Bergen County Real Estate News: May 2009 – Week 1

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

May 2009 – week 1 Issue

Alpine homes continue to shine
Ultra luxurious homes in Demarest
Fort lee celebrates its political films
Home prices in Bergen Continue to fall
Alpine trends in luxury home sales
 

Alpine homes continue to shine

Bergen County continued its status as one of Northern New Jersey’s most expensive real estate markets this year too. Amongst all its luxury towns, high priced sales were noted to be made in the small and exclusive community of Alpine. This borough has been noted to offer luxury real estate for the rich and famous through its inception in 1903. The township also ranked number one on Forbes list of ‘most expensive zip codes in 2007. The New Jersey monthly magazine also ranked Alpine as one of the best places to live in its lists in 2008. Thus even though the overall real estate market has softened, the luxury market of Alpine homes continues to thrive as expensive home sales continue to be made in the region. Real estate experts added that with the crisis of sub-prime mortgage affecting cheaper towns of Bergen County, the more luxurious areas have remained intact. Few real estate experts added that home buyers from luxury segment are more often in a hurry to close the deal and do not wait for favorable financial conditions or a better time.

Ultra luxurious homes in Demarest

While the housing market is slow, luxury houses continue to flourish across the various towns of Bergen County. One such example is the ultra luxurious construction of the Bellaire townhouses in Demarest. This exquisite townhouse community offers 34 exclusive ultra modern Demarest homes, of which 27 have already been sold. Offered by the American Property realty, these properties are selling at a quick pace, even though priced over the $1,000,000 mark. In fact spokespersons from the developers add that the last three sales were made during a short span of one week. With the basic price starting at $1,698,200, few of these exclusive Demarest real estate properties have also been priced over $2,500,000. Offering approximately 6000 sq ft of living space, these town houses also provide their luxury clientele with an elegant gated community and many modern day facilities. With close proximity to the George Washington Bridge and the Lincoln tunnel, these properties also offer good connectivity to nearby towns and cities. Those interested in the properties can obtain more information from www.bellairenj.com or by contacting the Bellaire information center at (201) 767 7616.

Fort lee celebrates its political films

Residents and movie lovers of Fort Lee are celebrating this season with the Fort Lee Cliffhanger film festival. Beginning from April 25, 2009, this festival will go on up through May till June 7, 2009. As the birthplace of the American film industry, Fort Lee will thus celebrate its status as the first film town of America through this month. Classic American political films will thus be screened through the seven weeks and these films will be chosen by the members of the Mayor and the Council. These movies also aim to open up history and discuss the ideas presented on politics in these films. The film screenings will be open to the public at large and will be offered free of charge. More details on the events and films can be availed by contacting the Fort Lee film commission at (201) 592 3663 or accessing their website atwww.fortleefilm.org. 
Other events to look forth to in Fort Lee include its 7th annual music and arts festival on 7th June and the 5k run on May 17th, 2009.

Home prices in Bergen Continue to fall

Prices of homes across North Jersey were seen to fall by 10.2% from February 2008 to February 2009. Statistics revealed that home prices across the nation also declined by 18.6%. While in most cities the decline in prices was less than 30%, three cities of Phoenix, Las Vegas and San Francisco were seen to cross the mark. New buyers continue to be cautious in home buying, due to the unstable job market. Unemployment rates are noted to be at over 8%. However, statistics by the New Jersey Multiple Listing service revealed that in the region of Bergen County real estate prices have dropped by 12%. Also volume of sales was noted to drop by 18% over the one year period. Experts noted that home inventories have also declined and many home owners are waiting for the market to improve before they put their homes on the market. Home inventories were thus noted to decline as both home sellers and buyers wait for more favorable conditions.

Alpine trends in luxury home sales

Past trends in home sales are perhaps the best indicator of the luxury real estate market. As the market continues to be slow, experts state that sales of luxury and ultra luxury homes in Alpine and other neighboring towns has been slow and steady. In the year 2007, trends indicated that Alpine luxury homesstayed for approximately 150 days in the market and sold at an average of $4,426,780. Approximately 14 sales of luxury homes were noted to be made in Alpine in 2007. While this was the time that the housing crisis was underway things looked up in Alpine’s luxury houses in 2008. Approximately 17 luxury market sales were made in 2008 in Alpine’s upscale neighborhood. Though the average houses price reduced slightly to $3,956,500, experts noted that the number of days that a house remained in the market was much lesser at 128. Of the sales in 2008, two sales were noted to be for properties over $7 million in worth. Two sales were noted for properties between $3 million and $4 million while four homes sold between the $2 million to $3 million bracket. These trends over the past two years are indicative that while the real estate market is slow, buyers of luxury homes do not play the waiting game when it comes to home properties. Many of them just seal the deal quickly when they like a particular property.

Buy a Home in Bergen County

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