Bergen County Real Estate News: March 2006 – Week 3

Bergen County Real Estate News

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

Bergen County Home Prices Rise  
Luxury Condominium Complex in Teaneck
Real Estate Property Revaluation in Teaneck
Master Plan Unfurls on Tuesday 
Tenafly Landowner Breaks Local Regulations

Bergen County Home Prices Rise

Bergen County home prices continue to rise yet again at a steady pace, amid all predictions that the real estate bubble is slowly deflating. The final quarter of 2005 saw the median sale price of an existing single-family Bergen County home to be at $537,300. The National Association of Realtors who gave these figures, state that this is an increase of over 19% from a similar quarter in 2004. Nationally speaking also the median sale price of an existing single-family home has risen. These figures stood at $213,000 in the fourth quarter of 2005, showing a 13.6 percent increase over 2004.

Luxury Condominium Complex in Teaneck

The Bergen County town of Teaneck may soon see the development of a luxury condominium complex, but only if the plans are approved. The proposal for this luxury condominium complex in Teaneck will now go to a state judge after the zoning board dismissed the application for the same. The condominium’s structure was proposed to be five stories high and would have comprised of 52 luxury apartments. It would have come up at the southwest corner of DeGraw Avenue on Teaneck road. However the project faces much opposition from nearby residences, who feel that it does not fit the neighbourhood.

Real Estate Property Revaluation in Teaneck

Residents in Teaneck and those planning to buy homes in Teaneck can now attend the upcoming informational meetings regarding ongoing real estate property revaluations in the Bergen County town. These real estate property revaluations are occurring in Teaneck for the first time in 27 years. Revaluations usually occur on order by county governments when a municipality’s property values have fallen below 85 percent of the real estate market value, or when a town has not undergone a revaluation for over a decade. However Teaneck is undergoing the revaluation as its homes and businesses are at about 58 percent of market value. The first meeting, of the series occurred at Township hall last Wednesday. The second will be held on March 29, 2006 at the Teaneck public library. Approximately $1 million is slated to be spent for the revaluation which will be conducted by Appraisal Systems Inc. of Mendham.

Master Plan Unfurls on Tuesday

Residents from the 14 Meadowlands towns of Carlstadt, East Rutherford, Kearny, Jersey City, Little Ferry, Lyndhurst, Moonachie, North Arlington, North Bergen, Ridgefield, Rutherford, Secaucus, South Hackensack and Teterboro had a chance to attend the public session that took place on Tuesday, February 28, 2006. This session gave a platform for the citizens of Bergen County and its towns to comment on the master plan for the district. The session took place at 6:30 pm at the Carlstadt Borough Hall. A second meeting was then held on March 8, 2006 at the Kearny Town Hall, followed by a third meeting on March 20, 2006 at the Ridgefield Borough Hall.

Tenafly Landowner Breaks Local Regulations

Tenafly Private residences saw a couple of thefts, when two sculptures, one an early 20th Century Enid Yandell piece worth thousands of dollars and another a nativity scene cow got stolen over the past few months. The Enid Yandell piece was reported to be stolen in mid-December from the front yard of the Cotswold, which is one of the borough’s historically registered sites. It was later discovered, however, that the Tenafly real estate owner had removed it, and the piece was not stolen. This has been considered as violation of local preservation laws and officials say that those responsible would be taken to task.

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