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March 2009 – week 3 Issue
New homes construction may become reality for Bergen County
Events in Bergen County
Demarest property to be used as office
Optimism with new housing projects
Job losses cited as main reason for fall of home prices
New homes construction may become reality for Bergen County
Development of approximately 800 homes in Bergen County may take place in the near future, if a developer wins the case presented to the public. Developers Linque HC Partners have applied for amendment of the Highland Cross Redevelopment plan and their case is being heard before the public at the Rutherford Borough Hall on March 31, 2009. This hearing will help the New Jersey Meadowlands Commission decide whether it must or must not lift the ban on homes that currently applies to the 28 acre stretch known as the Highlands cross. It will also allow the developers to construct many homes, approximately 450 hotel rooms and also have approximately 920,000 sq ft of retail space. However officials state that there is much more to the project than meets the eye. The land in question was previously a sewage treatment site and has only been partially remediated so far. More cleaning needs to be done to make the region safe for people to live in and meet standards set by the Department of Environmental Protection.
Health relevant events are a regular feature at the Holy Name Hospital of Teaneck which has now planned out many more events for over the coming months. For example March 26, 2009 has been marked for bariatric surgery and residents of Teaneck can find all the information they need on this method of weight loss surgery. The expert panel will also discuss the various ill effects of obesity, the procedure of bariatric surgery and also the benefits and risks involved in surgery on that Thursday from 7pm to 9pm. Many can also benefit from the ‘Hypnosis for smoking’ seminar that will be conducted on March 31st, again at the holy name hospital. The 2 hour session from 7pm to 9pm will use a range of behaviour modification techniques and hypnotic suggestions to help people quit smoking. Besides health related events, cultural events are a regular part of Bergen County living. Clinton Inn of Tenafly is also going to organize its ‘Gift of Music Scholarship benefit concert’ on March 29, 2009. Organized from 7pm onwards at the great ballroom of Clinton Inn, this event will raise funds to support approximately 20% of students who attend the Thurnauer School of scholarship.
Demarest property to be used as office
A new property in Demarest will be purchased by the borough council in order to ease out from its situation of a space crunch. The property in question will be purchased next to the current location of the borough hall. The property currently has a colonial house that stretches over the 7800 sq feet region. Borough officials stated that the house will be redesigned so that it meets the office needs of the borough. Renovations will be done keeping in mind the requirements of office which include relocation of the health department, providing spaces for the senior center and space for display and storage of records of the Demarest Historical society. Other uses of the building would be to provide storage space for borough documents that mainly include files and records of the police department facilities. Various plans for renovation have been outlined to include a sitting area with benches and amenities to make the home handicapped-accessible. Officials stated that acquiring the home would be useful for creating the much needed space for municipal offices. However renovation charges for the project have not been determined as yet. A public hearing is being planned on the project for April 6, 2009 to discuss further possibilities.
Optimism with new housing projects
While the housing market of Bergen County remains slow as ever, real estate experts show some optimism with new projects in Bergen County towns. For one, there are a range of government incentives available today for reviving the market. Thus while builders have been slow in constructing, and home buyers cautious in their dealings, these range of incentives may help boost the slow market. One example of this is low interest mortgages that can help various buyers with their down payments and closing costs. Grants and tax credits for first time home buyers are also other attractions to help seal the deal for many. Experts also added that various housing developments are also being planned with federal and state seed money. These developments can further improve the market scenario in times when housing is hard hit. Finally new housing projects today promise more attraction and better planning. Live where you work programs and mixed housing developments are few concepts that have attracted local professionals to purchase homes.
Job losses cited as main reason for fall of home prices
Home prices in North Jersey continue to fall over this quarter too. With prices falling at an average of 1% per month, real estate experts predict that home prices will go down at an annual rate of 9% for 2009. They cited that the main reason for this was job losses, a result of the economic crisis that continues to grip Bergen County and its neighborhood. Experts indicated that this is an increase as compared to the fall of home prices in North Jersey by 8% statewide in 2008. As many homebuyers wait for home prices to fall further, experts state that waiting too long may cause many to lose benefits such as low mortgage rates. Statistics reveal that current mortgage rates stand at approximately five percent, and rise of even one percentage point may cause monthly payments for homes to go up by 9%.
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