Bergen County Real Estate News : February 2008 – week 1

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

Housing on a low in Jew Jersey
Retirement to mean a new life in Bergen County
Bergen County likely to get UEZs
Free shuttle service for Cliffside Park
Bedbugs bug homes in Bergen County

Housing on a low in Jew Jersey

Statistics reveal that sales of commercial properties throughout New Jersey have dropped, with the comedown being more dramatic in the north central region. In the fourth quarter, sales of all kinds of real estate properties were seen to go down by 75% as compared to the same quarter in the previous year. Employment rates in Bergen County and the neighborhood have also grown at a slow pace and were reported to be at 0.3% in Bergen, Hudson and Passaic counties put together. As a result of this, many commercial and housing deals are falling apart with many developers doubtful on whether to invest time and money in the slow housing market. The number of people buying second homes has also considerably gone down, owing to the hike in taxes. With the date for paying taxes at April 15, 2008, many residents of Bergen County are investing effort and time on tax relief measures.

Retirement to mean a new life in Bergen County

Changing trends in Bergen County and the neighborhood reveal that older baby boomers, who are over sixty, may not plan to retire as yet. In older times, most of the people in that age group tended to retire as soon as they could collect benefits. However statistics by the AARP reveal that 80% of the people plan to work beyond the age of 62. As over 15 million American citizens will turn 62 in 2008, experts humorously predict the happening of a ‘silver tsunami’ whereby many of the elderly will be seen continuing their jobs. Hybrid retirements whereby these citizens will balance between work and leisure will probably emerge as the new way of life. Few such people have started out on entirely new kinds of jobs and are enjoying it. The main reason for this lifestyle is probably the mindset of the generation to be eternally middle aged and to continue to stay useful in society. Besides this, there is a large segment of people who say that retiring would put them in a financially difficult situation and could make them outlive their savings. As per a research by MetLife Mature market institute, 32% of the above 60 segment plan to continue working till they turn 66.

Bergen County likely to get UEZs

Urban enterprise zones or UEZs may fast become a reality if a new bill sees the reality of the day. Spokespersons stated that Bergen County does not have any UEZs so far, and this proposal may prove beneficial to the region. This bill, if it is accepted, will create five new zones in the regions of Garfield, Cliffside Park and Fairview, among other regions. These zones would charge lower sales tax which would be applicable to goods sold in the zone or on businesses that are based in the zone. While the bill sounds promising, many are still pessimistic about whether the bill would be approved or not. For one reason, passing the bill could put greater strain on the fiscal issues that already affect the state of New Jersey. Many experts even added that passing the bill, would mean playing favorite to the localities in and around the UEZs. Added to this is the declining reputation of New Jersey as a business district. The region was ranked 47th by Montvale based magazine, Chief executive, for the year 2008. This was a drop from last years 46th position.

Free shuttle service for Cliffside Park

Residents of Cliffside Park can now benefit from the new shuttle service that has begun since February 4, 2008. This service can be utilized by all residents of the region, provided they are able to produce proof of residency in the region. The new route introduced by the Fort Lee parking authority borough of Cliffside Park will offer free shuttle service both in the mornings and evenings. The schedule of the shuttle service comprises of stops at the municipal lot, Angioletti colony, Riverdale and Forest road. Details of the ferry service can be availed from the authorities or from the website of the Cliffside Park borough.

Bedbugs bug homes in Bergen County

Bedbugs are reportedly becoming a growing cause of concern for many residents of Bergen County towns and the neighborhood. As per statistics, these bugs, which were rare in previous days today, top the list of pests, even over mice and cockroaches. The reason for their thriving population is that bed bugs spread easily from person to person and can come from any location like a movie theater or a store. These bugs spread at much faster rates in apartment buildings, often infecting an entire building. Another major reason why bugs spread quickly is that often residents find the problem embarrassing, and do not want their neighbors to know. Also these are difficult to detect, often hiding under the mattresses or in drawers. Finally cleaning a home to rid it of bugs is difficult as everything has to be pulled apart to detect and eradicate them. Many pest control companies warn residents that they take special care to ensure that their homes are not infected by bugs. Cleanliness and periodic checking followed by thorough vacuuming are a few means that residents can adopt to keep the bedbug population at a low.

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