English
Chinese
Korean
Hebrew
RussianBergen county news with an emphasis on aspects affecting real estate, residency and community issues.
Bergen County has good education
Housing in North Jersey
Negative population growth in New Jersey
Closter improves its business district
Hackensack, the new destination for residential developers
Bergen County has good education
Bergen County also holds a distinguished place in the arena of education, besides being well known for its residential properties. This came through, after the Bergen County Academies, was adjudged the winner of the Intel School of Distinction award. This award recognizes efforts made in the area of implementing innovations in maths and science programs.
As part of the prize, students and the Bergen County Academies School would receive funds and education supplies to the amount of $170,000. The winner was decided after a lengthy process of study, whereby various teachers and students were interviewed and a thorough evaluation was conducted by the Intel Education Foundation. After the comprehensive battery of tests, the school was singled out in the country as the recipient of this award. Spokespersons from the Bergen County Academies added that the panel from IEF was impressed with the manner in which the school had been implementing innovations in their mathematics programs.
The housing market in North Jersey shows to be at a level playing field this year, indicated Joseph Seneca, a Rutgers economic professor and chairman of the New Jersey Council of Economic Advisors; New Jersey Department of Labor, U.S. Census. At a seminar conducted towards the end of June 2007 at the Marriott in Glenpointe at Teaneck, he indicated that new tenants continue to come to North Jersey for housing. This could be because of a difference of up to $50 a square foot between the rent prices for Class A commercial real estate in North Jersey as compared to New York City.
However, while the market seems profitable for tenants, the market for home buyers and new house constructions does not seem as bright. Figures released by the federal Commerce Department also indicate a similar story. Their statistics revealed that construction of new homes and apartments was seen to go down by 2.1% in the month of May 2007. Figures reached a seasonally adjusted annual rate of 1.474 million units. This figure has been a decrease of 24.2% as compared to last year. New building permits were seen to decrease 11% in the year 2006. Additionally, stricter guidelines in lending practices after the downturn of the sub prime mortgages have further lowered the sales of homes.
William Procida, chief executive officer of Palisades Financial investment banking firm, Fort lee and another speaker at the occasion, indicated that while the trends seemed disturbing in New Jersey per se, opportunities in the areas of Bergen County were still prevalent. One such highlight was the Centuria Project which was slated to come up at >Fort Lee. This project, which had secured a construction loan worth $48 million and had been procured by Palisades would feature mixed development in Fort Lee. It would thus have over 800 residential units and 100,000 square feet of retail space. The project is being valued at $120 million.
Negative population growth in New Jersey
Trends in the real estate market of New Jersey indicate that by the end of the year 2007, the state may have a negative population growth. Speakers at a seminar held in Bergen County indicated that for the first time, New Jersey, always a populated state was not featuring in the list of top ten most-populated US states. Over 70,000 people came out of New Jersey in the year 2006 and with the trend showing signs of continuation, by the end of 2007 the state may show a negative population growth.
Probably one of the main reasons fueling a population decrease could be a reduction in the number of jobs. It was specified that while unemployment had hit the record low of 4.3% and new jobs were being added, the rate was very slow. Statistics showcased that only 21,000 jobs were added since May 2006. The seminar also indicated that the negative growth rate in population, coupled by a slow growth in jobs could hamper the economy of New Jersey.
While growth and development has been taking place in the state, much is desired for New Jersey to maintain its economic status. The state government and local governments have been offering job opportunities. Most of the jobs were also being added in the health and service industries by the private players. However, other speakers in the seminar brought to focus that while trends were disturbing, areas like Bergen County still had plenty of opportunities and much to offer in the form of construction and jobs.
Closter improves its business district
Age-restricted condominiums are now being planned in the area where the old Village School building stands on Durie Avenue in Closter. Many are hoping that this construction will bring in more shoppers to the downtown area of Closter.
Many business owners in the region complain that the area has an outdated appearance, few shoppers and non-lucrative business. Even the sign board of the Closter Plaza has not been changed since 1960. Many have also complained of difficulty in parking in the area, ever since the time angled parking changed into parallel form of parking a decade ago. Finally the shopping region of Closter has a great concentration of nail salons, with thirty of them operating currently in the same region.
The business district of Closter may undergo a makeover, if borough officials comply with the requirements of business people in Closter. Many merchants who have their stores located in the shopping district feel that as compared to other shopping districts like Englewood, much is desired in Closter. Borough officials state that in the recent years various endeavors have been made to improve the look and feel of the downtown. Besides improving the appearance of stores, revisions in master plans of buildings may also be made. Finally consideration of mixed use development may also help. Officials added that making the properties attractive for other businesses may help to bring down the number of nail salons in the region.
Hackensack, the new destination for residential developers
While housing remains dull in the market, there are still some bright spots in the picture. The area near the Hackensack River is another potential region where many builders are considering to bring up housing properties. Housing experts stated that Hackensack has great potential for residential markets mainly because of its riverfront region and proximity to New York.
After successful housing ventures at the Gold Coast, the waterfront is a hot region for housing, and developers are considering to convert industrial and commercial sites in the region into housing properties. One such area is the 320 S. River St. where the developers have proposed to bring up to 88 housing units. Another project in the region that has received approval is the development of 88 town houses at the 236-264 River St. This project is being undertaken by Kaplan properties, which have great expectations from the development. Another project in Hackensack includes the construction of approximately 360 condominiums on a car dealership site.
Many such proposals for housing are being put forth, but how many of these would finally be approved is quite another question. The State Department of Environmental Protection may have an important role to play and will have to alter the rules that govern redevelopment in the waterfront region. Also with the housing market in a slowdown, how many developers would finally build is another question. Many are even wary that the region of River Street has its problems with water and sewage lines, which if not taken care of could lead to troubles in the future.
Besides housing, businesses and a university, a hundred bed homeless shelter is also slated to come up near the Bergen County jail. Giving all this, developers are wary of who may buy in the to be crowded locality. The mix of the campus, shelter and housing has some wondering whether residential units will appeal to homebuyers.
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.