Bergen County Real Estate News : January 2008 – week 2

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

Rutherford, Bergen County land development
Bergen County residents work for the National Radon Action Month
Foreclosures not bad news for all in Bergen County
Shooting ranges in Bergen County affected by real estate
Meadowlands housing project faces more trouble

Rutherford, Bergen County land development

New development is expected in Rutherford, Bergen County, after NAI James E Hanson completed the sale of their 50,000 sq ft building in the region. This building located on 290 Veterans Boulevard was sold to Zaremba Land Development LLC. The region of the building is an active industrial area and is well connected. The area can be easily accessed through Routes 17 and 3 and also the New Jersey Turnpike. Zaremba plans to redevelop the property in a new fashion for one of its clients, however detailed plans have not yet been revealed from the company.

Bergen County residents work for the National Radon Action Month

The National Radon Action Month is on and the county is in the process of distributing free radon test kits to residents of Bergen County towns. Twenty of these free kits are being distributed on a first cum first served basis, after which $20 would be charged for each kit taken. As per officials, radon is a growing cause of concern and all homes need to be tested to eliminate the possibility of this chemical being present. This radioactive chemical is usually present in the form of a tasteless, odorless gas that can neither be seen nor smelt. However its presence in small quantities, trapped in homes, is also enough to cause lung cancer. Officials also promoted the importance of radon-resistant construction practices to be put in place. More information on testing kits, radon and radon free construction practices can be availed from Bergen County’s Department of Health Services Environmental program from 201-634-2803.

Foreclosures not bad news for all in Bergen County

The Bergen County real estate market is facing a downturn and the number of foreclosures is seen to be increasing nationwide. One such case is that of EnCap which faces the threat by Wachovia, a group of banks. Statistics by RealtyTrac, a foreclosure data provider revealed that in the last year foreclosure filings rose 115% in August 2007 as compared to the same time last year. Also statistics from July 2007 to August 2007, noted a rise of 36%. However given the scenario, not all real estate agents are doing poorly. There are some who have turned the tide to their favor. This includes names that specialize in foreclosure real estate properties. Many such realtors and brokers who are well experienced in handling REO properties are in fact benefiting from the scenario. The arena is paper intensive, but has turned efforts into profits for many specialists.

Shooting ranges in Bergen County affected by real estate

Shooting ranges, which offer ground for practice for police officers in Bergen County, have become an issue of concern for many residents. Initially, these shooting ranges used to be situated on the outskirts of towns, far away from residential areas. However as the prices of land and real estate becomes more and more dear, many residential areas are cropping up around these shooting areas. In fact in certain cases, developers are paying high prices to acquire these shooting ranges for housing construction purposes. Many residents take up these housing options, with little knowledge about the shooting ranges. As a result, these ranges pose to be a nuisance value to many, affecting quality of life and posing a threat to safety and environment. In regions where housing constructions have come up on previous shooting ranges, the threat of soil pollution continues to be present. In Demarest for example, officers practiced in a garage in Alpine, till complaints of noise from the neighbors stopped them. Not only does this affect residents, many police officers are also suffering the brunt of rising real estate prices. For example, in some regions like Cliffside Park, with the land value growing up, the township sold off its outdoor range, with the result that police officers have to travel to Paterson or Paramus, both approximately fifteen miles away, for practice. A few officers suggest that the best solution would be to create a mobile shooting range that is both bulletproof and sound proof. It is also suggested that different Bergen County towns could come together to pool resources for such a unit.

Meadowlands housing project faces more trouble

The $1 billion project of Meadowlands which promised to bring in good housing options on the landfills, now faces a new threat: foreclosure. This threat came up after Wachovia, a leading group of banks, claimed that the property be sold off to pay up the unpaid interest and loans. As per the bank, this amounts up to $149 million approximately. Clean up is however on in the region despite the notice as EnCap (which backs the project) promised the government. However currently operations have been taken up by the Trump organization with Trump being paid a sum of $15 million to give his name and expertise to the plan. As per initial plans, the 785 acre property would have housed golf links and thousands of homes. The golf course was due to be completed in a couple of years, with the housing and other development slated for completion in three years time. However being based on landfills, the project faces many environmental issues and needs to be cleaned up. Added to this are various financial and political situations the project has faced till date. The final straw with Wachovia has been the weak real estate market, a situation that would not give many returns even if plots are sold. Besides this, the state and Bergen County have also loaned over $300 million to EnCap for clean up and redevelopment.

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