The results of a comprehensive, independent study, has pointed to a direct correlation between increasing amenities providing for the unique needs of the Orthodox Jewish homebuyer and average sale prices of homes, TLS has found.

The study centered on sale prices of homes at the Enclave at the Fairways, a 55 and over community located at Cross Street and River Avenue in Lakewood, and the Fairways at Lake Ridge, another large neighboring senior community which has taken legal action against attempts by a local developer GDMS LLC that is planning to develop the Eagle Ridge Golf Club into The Parke.

The study, which analyzed private reported sales of more than 690 homes from 2015 through 2018 in both Enclave and Fairways, finds that on average, sale values of the Fairways cohort declined by 2.94% year over year, whereas sale values of the Enclave cohort increased by 9.69% year over year. The cumulative value appreciation of Enclave homes values compared to Fairways home values over the study period is a difference of 37.88%. While the study does not analyze who is buying the homes and thereby pinpoint the specific buyer demand for Enclave homes versus Fairways homes, the data indicates a vast disparity in the supply and demand dynamic in two similarly situated products.

According to a leading residential real estate agent who also specializes in senior communities, the disparity in year over year value appreciation between Enclave and Fairways is staggering.

Recently, Enclave has gone through the exercise of adapting to the needs of the Orthodox Jewish buyer. As recently as last week, the Orthodox Jewish residency of the Enclave celebrated a legal victory over the “forced” use of electronic entryways on Saturdays. The easing of this restriction on The Enclave’s Orthodox Jewish residents allows for better enjoyment of the property by the residents who appreciate being free to enter and leave the property as they wish, without being weighed down by their religious beliefs.

“These are the types of things that make Enclave much more marketable as a value proposition,” she explains. “Having a Shul next door, and being in walking distance to other younger religious communities is a real amenity for the ‘Frum’ buyer and is most definitely the reason that home values are on an upward trend in The Enclave. If The Parke is to be built as planned, it would definitely be a real draw to buyers and positively impact home values.” she continues.

This correlates with the trend of couples retiring and moving to Lakewood to be closer to their children.

The Fairways Homeowners association has been engaged in a controversial legal battle with Lakewood Township which seeks to limit the development rights of the neighboring Eagle Ridge Golf Course. The prevailing sentiment shared by the Board members of the Fairways and any residents is that allowing for development with Orthodox Jewish infrastructure, such as a Kosher market and Shuls on the Golf Course, would decrease property values, mainly because of the loss of picturesque views of the Golf Course.

However, the data in this recent report seems to indicate the value driver of senior communities in this area is directly correlated with access to Orthodox Jewish infrastructure and the proximity and walkability to younger neighborhoods. Other traditionally noted property demand drivers such as traffic patterns, building density, management reliability, and aesthetic characteristics seem to play little to no part in the projection of future sale values for this specific product.

This study comes just ahead of the second hearing at the Planning board. Approximately 70 residents of over 2000 Fairways residents attended the meeting. More public dialogue is expected at the next meeting.