Dorothy’s silver slippers are representative a replaced currency standard, silver. Gold and silver are measured in ounces. Hence…Oz. The Wonderful Wizard of Oz.

in the movie, Dorothy’s slippers are red. Red slippers? Red has no meaning. The movie strays from Baum’s book. Dorothy’s red slippers…just do not fit here.

In Baum’s book Dorothy’s slippers are silver. Silver. With meaning.

The book – much moreso than the movie – represents Baum’s views. In 1900.

An ounce – I.e.: Oz – of silver. An ounce – I.e.: Oz – of gold.

Redevelopment Area: New Jersey

In a designated Redevelopment Area, a municipality’s goals could be focused upon transitioning now non-performing residential, commercial and industrial properties to vibrant community assets. The pursuit of which could take on a community-centric theme. Renovations. Repurposing properties. And reconstruction too. Each of these being potential goals pursuant to redeveloping non-performing properties in designated Redevelopment Areas.

Steps taken by a municipality in their progression towards neighborhood revitalization in Redevelopment Areas – progression, coupled to a redevelopment plan emanating from city hall – often starts off with a city council passing a resolution. Following the resolution, the planning board then might construct a Redevelopment map. With a Redevelopment map formulated – and upon notification to the public of a scheduled hearing – a planning board could then potentially adopt a Redevelopment resolution.

A Redevelopment resolution could recommend the establishment of a Redevelopment Area within a municipality. There is quite a bit more technical minutiae to this process, needless to say. Yet, in summarily-simplified terms, this is one we can thus arrive at the designation of a Redevelopment Area within a municipality.

Homesteading

Early on in American history, as settlers pushed westward across the country, land had been able to be conveyed to those early American settlers through the Homestead Act.

Provisions within the Homestead Act called for conveyed land to be transferred with one condition of land transfers being, for that land to be settled, resided upon and cultivated – I:e.: improved – by he who acquired the land.

Early American “developers” – I:e.: westward-pushing settlers – were instrumental in effectuating intent found within the Homestead Act.

Homesteading had been a federal policy in the United States through the mid-1970’s.

In 1976, when President Gerald Ford signed the Federal Land Policy and Management Act, homesteading – as a federal policy – ceased to exist. The Federal Land Policy and Management Act was (and is) applicable to public land in the United States which is managed by the Bureau of Land Management.