Bergen County Real Estate News: January 2010 – Week 3

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

January 2010 – week 3 Issue

Real Estate Market Indicates Further Slowdown
Developments in Alpine
Mixed Use Development in Edgewater
Bergen County May Require Permission to Renovate
Making the Most of the Market

 

Real Estate Market Indicates Further Slowdown

Jitters in the market continue to shake many and leave real estate experts, home buyers and sellers in a quandary. In new developments, December’s statistics indicated an unexpected decline of 7.6% in the sales of new homes: while sales of 370,000 homes had been forecast by Thomson Reuters, only 342,000 homes were reported sold. Home prices also declined, to a median sale price of $221,300 in December 2009, from $229,600 in December 2008. These figures suggest that the real estate sales market is at its weakest point since March 2009. Experts added that, despite lucrative offers made by home sellers, price cutting measures and tax incentives by the government, the market is still in a weak state. While experts have been hopeful for improvements in home sales, trends now indicate that the situation is still grim and may still worsen.

 

Developments in Alpine

Residents in the luxury town of Alpine will soon see new developments in their local Alpine Public School. The Education Foundation of Alpine is raising $4 million to revamp and renovate various programs, curriculum and technologies. As a non-profit organization, the foundation does not rely on public funding for its projects. Instead, it raises money through public participation by parents, businesses and residents of Alpine. It also raises funds through direct solicitations and fundraising campaigns. Projects are chosen on a priority basis, with the more urgent ones getting faster attention. If the organization is successful in raising the desired funds, it plans to use them for a 9500 sq ft space with a stage, to be used as a cafeteria and an auditorium. They also plan to increase and upgrade library space, add a second computer lab and expand programs like the instrumental music program. Currently funds have been raised for the school’s website, to install a new school security system and to create a school information display at the Borough Hall.

 

Mixed Use Development in Edgewater

Amid various developments in Bergen County real estate, Edgewater will soon see the construction of a new mixed use development project. The project, proposed by Northstar Plaza Partners, will consist of a 179-room luxury hotel, a 168-room residential hotel, 33,000 sq feet of restaurant and retail space, and an office building of approximately 85,000 sq feet. The proposed construction, along River Road and Old River Road, will also include a parking deck and other amenities. To facilitate the work, the developers are asking for six variances: for constructing a building taller than allowed, for creating office and retail space and for reducing parking space such that the unused space can be used for the building. In the previous proposals, approvals were sought for a 150-room luxury hotel and for two office buildings. That plan, approved in November 2003, had also asked for other variances, which were accepted. According to the developers, they made changes to the initial plan because the current market does not have much room for office buildings.

 

Bergen County May Require Permission to Renovate

Bergen County towns’ residents and home owners who want to renovate their property may soon need the permission of authorities to do so. The Township Council may pass a pending ordinance whereby residents will have to receive permission from the Engineering Department for home renovation work involving excavating, paving or similar activities. The ordinance, which is still undergoing various revisions, aims to ensure that municipal authorities have oversight of significant changes made to the surface topography. The regulation will also help ensure that renovation work in one residential property will not cause water to drain out to neighboring lots. Currently, local law does not require owners of single or double family homes to submit such plans, so the only recourse most residents have when mishaps occur due to renovation is to take their neighbors to court. Bergen County authorities hope to improve this situation with the proposed regulation.

 

Making the Most of the Market

Even as the real estate market progresses slow, real estate experts add that home sellers must make the best of a bad situation. Various Bergen County realtors are providing tips on how sellers can improve first impressions of their homes to impress buyers. This often includes touching up paint on the front door and sprucing up the living area. Keeping the apartment, especially the living area and bathrooms, spic and span is also an added advantage. Cleaning up the garden, painting the interiors and refurbishing floors also help to improve first impressions. Some realtors also add that now is the ideal time for home sellers to take care of major structural repairs, buy warranties for appliances, install energy efficient devices and replace outdated fixtures in the house. Besides these inexpensive minor elements that sellers can consider, experts add that listing homes early can help make a difference for sellers. This is because government incentives are likely to have a strong impact on the real estate market in 2010.

 

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