Bergen County Real Estate News > August 2008 – week 2

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

August 2008 – Week 2 Issue

Home buying time in Bergen County
Luxury homes in Alpine, Bergen County
Alpine, home to luxury housing
Cab fares may go up
Drinking water concerns Bergen residents

Home buying time in Bergen County

News reports now indicate that this may be the right time to buy a home in Bergen County or the neighborhood. Statistics by the National Association of Realtors revealed that home prices in the neighborhood of North Jersey have gone down. Prices dropped by 10.8% in the second quarter of 2008 as compared to the same period last year. In Bergen County for instance, median sale prices were reported at $498,500 in 2007. In the second quarter of 2008, home sale prices were noted at $450,000. This is a 7.2% decrease over a year as per the New Jersey multiple listing service. However along with sale prices, number of home sales has also gone down. In the region of Bergen County itself, number of home sales fell by 28% to 1856 in the second quarter of this year. The main reason for this is noted to be the high standards of lenders who are making it difficult for potential buyers to qualify for mortgages. Also many home buyers are waiting for rates to fall further. Given the low prices of homes in the second quarter and decent mortgage rates of 6.5%, many realtors are of the opinion that this is the ideal time to buy a home.

Luxury homes in Alpine, Bergen County

While the housing market has reported a slowdown, luxury housing continues to flourish across the county. New housing options are being planned and old homes are being renovated to make them ultramodern. European style country manors are in high demand, and many distinguished clients are asking for these and such grand projects. An example of the housing project you can find on Frick estate – a part of the Alpine homes. Stretching over 60 acres, this area will now house some of the grandest homes in the region. The first house under construction in this region is slated to stretch over five acres and will cost approximately $40 million. The original Frick house on the property will undergo renovations and will cost approximately $49 million. Other houses that come up are expected to be equally prestigious and costs for those are expected to range at approximately $2 million per acre of land. Luxury housing market continues to have houses over 7 to 8 acres of land. Amenities such as ballrooms are an accepted part of many such houses. Besides this, bi-levels and split level housing are also not an uncommon sight.

Alpine, home to luxury housing

Alpine is home to the richest and most extravagant homes of Bergen County. Those interested in purchasing a large stately luxury home, in a grand neighborhood will definitely find their dream home in this region. This borough has less number of businesses and more of stately homes that are spread over large acres of land. The only businesses present in the region are a post office, couple of as stations and real estate offices. Real estate experts state that the area is a great place to buy a home in, given the low taxes, high demand for housing and no chaos caused by presence of industries. To top it all, the region also offers agood schooling system and only a 15 mile drive to Manhattan. At the rate of $3.4 million, which is the median value of a home here, this region, offers a starry neighborhood full of celebrities such as Chris Rock and P Diddy. The main areas of Alpine include Rio Vista, known for its large and expensive manors that range at $15 million and higher. Timberline is another prestigious neighborhood where homes are not as expensive but can range around the $11 million mark. Glen Goin is a more affordable neighborhood as compared to Timberline and Rio Vista and homes here are at $4 million and more. The rest of Alpine is known as Old Alpine and homes here can cost anywhere from $1 million for small and old homes. While the housing market has slowed down, luxury housing continues to flourish. Thus homes in Old Alpine too are being renovated and sold at premium prices.

Cab fares may go up

In lieu of higher fuel prices, many cab drivers in Bergen County and the neighborhood are asking for a hike in cab rates. In this regard, cab drivers of Englewood will now add $.50 to $1.50 to their current fares. However the Englewood city council stated that these hikes would be reviewed when the prices of gas go down. It has been six months since fare hikes, and prices of fuel have further gone up, reducing margins of profit much further. Fares of cabs in some places like Paterson has not changed in 8 years. Cab drivers in the region protest that with rising fuel costs and high insurance, there is very low margin to make a profit. Fare hikes and rates for metered cabs are usually decided and regulated by the local governments. As many boroughs have not given the green signal for price hikes, independent cab drivers and cab ownership companies are utilizing their own means for cost saving. These include cutting down on a/c usage for long trips, not driving around for fares, slow driving etc. Some companies have even stopped replacing cars of their fleet.

Drinking water concerns Bergen residents

Concerns about the safety of drinking water in many regions of Bergen County are now affecting the officials. Underground fuel tanks that were once laid to store diesel fuel for emergency situations like nuclear wars, are now posing a new treat. The tanks are made of steel, a material that can rust over time and cause leakages into drinking water sources. The Federal Emergency Management Agency has known since the 1990s that pollutants could be leaking into soil and round water. Presence of diesel leakages in drinking water can cause cancer, kidney damage and also disorders of the nervous system. While there is no documentation so far concerning the same, FEMA knows of 150 tanks that need to be checked for leaks. As per officials of the Environment Data Resources Inc., steel tanks tend to rust and leak over time. Officials also add that underground fuel tanks must have safety measures such as leak detection and extra cover protection.

Buy a Home in Bergen County

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• When Selling a Home

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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: 201-341-4765 or email here