Bergen County Real Estate News: January 2006 – Week 2

Bergen County Real Estate News

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

Bergen County Real Estate and National Economy: New Homes for Sales

In Bergen County and elsewhere new and existing luxury homes sales will continue to set new records. Later during the coming year, however, home Sales are forecast to fall by up to six percent. Market trends indicate that builders are now rushing to complete homes in affluent Bergen County and other areas and sell them before mortgage rates rise further. While rates on 30-year mortgages have dipped a little to 6.26% in December, these are still one percent higher than the four decade low of 5.21% noted in mid-2003. The National Association of Realtors also stated that home prices are becoming dearer as the affordability index touched its lowest level in 14 years.

Bergen County Real Estate Development: Affluent Housing complex comes up

Bergen County’s East Rutherford region will soon see the development of a new public safety complex. This new real estate development comes up as Bergen County’s East Rutherford borough council approves the proposal put forth by Arilex Realty, a local developer. The complex will comprise of up to 142 residential market-rate units and will come up on the 50,000 square feet stretch of an abandoned industrial site that was formerly operated by the Sequa Corp. Market rate affluent town homes for sale will come up in three-storey structures. 40 affordable housing units will also be present. Along with residential parking, 100 parking spaces will also be created for the municipal complex. The property has cost over $8 million and will take almost a year for completion.

Closter Real Estate Assessed

The total value of Closter’s real estate has been now raised by approximately 107 percent over 2005 values by the Appraisal Systems Inc. This would make the year’s average valuation of house in Bergen County’s Closter at $371,000 rise to $769,000 next year in 2006. Due to an approximate shift of 1.7 percentage points in the proportion of the total valuation from commercial to residential properties in Closter, Bergen County, an increase of $200 in property taxes can be expected by luxury homeowners due to the revaluation.

Buying a Home Together in Bergen County – a Sign of Commitment

Buy a home in Bergen County and show each other you really mean it. Diamond rings are passe, as couples take more practical decisions in today’s times. Buying a home together has become the new sign of commitment for many unmarried couples who want to take their relationship to the next level. Statistics by the US census show that the number of unmarried couples living together has risen by 72% from 1990 to 2000. But the issue of whether this is a good decision or not still remains, in Bergen County and elsewhere. This is so because there are plenty of federal laws to protect married couples with ownership while for the unmarried ones need to draw their own rules of engagement. The current tenancy agreement calls for details about who paid the downpayment, who pays the monthly mortgage and who benefits if the relationship ends.

Community and Construction in Englewood, Bergen County

All construction or redevelopment projects in Englewood, Bergen County, that receive city funds or tax abatements will now be governed by a new affirmative action ordinance. As per a unanimous decision by the city council contractors submitting bids must designate what percentage of the project’s worker will be blacks, Hispanics or from other excluded groups. This has been put in place to help low-income, minority and women workers gain access to careers in construction. If an Englewood real estate developer is unable to provide even 20% of such people in his group, he or she must explain the efforts made to meet the goal.

A Luxury Home in Bergen County is what you had in Mind? You’ll Need an Expert Real Estate Report

Prior to investing in your next Home in Bergen County, take a look at this FREE must-read Real Estate Report by Anat Eisenberg. The report includes:

• 14 Questions to ask a Realtor
• 5 Powerful Buying Strategies
• 9 Deadly Mistakes Homesellers Make
• Additional Reports
• How To Get Top Dollar In Any Market
• Making the Move Easy on the Kids
• Six Ways To Beat The Stress Of Buying A Home
• Some Different Reasons to Own Your Own Home
• Things You Should Know about Moving
• When Selling a Home

Get Your Free Inclusive Real Estate Report

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.