English
Chinese
Korean
Hebrew
RussianBergen county news with an emphasis on aspects affecting real estate, residency and community issues.
January 2009 – week 3 Issue
Home sales through private auctions
Bergen County homes find way out through foreclosures
Economic crisis affects the middle class
Campaign for Tenafly residents
Food news in Fort Lee
Home sales through private auctions
With the changing scenario of the housing market, many homes are now also being sold in auctions. Besides foreclosed properties that are being sold at sheriff auctions, many home sellers are turning to private auction houses. As per statistics of 2008, approximately $16.5 billion worth of housing has been sold through private auction houses. This mainly included residential sales, a figure that is expected to grow leaps and bounds in 2009. This anticipation comes with the $700 billion bailout plan, which brings the Federal Government into the home loan business making it inherit various REO properties. This includes Real Estate Owned homes that are owned by banks when they are not sold at foreclosures. In sheriff auctions too, most homes are purchased by professional investors due to issues of unpaid tax etc. many homes continue to remain unsold at sheriff auctions. With the influx of such homes, many are expecting private auction homes to enter the scene in a big way. While auctions may get potential home buyers good homes at less-than-expected prices, buyers need to be wary and informed too. While potential buyers will have chances to inspect the home, they usually do not have the option to get out of a deal once they have accepted the bid. Bidders also need to be extra careful while ascertaining home values before placing their bids.
Bergen County homes find way out through foreclosures
Statistics on housing revealed that the number of properties that faced foreclosures in 2008 were at an alarming double as compared to 2007. 62,000 properties of New Jersey faced foreclosure filing, which marked a rise in foreclosures by 180% in Bergen and Passaic counties. Through the nation also, the picture was bleak as 2.3 million properties were seen to be in some state of foreclosure in 2008. Home values were also noted to be coming down, and many families were noted to face the distress of a slow housing market. While Bergen County is faring better than others it had its share of foreclosures too and foreclosure filings in 2008 were reported to be approximately 3900. Foreclosure filings covers the number of cases from tendering a lender’s legal notice to borrower and a sheriff’s sale of property. While there are many foreclosure filings, good news is that many homeowners are able to come out of the sad situation. Plenty of assistance has been made available through mediation programs, loans to distressed home owners and also citizen action groups.
Economic crisis affects the middle class
While the rich upper class has not been much affected with the housing crisis and luxury homes continue to sell in that segment, people most affected are seen to belong to the middle class. This segment is seen to be the worst hit and statistics reveal that most of these families now live on economic margins. Charity organizations like the Center for Food Action in Englewood and Bergen County’s United Way report that many middle class clients who had once made donations are now coming to them for aid. Also while there were just 24 visits from five of Bergen’s wealthiest neighborhoods in 2007, today that figure has shot up to 130. In the region of Alpine, approximately 65 people were serviced by the Center for Food Action while 32 were serviced from Englewood. Few of these people have lost money in the real estate market, while many others have lost jobs due to the ongoing economic crisis.
Campaign for Tenafly residents
A public information campaign will soon begin in Tenafly to inform its residents about the different rail options available to them. Details of the diesel powered train and light rail will be provided to the residents to help them understand the benefits of both these options. Information will be made available on Tenafly’s website, through newsletters, local cable channels and also through community presentations. Officials state that both these forms of transport have its own benefits and disadvantages. Light rail can transport approximately 24,000 passengers as compared to diesel rail which can transport only 8000. However the diesel rail will cost much lesser at $620 million, than extending the Bergen light rail extension, costs of which are estimated to be around $800 million. A public meeting will be held at the end of the campaign and may comprise of NJ Transit officials and legislators on their panel. In the meantime a draft environmental impact statement examining the various plans is also being considered. Currently only one freight line runs through Tenafly and residents will greatly benefit with a mass transport service.
Residents of Fort Lee can look forth to enjoying food at the recently opened Greek restaurant, Santorini Taverna. Opened at the former location of the 2020 Restaurant and Bar, this place promises a diverse range in Greek food which includes gyros, moussaka, and pastichio among other food. Reservations can also be made in advance by calling up at 201-947-2055. Lovers of Greek food in Fort Lee would also benefit from the news that the restaurant group ‘It’s Greek to me’ has relocated. From a strip-mall storefront, this restaurant has shifted to a larger stand-alone building at 1611 Palisade Avenue. More details on the restaurant and reservations can be availed from the site www.itsgreektome.com or by calling 201-947-2050. Besides Greek cuisine, Fort Lee residents have Korean options also while dining out. The Dong Bang grill offers a large 175- seater area and also offers a comprehensive menu. While many restaurants in Bergen County have Korean food, none are as large or as promising as the Dong Bang Grill. Located at 1616 Palisade Avenue, this place is a must visit for Koreans and non Koreans alike. Reservations can be booked at 201-242-4485.
Buy a Home in Bergen County
Bergen County offers the quality of life for you and your families have been dreaming of. Don’t miss out on this opportunity to set house in one of Bergen County’s towns, famous for their charming atmosphere and top quality schools. Let Anat Eisenberg help you find the house that is right for you. Take your first step with this FREE inclusive report, containing:
- 14 Questions to ask a Realtor
- 5 Powerful Buying Strategies
- 9 Deadly Mistakes Home sellers 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
- Different Reasons to Own Your Own Home
- Things You Should Know about Moving
- When Selling a Home
Get Your Free Inclusive Real Estate Report Now.
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: 201-341-4765 or email here.