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Bergen county news with an emphasis on aspects affecting real estate, residency and community issues.
Bergen County Real Estate – Rising Property Values to Limit Tax Increases
Home and Property Buyers to Use Virtual Tours before Transaction
Bergen County Lifestyle – New Parks, Historical Sites and Wildlife preservation
Bergen County Real Estate Development – Affordable Housing
Bergen County Real Estate – The housing market cools down
Bergen County Real Estate – Rising Property Values to Limit Tax Increase
Bergen County property’s rising value and construction will help limit tax increases according to the new Bergen County budget. Bergen County’s $409 million budget was finally unveiled on Wednesday, January 18, 2006. The budget includes a $272 million tax levy, which is a rise of 5% or $13 million from last year. While the actual tax raise will vary from town to town, on an average the increase will tack on approximately $14 in property taxes for a Bergen County average home, assessed at $337,000. However as the figure varies in different Bergen County towns, some may end up paying more while others will pay less this year. As per estimates by Bergen County officials, the ratable base will increase by $3.5 billion this year to become $140 billion. Officials state that figures are adding up mainly due to plenty of real estate construction in the northern part of Bergen County and due to revaluation of several Bergen County towns.
Home and Property Buyers to Use Virtual Tours before Transaction
Nowadays, many real estate and property prospective buyers first research for a home for sale on the Internet before actually visiting the Real Estate Agent. Virtual tours are fast catching on, as prospective buyers and sellers of new properties look for shortcuts to make the transaction. Many companies are enlisting the help of firms like VisualTour. This company helps realtors create online walkthroughs of their listed properties. It is headquartered at Coral Springs, Florida, and has been in the business of creating software and Internet back-end services for some 15 years now. Now, with the housing boom that has stayed over the past few years, clients of VisualTour have increased too. Today they total more than 50,000 agents and company customers worldwide. Its Real Estate Agent clients state that the training and support provided by the company is good and the staff is extremely professional and helpful. Click here to watch Anat Eisenberg’s Virtual Tour of a Fort Lee Luxury Condominium.
Bergen County Lifestyle – New Parks, Historical Sites and Wildlife preservation
Bergen County towns will now spend $14 million together to upgrade residents lifestyle by bringing in more greenery. This would mean improving existing parks, creating new parks, preserving wildlife habitat and restoring historic sites. Of the various towns, Tenafly has received $30,000 in grant to help rehabilitate the Teddy Roosevelt monument. Of the entire amount of $14 million, $3.8 will be used to reclaim open space and $6.9 million will be used for creating 47 municipal recreation projects. However $3 million will go into preserving farmland and $700,000 to rehabilitate historic sites. Largest allotments of $3 million each have gone to Overpeck Landfill and preservation of Kohout, Deepdale and Mahrapo farms in Mahwah. Click here to read more about Historical sites and preservation in Tenafly.
Bergen County Real Estate Development – Affordable Housing
Bergen County’s Cliffside Park will soon see a nine unit affordable housing condominium of nine apartments becoming a reality. The $2 million apartment complex will come up on Walker Street and aims to make the American dream of owning a home in Bergen County, a reality. The brick and stucco newly developed real estate property is expected to be completed by summer 2006. It will be three-storied and will comprise of two and three bedroom apartments. Prices for the new apartments will range at $170,000 and $190,000. Buyers must be first time homeowners and must meet federal eligibility guidelines that require their income to be 50% to 80% of the county median. United Way and Interchange Bank are financing the project. Also theFederal Home Loan Bank and the Bergen County Community Development Agency have rendered grants of $180,000 and $330,000 respectively.
Bergen County Real Estate – The housing market cools down
After a five-year boom in the Real Estate industry in Bergen County, the bubble seems to be slowly deflating. As per reports by the National Association of Realtors that came in on Wednesday, January 25, 2006, sales of existing homes fell by 5.7% in December 2005, after climbing an all time high of 7.072 million units in 2005. This had been a remarkable rise of 4.2% from the year 2004. As per Moody’s economy.com also, the housing market boomed till summer, and has been falling ever since then. Analysts forecast that in 2006 sales of both existing and new homes may fall further by as much as ten percent. This can be attributed to the rising rates of mortgage and resistance of buyers to current Real Estate price levels. Click here for recent news regarding the rising mortgage rates and Real Estate sales.
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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: 201-750-6232 or email here.