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Housing trends in Bergen County
Affordable housing in Alpine comes luxury style
Idling trains cause restlessness in Teaneck residents
Luxury housing in Bergen County strong
New Jersey population growth slows down
Housing trends in Bergen County
Housing trends in the various towns of Bergen County reveal that many home sellers are now cutting down prices so that their properties on the market sell quickly. Many of such sellers revealed that they had to cut home prices again and again, to such levels where the profit margins were dismally less. However they added that they had no other option as if they did not sell, taxes and loan interest would add on to make the property more of a white elephant. Market trends from the boom time of 2004 and 2005 have changed radically and home sellers are quite depressed with the current state of affairs. As per the National Association of Home Builders, which measured the confidence of builders since the mid 1980s, levels are recorded at the lowest this year. Also the winter season which records lowest home sales usually (as compared to the rest of the year) has further brought down builders morale who are thinking twice before embarking on new housing projects. Even top names like Hovnanian Enterprises, reported a quarterly loss worth approximately $450 million. Along with slowing down construction activities, many builders are even selling off properties or are embarking on low cost housing and new marketing strategies.
Affordable housing in Alpine comes luxury style
The typically luxurious homes of Alpine are now being constructed, but for a new purpose. Affordable housing needs would be met through the new affordable housing complex that has come up along Route 9W, but is well secluded with the presence of trees. The entire housing complex stretches over 12,000 square feet of area and resembles Alpine’s luxury housing structures. This building has one, two and three bedroom housing and as per the Housing Authority of Bergen County, rents for these range from $400 for one bedroom, $500 for two bedroom to $1500 for three bedroom units. The neighborhood is pleasant and comprises of tennis courts and also the Alpine Swim and Racquet club. Approximately eight tenants have been chosen from a list of 260 eligible names for the affordable housing. Pets are not allowed. However, the chosen tenants were quite excited and exclaimed that getting the housing was like winning a lottery for a wonderful place to live. Construction of the housing was possible through a $2million interest free loan received by the Alpine borough from the Neighborhood Preservation Balanced Housing Program.
Idling trains cause restlessness in Teaneck residents
In new efforts to save fuel and avoid nuisance, the borough of Teaneck is studying and implementing means to reduce the number of freight trains that idle inside Teaneck’s borders. This move has come up after many years, when many residents complained that the idling trains added unwanted pollution fumes and noise to their neighborhood. Few also expressed concern of potential terrorist attacks due to idling CSX trains in the locality. However officials with CSX reported that idling is necessary as trains have to wait for the space at their destinations or for staff changes. It was also expressed that Teaneck is a good locality for idling trains as the waiting area does not cause traffic jams and inconvenience to regular travelers in the region. The borough has however decided to install measures like handing out tickets to train operators, a method which proved successful to reduce the nuisance in Bogota. Installation of surveillance cameras and seriously pursuing the matter with the North Jersey Transportation Planning Authority are other measures that have been chalked out. In the meanwhile, CSX officials have added the comforting thought that they would look into ways and means for reducing fumes and noise that emanate from their trains.
Luxury housing in Bergen County strong
While the real estate market in Bergen County is slowing down, with sellers not very enthusiastic about its current state of being, luxury housing is still selling, report many experts. For example, in regions like Alpine, where home buyers look out for a good community, congenial neighborhood and top of the line location, luxury homes continue to sell, despite the housing slump. Many do not consider home pricing as a highly important attribute and are willing to pay extra just for a good locality. As per Dennis McCormack, president of Prominent Properties Sotheby’s, the market for luxury housing continues to be strong through Bergen County. Also the supply of homes is in a balanced ratio with the sales of such homes. Besides luxury housing, ultra luxury housing priced at $10 million and above is also selling reasonably well in the right regions and neighborhoods. The main reason for this could be that luxury and ultra luxury accommodations are constructed in a regulated manner and have an ever-present clientele that is not money conscious.
New Jersey population growth slows down
Statistics on population growth have revealed that over the 2006-2007 year span, population has barely grown in Bergen County and the neighborhood of New Jersey. While New Jersey continues to be at the 11th position for the largest state, other states are growing at much faster paces. Many experts expressed concern that the slowed growth may lead to a reduction in federal aid. Many also expressed doubt that this slow growth may also lead to New Jersey losing one of its seats in the US House of Representatives. The slow growth of population reported at 0.2% and losing out on its position as one of the top ten states in 2006, has caused concern among many officials in New Jersey. In response to this, it is expected that New Jersey officials will take the ten year count into consideration before starting out on any campaign.
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