Bergen County Real Estate News : July 2008 – week 1

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

July 2008 – Week 1 Issue

State aid cuts in North Jersey
New laws to protect home buyers
Accessory apartments in single family homes
Insurance to changes in Bergen County
Living in Cliffside Park

State aid cuts in North Jersey

Revised state aid figures affected many towns and counties, as severe cuts were noted in many regions. In the region of North Jersey, these cuts forced many municipal officials to hike taxes and cut down services to residents. In Bergen County also, cuts have been noted in state aid. However in some regions like Tenafly, the aid offered is more than that proposed. Thus while the amount proposed was at $1.52 million, which is higher by $3,131 as proposed in March. Revised figures indicate that Alpine would receive state aid worth $448, 834, Teaneck at $4.1 million, Bogotá would receive worth $873, 731, Closter would get aid worth $1.8 million and Fort Lee would get aid worth $2.2 million. This revised budget now reduces the state’s spending by $600 million. The main areas affected by the cut in state aid are hospitals, colleges and municipalities. Also the budget cuts down property tax rebates for houses that earn over $100,000. While many municipalities are upset with the cuts in state aid, officials state that households will understand the impact of the cuts when the next property tax bills are received.

New laws to protect home buyers

In order to protect Bergen County home buyers from dubious lending practices, the Federal Reserve will soon issue new rules. These rules would be issued in the next week of July and would help to contain the housing crisis that shows an increased rate of foreclosures and high lending rates. Shady lending practices that are prevalent across New Jersey would be curbed by adapting rules against them. The plan would be voted at the Federal board meeting on Monday, 14 July, 2008. Once approved, the plan will apply to all new lenders who take loans from the diverse lending authorities, brokers and banks. The rules currently propose that lenders would be restricted from taking penalties from borrowers who pay back their loans quickly. Also lenders would be stopped from giving loans without proof on the borrower’s source of income. The current concerns regarding the rules vary. While consumer groups expressed concern that the rules are not strong enough, mortgage lenders believe that the proposed rules are too strong and can restrict the choice of borrowers. However, experts state that the current financial markets are being observed closely and decisions would be taken based on that.

Accessory apartments in single family homes

Real estate experts offer new ways that can help single home owners to ease out their financial burdens. One such method is to build accessory apartments made for independent living. Such apartments can bring in rental income and help in easing out financial troubles. In this regard, the Assembly bill A-827 is supportive, as it gives greater leeway in building accessory apartments. This second unit housing authorization act allows to provide affordable housing in Bergen County and the neighborhood much more easily and effectively. Besides making it easy for renters to get affordable homes, this approach will also help home owners to provide for mortgages. Experts state that the government must consider such approaches to make Governor Corzine’s mission for 100,000 affordable homes a reality by the deadline of 2018. While the idea for proposed for its worth by many, few also commented on the safety and quality of life issues involved. It was added that current zones with apartments called mothers-daughters do exist where units are created within a single family home to offer separate kitchens and bathing.

Insurance to changes in Bergen County

In recent developments, Horizon Blue Cross Blue Shield of New Jersey showed intentions to its status from non profit to profit. While this move by the leading health insurance organization of the state may not mean much at sight, critics state that on the long run, it could have adverse affects on people. One way this would affect many was by increasing insurance rates and reducing services. However on the flipside, many also state that changing into a for-profit status could bring in much needed funds into the state. This insurance company currently covers insurance for over 3.6 million people. Blue cross insurance companies were first given permission to shift into ‘for profit’ status in 2002 when New York legally gave approval. The main motive for shifting into such a status is the reduced government regulations that the organization will now face. Besides this, the company would earn better profit and also be able to compete better with other health insurance providers. However, the deal still has to be approved by the state attorney general and also by the Department of Banking and Insurance, a process that can take an year or two.

Living in Cliffside Park

Cliffside Park is a good neighborhood to live in and there are various reasons to state so. Residents of the region claim that Cliffside Park offers decent neighborhood and is strategically located between the George Washington Bridge and the Lincoln Tunnel. Located over a one mile stretch, this region is popular for home buyers who seek a home close to New York City . The region also offers good shopping at the Anderson Avenue . With approximately 10,000 homes in the region, real estate experts claim that the average selling price of a home in the region is at $460,000 as per 2007 statistics. Also the region has a population of over 23, 000 and many good schools. These include early learning centers, elementary schools, middle school, and high school. Those with children who are planning to purchase a home in Cliffside Park can check out the various schools and education system at www.cliffsidepark.edu. More details about the township, its offices and recreation activities can be availed at www.cliffsideparknj.gov.

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