Bergen County Real Estate News: June 2009 – Week 2

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

June 2009 – week 2 Issue

Home buying trends expected to improve for Alpine
Theater in Teaneck
Home prices anticipated to fall further
Activities in Bergen County
11th Annual Tenafly fair turns out successful
 

Home buying trends expected to improve for Alpine</span

As a small town that provides luxury homes, Alpine is a dream neighborhood for many people. With a range of luxury homes stretching over beautiful acres, this town today has an interesting inventory of homes in the fifty million dollar (and over) range. However the housing crisis that has affected the buying and selling activity across the state shows that home sales that had peaked in the first quarter of 2006 have not been realized again for Alpine also. In the first quarter of 2009, there were no NJMLS sales as the New Jersey quarterly sales report indicates a zero. Statistics show that the last recorded median sale price stood at an approximately amount of three million dollars. However recent trends are indicative that the trend for buying is all set to up in the region of Alpine this year as compared to 2008. This means that buyers who are still waiting to seal the deal keep their eyes fixed on Alpine homes this season. Experts warn that, or else the best deal could just slip away.

Theater in Teaneck</span

There is always plenty to do in Bergen County towns, given the range of activities the various towns offer. Lovers of jazz can look forth to the upcoming jazz night in Teaneck. To be held on June 20, 2009, at the Puffin Cultural forum in Teaneck, the tickets for this are priced at $10 each. The event starring Reiter (of Emmy awards fame) and many others will showcase the Afro-jazz project. The foundation also has something to offer for children through its retelling of the key scenes of Homer’s Odyssey. Titled ‘The Odyssey- Theater for children’, is a good watch for children aged 8 years and up. The show will be an open air theater held on 28th June, 2009 from 4pm onwards and will be shown free of charge. Besides this, elder residents of the region can also benefit from the actual play ‘The Odyssey’ which will be showcased on the same day from 7pm onwards. More information on the two events can be availed by contacting 836-3499 or from the website www.puffinculturalforum.org.

Home prices anticipated to fall further

For all home buyers who are playing the ‘waiting game’, here is some good news for you and some bad news for all home sellers. As per Fitch ratings (the organization that took various rating actions), home prices are expected to reach their bottom by the year 2010. Statistical experts stated that home prices across the nation have declined by 27%. As per the revised peak to trough expectation, prices may decline by 36% from the peak price of mid 2006.  This nine percent decline in prices can be translated as a 12.5% decline as compared to today’s levels. As a combined effect of the decline in home prices and employment rates across the state, there has been negative pressure on the roll-rates of performing borrowers into delinquency status. Also while the net roll-rates moderated from their seasonal high in the month of January, 2009, the last month’s performing-to-delinquent rates were a little higher (at 3.17%) than the same rates at the same time in 2008.

Activities in Bergen County

Residents of Teaneck can look forth to interesting events in their neighborhood. The Third annual spring family festival is being held at the Teaneck Armory, Teaneck Road. To be held on June 10, 2009; this festival will go on for four days up to June 14, 2009. The event is organized by the Ability School; an Englewood based private institution that offers classes from K to the 8th grade. Its 2009 fest promises to be larger and will offer a range of carnival rides, food, games and many other fun activities. More information on the school and this event can be availed through phone at 201-871-8808or through their website atwww.abilityschoolnj.org. The Tenafly Nature Center will also celebrate its ‘Members Canoe Day’ in the coming week. Scheduled on June 14, 2009, this event promises a scenic canoe ride on the Pfister’s pond. The center will provide both canoes and paddlers to cater to those who want a quiet ride and for those who love adventure and prefer to paddle themselves. The day will also include live animal programs with snakes, turtles, resident barred owls and the red tailed hawk. More information on the event can be availed fromwww.tenaflynaturecenter.org or by contacting 201-56806093.

11th Annual Tenafly fair turns out successful

Many residents of Tenafly and owners of Tenafly real estate had an eventful weekend with plenty of activities to participate in. The 11th Annual 5K run at Tenafly was one such occasion that turned out to be a successful event as over 1500 participants joined in. Conducted on June 7, 2009 along with the ROLO dog walk and a one-mile fun run, community members from as less as four years to 90 years were seen to participate in the event. The event was held at the Tenafly Middle School and with high participation; approximately $30,000 in funds could be raised. These funds would benefit the Tenafly Educational Foundation, a non-profit organization that gives grants to Tenafly teachers. Officials stated that the generosity of people was quite high and despite the economic crisis good funds could be raised. The event also featured a family health and fitness fair where over 50 exhibitors showcased their products and services to the community. The event also offered a range of food, fun and games for participants and children at no extra costs.

Buy a Home in Bergen County

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