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February 2009 – week 1 Issue
New Yorkers look at Bergen County
Bergen County celebrates its diverse art forms
Bergen County home prices fall
Run down industrial spaces converted to residentials
Options for home seekers
New Yorkers look at Bergen County
Statistics now reveal that many residents of New York are finding Alpine, Tenafly and the neighboring towns of Bergen County as an ideal location to relocate. The main reason for this has been a rise in New York’s taxes. Statistics also reveal that many want to raise their children in less urban regions and hence find Bergen County an ideal location. Studies revealed that people are also seeking better education facilities, which Bergen County provides through its excellent schools. The prices of homes are also a factor. Similar condominiums in New York and Bergen County often have a price difference of approximately $300,000. As per the New Jersey Multiple Listings Service approximately 6.9% of single family homes in Bergen County were purchased by people from New York. Sales of 5% condominiums and town houses were made to New Yorkers too.
Bergen County celebrates its diverse art forms
Bergen County is not only home to its residents of various cultures but also to the varied forms of arts. These are thus celebrated events when residents from the diverse Bergen County towns come together to celebrate music and dance in the region. One such upcoming event is the cross-cultural music concert. Set for February 14, 2009, this event will be conducted at the Bergen Community College. It will bring together jazz, folk and pop music from well known artists. Tickets priced at $10 for adults and $8 for children can be availed at the venue. Music lovers in Bergen County can also attend the winter music concert scheduled for February 9, 2009. Organized by the Bergen County Academies, this event will be conducted at its auditorium in Hackensack. Another event that celebrates both art and Bergen County is the upcoming art exhibition by local artist Maryanne Montone Tursi. Being a lifelong resident of Bergen County, her paintings reflect the beauty of the region. The exhibition will be on display through February and March and can be viewed at the Glen Rock Library and at Crooked Halo Gallery.
Bergen County home prices fall
The housing market is fast emerging as a buyer’s market, as home prices continue to decline in various places. In the New York metropolitan region and in North Jersey home prices were note to go down by 8.6% in November 2008 as compared to November 2007. The real estate market for Bergen County showed a decline in single family home prices by 7.8% in November 2008 as compared to the same month in the previous year. The New Jersey Multiple Listing Service indicated median home prices of $470,000. These statistics released by the Standard & Poor’s Case-Shiller index also indicated that the regional housing market is less stressed as compared to the national housing market where the decline was at 18.2%. In areas like Las Vegas, San Francisco and Phoenix, the housing decline was more noticeable when prices fell by as much as 30%. While the housing market is low, sales are slow too and the region of Bergen County reported a 16% drop in sales for Bergen County. In Fort Lee too, prices were seen to drop by 20% from its peak. Experts state that this is because buyers are cautious about the changing economy, unstable markets and foreclosures that continue to drag down the market.
Run down industrial spaces converted to residentials
Despite the real estate slump, constructions are on and many new residential complexes are coming up. These residentials are usually replacing old factories and warehouses that have long been eyesores in Bergen County and the neighborhood. Despite the low sales and slow real estate, these conversions continue to be attractive for many reasons, say developers. One main reason is stated to be the affordability that comes from such conversions. Home buyers can thus avail of highly modern apartments for much lesser costs. Another reason is the provision of interesting architecture. Conversion of old spaces often gives architects creative outlets that further lead to creation of creative homes. All this is provided in a real well established neighborhood. Few examples of such conversions include the Cracker factory in Trenton, Canco Lofts in Jersey City and Dixon mills in Jersey City. The occupants in these complexes are a mix of young families, and young couples having children.
The changing economy has become a vital reason for many potential home buyers not to invest. Different people living in different parts of Bergen County and those planning to buy a home in Bergen County have thus adopted diverse strategies to save money or pay off their existing debts. Some continue to live on rent till they get the apartment and the deal that is ideal. Statistics reveal that the market for rentals for age group 24 to 30 has gone up as home buying becomes trickier. Also rents have gone down, and there is an average rent decrease of 0.4% from October to December in 2008. In areas like Fort Lee where the market has more of rented apartments, garden apartments continue to be rented at approximately $1100 while new buildings get up till $3000 per apartment. However, those who still find the rents steep prefer to live with their parents to save money for home ownership. Economists from organizations like the National Multi Housing Council add that while the recession has its negative side, it is also working in a positive manner and motivating people to live with parents and family. Besides renting and moving back with family, there is also a segment of people keeping a close eye on the current market and sealing their deal on suitable properties.
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