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RussianBergen county news with an emphasis on aspects affecting real estate, residency and community issues.
Bergen County Home Prices Falling Down
Bergen County Housing Authority Renews Contract
Home sales rise in the Northeast for February
Housing Officials Face Charges of Bribe
Wood-Ridge, Bergen County Proposed the Municipal Budget
Bergen County Home Prices Falling Down
Bergen County has some good news for all those who are planning to buy a house in Bergen County: Home prices have gone down and are slated to fall down further over the coming months. This means that home sales this spring may bring in excellent offers for home buyers as compared to the year 2006.
When the real estate market was on its high roll, prices in Bergen County had gone up at a great pace. Many buyers had jumped into the real estate market and had purchased houses without seeing them, such was the craze. However by the end of 2005, the housing bubble which was expected to suddenly burst, had somehow stabilized.
After that high, homes stayed on in the market, and home sellers had no option but to cut down prices. Even today, the prices of homes are at a negotiably weak spot, the case being more so for luxury homes in Bergen County priced over $1 million. Prices may fall down further anytime and interested buyers can wait and watch the trend. The housing market has finally reached a healthy balance say many real estate experts. What had once become a sellers market, has stabilized into being a market suitable both for home buyers and home sellers in Bergen County.
Bergen County Housing Authority Renews Contract
Bergen County Housing Authority and Borst Landscape and Design, Allendale renewed the contract between for the years of 2007 and 2008. The two organizations have been associated with each other since 2005, and Borst handles the maintenance for few of the age-restricted housing properties of the BCHA.
Under the agreement, the firm takes care of mowing, pruning and cleanups at the properties. The apartment complexes where the organization offers its services include the Teterboro housing, David F Roche apartments in Dumont, Hasbrouck Heights Senior housing, Carucci Apartments at Lyndhurst and Boiling Springs at East Rutherford.
Home sales rise in the Northeast for February
As per recent reports, sales of houses in Northeast part of New Jersey have gone up. Statistics showcase that the sales of existing homes rose in February by large margins, probably the largest in the past three years. As per reports by the National Association of Realtors, in the last month, sales of houses were noted to rise by 3.9 percent, especially in the Northeast.
However large the figures seem, this rise in sales has occurred only because the prices of homes have fallen. Many people who have put their homes in the market for sale have reduced the selling price in a bid to sell quickly. In the month of February, a median home sold at prices 1.3% lesser than February 2006. Experts stated that this trend of a decline in sales prices may lure back buyers into the market.
While giving a positive feedback, real estate analysts also expressed concern on the stability and future of the housing market. This has been the largest increase since March 2004, and figures indicated that sales rose by 14.2 percent in the Northeast, while sales were lesser in other regions being at 3.9 percent in the Midwest and 1.6 percent in the South. House sales did not change much in the Western region. Experts stated that these changes mainly were noted due to reluctance in Western areas to cut down prices.
Housing Officials Face Charges of Bribe
A few housing officials in the counties of Paterson and Passaic were found guilty on charges of bribery. Some of these former and current housing officials were taken into custody by federal agents when a local property manager brought out the case into the open.
The local property manager had secretly cooperated with the federal agents and the proof accumulated exposed fourteen such employees on charges of taking bribes from as low as $50 to as high as $3000. Details also showcased that a few of the accused have taken thousands of dollars in the form of bribes over the years. Among the officials who have been charged with the crime are city building inspectors, employees of the Paterson Housing Authority, employees of the Passaic valley water commission and also inspectors in the Paterson Environmental health department.
Detailed investigation showed that corruption is quite deep rooted within the housing division and that the fact is common knowledge. People offer thousands as bribes to get their way in code violations, and for some officials it has been difficult to refuse the good money. This is especially the case for that segment of workers who work a lot but do not get sufficient wages. Records showcased that in the year 2006, housing inspectors undertook 4,539 inspections, and over 3,000 zoning inspections. With a staff of just six housing inspectors and a zoning inspector and all being overworked no one had the time to audit the reports.
This investigation has brought out into the open one of the ugly aspects of renting and buying homes in New Jersey. Homeowners and purchases of new homes need to be wary of such people and apply through trusted agents only. A news conference would soon be called to discuss about the arrests and preventive action to be taken in the future.
Wood-Ridge, Bergen County Proposed the Municipal Budget
The borough council of Wood-Ridge, Bergen County put forth its municipal budget for 2007. This budget proposes for a spending plan of $11,062 million for the year. These figures for 2007 demonstrate an approximate increase of approximately $45000 as compared to the last year. As per the new budget, the municipal tax levied would be $8.8 million.
For many the new budget may not bring in serious changes, but a house assessed at the borough’s average of $230,000 would face tax hikes worth $200. While much of the rises in the budget are slated to pay two retired police men, and $75,000 has been earmarked for tax appeals, the borough is quite positive that state aid can be taken to offset high amounts.
In this regard, the borough has applied for extraordinary state aid worth $500,000. A similar sum had been allotted to the borough the last year and if the state receives it this year too, it would lessen the burden on residents of Wood-ridge. Borough officials reassured residents that expenses have been kept to the lowest possible figures. A public hearing of the proposal is scheduled to be conducted on May 15th, 2007 at the Borough hall.
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