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March 2010 – week 3 Issue
Cresskill in Bergen County
Some Real Estate Sectors Still Strong
Fire in Historic Teaneck Building
Shortage of Homes After 2012
Storm Affects Bergen County
Bergen County towns are wonderful to live in, and the area has a lot to offer to its residents. Cresskill homes, for example, offer a good life. The borough has good schools, like Cresskill High School, and great shopping facilities, and is well managed. Cresskill’s downtown – though only three blocks long – has many restaurants including Chinese, deli, pizzerias and a gourmet caterer. Also, as Cresskill is close to New York, it allows residents to commute easily. With median real estate prices at $566,800, many home buyers opt for Cresskill. The town has a good selection of homes and well-maintained neighborhoods with wide streets and low-rise construction. It also has banks, pharmacies and other offices. As a neighbor to upscale Alpine real estate, Cresskill has some palatial homes situated on large stretches of land near the Montammy Golf club.
Some Real Estate Sectors Still Strong
While the commercial and residential Bergen County real estate market continues to be slow, Bergen County realtors state that, in some respects, these two markets are still holding strong. With commercial real estate, self storage markets continue to rule the roost. A large facility was purchased in Fort Lee in February 2010 for $16.75 million, the second highest price tag of a commercial property in the area. Self storage occupancy rates are also steady, and rental rates for these facilities are similar to previous years’. In the real estate residential market, high end luxury homes are holding strong compared to other sectors. According to real estate experts, during financially tough times, people usually downsize to smaller homes or apartments. Owners of luxury homes, however, tend to be extremely rich and look just at the home, its features and the neighborhood. Price is not as important a factor, and many more things come into play.
Fire in Historic Teaneck Building
A fire in Teaneck resulted in the destruction of parts of an 18th century historic home. Known as the John Ackerman house, this building is a Dutch Colonial residence built in 1734. The house has been mentioned in theHistoric American Building Survey for its unique architecture. Located on River Road, the house is now a Buddhist meditation center called Bul Kuk Sa temple. The incident took place on Sunday 21 March. Members had come to the meditation center to pray, and the fire began after everyone left. After 10 am, the owner of the house, Sung Hae, saw the flames and immediately dialed 911. The fire affected one side of the house, and portions of the roof and floor beams. The incident does not look suspicious, but investigators are studying the fire’s cause.
As the real estate market continues to struggle and foreclosures become common, industry experts believe that a more complex situation may be brewing: a home shortage. In the Bergen County real estate market, home sellers can not sell their homes and home buyers can not find good deals to purchase decent homes. Due to the recession, construction has slowed. Given today’s levels of construction vs. projected future demand, the market can provide just two years of vacant homes for purchase or rental. After the two years, there will be a shortage of vacant homes, as developers will not have been able to catch up. Data from the National Association of Realtors paints a similar picture. Approximately 1.3 to 1.7 million new homes must be built per year to keep up with the pace of new households in the United State, and approximately 300,000 obsolete dwellings need to be replaced every year. While some experts are concerned that a severe shortage may develop, others feel that the threat overstated. A construction boom took place before the markets fell, so there is still a serious surplus. Also, any shortage would likely take place in a few select regions and not in the entire nation.
A major storm on Saturday 13 March left many residents of Bergen County and nearby regions without electricity. Approximately 21,000 people went without power for long periods of time, and there were short power disruptions in a few other regions. While various towns lost power, Orange and Rockland Utilities Inc. reported that most of its customers were located in Cresskill. According to statistics by the Public Service Electric and Gas Co., this storm was one of the worst since records have been kept. Experts add that the storm’s severity presents a complex situation to repair crews. The repair work is done in two steps, with separate crews: one removes the fallen trees and debris; the other repairs affected power lines. These workers are in many cases busy through the night so residents can be with power and back to their normal lives as soon as possible.
Buy a Home in Bergen County
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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.