Bergen County Real Estate News: August 2005

Bergen County News

Bergen county news with an emphasis on aspects affecting real estate, residency and community issues.

Plan for Low-Cost Housing Rejected

A proposal in Paterson that would have created 70 new low-cost rental units in the Colorfab building at 24½ Van Houten St. was rejected by the city council during the second week of August 2005. The low-cost property proposal would have included 35 two-bedroom apartments renting at approximately $850 per month and 35 three-bedroom apartments that would have been rented for $975 approximately. Soon after developers APS contractors and Troy outlined the plan, the council swiftly dismissed the proposal. The reason for the dismissal was that the council members were uneasy that the Paterson Housing Authority might have a hand in managing the development, and that it would add another tax-exempt property to the rolls. A member also felt that the developers were simply seeking tax breaks.

Getting Tough on Illegal Housing in New Jersey

With the increase in illegal dwellings, many town in North Jersey are now taking sterner measures to evict this kind of substandard housing. This is being done through tighter regulation of rental units and through stricter penalties on landlords who defy zoning laws and dodge taxes. It is believed that illegal housing exists in almost every municipality and works well for homeowners who can earn more money by converting attics and basements to rental apartments. The practice also works well for many renters who are either recent immigrants or are minors looking for cheap housing. However, local building officials show concern due to difficulty in enforcing the law and increased burden on municipality services.

Teaneck Considers Relaxing Rent Rules

The township council at Teaneck is now considering to relax rent rules. Under the proposed revisions that were put forth on 21 August, 2005, landlords will be able to charge whatever they please for vacant apartments. Also, the Rent Board would be abolished under proposed revisions of the town rent control ordinance. A public hearing on the ordinance is scheduled for Sept. 20, 2005. It is felt that the new rules are a compromise that will give higher rent increases to landlords higher while maintaining protections for tenants. Many support vacancy decontrol, especially in times when landlords have argued that rising insurance, fuel and utilities costs combined with limited rent increases continue to have a negative impact on profits, making them unable to maintain and invest in their properties.

Affordable Estate in Alpine

An arena of wealthy housing, Alpine will soon have another majestic 12,000-square-foot home in the celebrity-laden borough. But unlike the others, this one will be priced average and is set to provide affordable housing. Being set up to satisfy the state mandate for affordable housing, this construction will look like just another attractive mansion. It will be the borough’s only apartment building and will have garages and entrances that blend into the design on three sides of the structure. The structure will also have a wall of windows and interesting architectural details. It will have one, two and three bedroom apartments. A thicket of trees and a 200-foot setback will obscure it from view. (118 words)

House Values May Fall Anytime

The National Association of Realtors reported a 20% rise in home prices in the year 2004. while nationally the rise was noted at 13.6%, economist Alan Greenspan cautions that for those figuring that home values will continue to rise, it may not happen so in the years to come. In a message addressing policymakers he stressed that bloated trade and budget deficits threaten the long-term health of the US economy. He said that over the past years, low interest rates have powered the booming housing market. Home sales hit record highs four years in a row, and house prices continue to rise. He cautioned that if house prices were to fall suddenly or if interest rates were to rise rapidly, some local housing markets, homeowners and lenders could get seriously affected.

Find out more about Bergen County homes available for sale. Anat Eisenberg can help you find your dream real estate property. Anat is no ordinary real estate agent. In short, she is professional, honest and dedicated. Call: 201-750-6232 or email here.