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June 2010 – week 2 Issue
Priciest Homes Listed Across Bergen County
Single People Find Home Prices High
Events in Fort Lee
Successful Event in Tenafly
New Rules for Public Access to Waterways
Priciest Homes Listed Across Bergen County
The luxury housing market is a special segment in itself and till many years experts considered it to be immune to the housing and financial crisis. However current Bergen County listings report that many of these homes too have slashed prices to suit the changing home buyer. Today some of the best mansions in Bergen County are seen listed, some at lower prices than before. Among these Bergen County real estate properties is a luxury Englewood mansion belonging to Eddie Murphy. Listed in the year 2004 for $30 million, this Englewood home can now be purchased for $12.75 million, over half of the previously listed price. Another luxury mansion that has reduced its selling price is located at Saddle River, where the house offered for $23.9 million in 2007 can now be purchased for $13.9 million. This home belongs to Russell Simmons who had purchased it for $13.5 million in 2001. Another luxury chateau located in Englewood slashed its pricing to $15.9 million from its previous price of $19.5 million. Statistics by the New Jersey Multiple Listing Service also report that sales of luxury homes have gone down. In the year 2007, Bergen County realtors reported sales of approximately 143 homes in the over $2 million segment. Also 10 homes sold for over $5 million. However in 2009, only 57 homes sold for over $2 million and three homes sold for over $5 million.
Single People Find Home Prices High
Of the various kinds of home buyers, surveys conducted by real estate experts reveal that single people form a significant part of the pie. This segment comprising of single men and women, seek their independence and many also believe that buying a home is smarter than renting one. Reports by the National Association of Realtors indicate that single people form a significant portion of the home buyer’s pie. As per a survey conducted across the United States, it was seen that 21% of buyers were single females, while 10% of home buyers were single males. Another survey of single people and home purchasing habits also revealed that approximately 53% believed buying a home to be more cost effective than renting one. For them, one of the major challenges is the home prices. Purchasing a home all on the basis of one’s single income is a daunting decision to take and the segment mainly comprises of cautious buyers. Thus 68% were seen to purchase a house below their budget rather than the most expensive in their budget. Many single women out shopping for homes are often very clear on what they seek from a home. They are intelligent buyers and have a good idea on the kind of neighborhood, type of home and degree of renovations they are ready for.
Residents of Fort Lee can look forth to an interesting month with various events lined up. The Fort Lee Artist Guild will display its spring/summer exhibit through the month. The exhibits sponsored by the Fort Lee Historical Society, the Fort Lee Artist Guild, the Fort Lee Coalition for the Arts and the Fort Lee Office of Cultural and Heritage affairs, will be on display till July 11, 2010. Those interested in viewing the exhibits can come to the museum during its working hours. On weekends, showings are from noon to 4pm while appointments can be fixed for weekdays. On Tuesdays, June 22 and June 29, 2010, at 7:30 pm, residents can also attend Shakespearean performances at ‘The Tempest’. Organized by the Fort Lee Office of Cultural and Heritage Affairs, these performances will take place at the Monument Park through summer. More details on the event can be availed by contacting (201) 592 3663 or at www.fortleenj.org.
The 5k walk conducted in Tenafly on June 6, 2010 was a grand success as many residents participated in the event. Conducted by the Tenafly Educational Foundation, this was the 12th such annual event of its kind. Many residents participated in the event and various volunteers could be seen handling out cups of cool water to cheer the runners. Members of the fire department also provided a cool mist to provide relief to the runners from humidity. Eager residents participated in the 5k run, walk and stroller trot. Many pet owners and animal lovers also participated in the 5K Rolo dog walk, dog parade, 1-mile fun run and also the 1-mile dog fun run. Special arrangements were also made for children and people with special needs to participate in events designed for them. Besides residents of Tenafly, people from nearby boroughs also came to participate in the events. All funds raised from this event will go to benefit teacher-generated educational grants at Tenafly’s public schools.
New Rules for Public Access to Waterways
As per the Department of Environmental Protection, new regulations will soon be put in place to control public access to harbors, riverbanks and oceans in highly developed areas. Few of these changes have been made in lieu of the current controversy that rose because of constructions made by a private housing community on public land. DEP proposes three immediate changes whereby public access will not be required for waterfront dredging activities, developments at existing port facilities and other existing facilities prohibited by federal law from providing public access. Also proposed under the new regulations is that facilities constructed along tidal rivers will need to provide public access either through a public access fund or by monetary contributions. DEP will also allow municipalities to develop their own public access plans and single family homes/small businesses will be exempt from public access rules. The previous DEP regulations that were much stricter, have thus been scaled down and existing facilities need not provide access if they expand or rehabilitate their property.
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