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August 2009 – week 1 Issue
Alpine: Chosen destination for luxury homes
Tools to calculate home prices
Tenafly residents embrace whole food
Surge in first time home buyers
Closter residents displeased with tax hikes
Alpine: Chosen destination for luxury homes
Alpine, one of the most expensive regions of Bergen County is now the chosen destination for many who are looking for luxury homes in swish neighborhoods. Even though the residential market for Alpine is one of the most expensive markets in the state, many prefer the neighborhood of Alpine for the good life it offers. One reason state residents is the prestige of sharing the space with the cream of the society. Few of its prestigious residents include Russell Simmons, Stevie Wonder, Henry Clay Frick II, Britney Spears and also Gioia Marconi Braga (Marconi Foundation). Other reasons why people prefer the neighborhood is for its upscale homes, privacy in neighborhoods and good connectivity and transportation facilities. Good education facilities through schools such as the Alpine Public School and other private schools also make it a chosen destination for many families with children.
Tools to calculate home prices
As the price of real estate continues to fluctuate across the county and across New Jersey, many home buyers continue to be unsure about what prices they must pay to buy homes in the current market conditions. In this regard, the state government and also various real estate agents have taken upon themselves the responsibility of providing update information to buyers. Few websites have also sprung up with new-age tools that help buyers calculate the right prices they can negotiate for a particular style of home in a particular neighborhood. For example, the New Jersey Association of Realtors (NJAR) Government Research Foundation (GRF) has developed an online database that compares wages of certain select occupations to the costs of owning or renting a home in the 21 counties. Known as ‘Paycheck to Paycheck’, this program is the first of its kind attempt by the state organization to utilize a model created by the ‘Center for housing policy’, a central body. This tool allows potential home buyers to examine their individual needs and thus zero down on properties based on the parameters that actually matter. As per the database, Alpine, a Bergen County town, proved to be the most expensive residential market with median home prices at $481,250.
Tenafly residents embrace whole food
Residents of Tenafly can now benefit from wholesome and healthy food which is now available at the newGreen Door Café. Food at the café promises to be organic, antibiotic free and often at times also locally farmed. The restaurant also specializes in offering food with no hormones added and has an entire range of free from to add to it. In the region of Bergen County, food experts state that the Green Door Café is the first restaurant of its kind to join the whole food movement. Restaurant owners add that they are simply trying to promote the way in which food must retain its natural taste, minus all the chemicals that usually go into it. With a good purpose in heart, the store however faces many challenges. Restaurant owners state that often customers insist that the restaurant prove to them that the food they are having is authentic. The chefs often show them the packaging of the food or take them into the kitchens where food is being prepared. Another challenge that the restaurant owners face is the limited supply of natural food supplies. Given the competitive market conditions, natural and untreated food is difficult to come by and the restaurant often has to call off some items from the menu when supply dwindles. Also because natural food is costlier, the food at the restaurant is also more expensive than other places. But for all those who wish to embrace the whole food movement, the restaurant at I Highwood Ave. is worth a try.
Surge in first time home buyers
As per real estate agents in the region, New Jersey is now seeing a sudden rise of first time home buyers. This comes up in light of the $8000 federal tax credit whereby buyers who have not owned a home for the past three years can claim funds. This tax credit, will allow purchasers to avail ten percent of the home’s purchase price, up to a value of $8000. Officials also add that the credit can be claimed either on a 2008 tax return or on a 2009 tax return. With the deadline for the home purchase being slated at November 30, 2009, potential home buyers are quickly trying to close the deals on good real estate properties. The process has also set off various bidding wars between potential buyers, an event that has stirred up the otherwise quiet real estate August market. For many potential home buyers who have been watching the market and waiting for prices to fall, this comes as a perfect opportunity to seal the deal. While the amount does not matter much to luxury home buyers where home prices run up to $250,000 and more, the funding surely motivates many buyers to finally sign the dotted line.
Closter residents displeased with tax hikes
Residents across many towns of Bergen County expressed their displeasure on receiving notices of hike in property taxes. Many people, such as the residents of Closter exclaimed that while their homes had one down in value, taxes had disproportionately hiked up. Many residents and small business owners criticized the government departments, stating that in few cases their taxes had gone up by 40% also. Officials however defended the tax budget stating that the process of budgeting follows different set of principles and that the municipal budget was thus justified. Officials also added that the budget had only a nominal increase this time, adding that the largest tax burdens come from school district, an expense that cannot be done without. Also as Closter residents fund the K8 district, supporting seven other towns, its financial burden also needs to be shared with seven other school districts. The mayor of Closter also added that if residents still felt that the taxes were unjustified, they must bring the matter up at the school board meetings. Residents were however still displeased with the tax system and assessors and expressed that they wanted quick relief.
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