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November 2008 – Week 2 Issue
Tenafly offers better living
Best time to buy/sell homes in Bergen County
Better amenities and more security for Teaneck residents
Business development in Fort Lee
Techniques for judging the housing market
Tenafly real estate can be very appealing, with many amenities available at walking distance.”nce. The area has three restaurants: Clinton inn, Le Chateau and Charlie Brown, which offer good food at moderate prices. They also offer lounge facilities. Shopping in Tenafly is also convenient; with some of the major shopping centers of Bergen County being located close by. Downtown Tenafly is the place to go for visiting its movie theater, supermarket, diner and banks; Tenafly offers high security measures that have drastically reduced the cases of burglaries and auto thefts. The Tenafly nature center continues to keep the area calm, quiet and attractive. Residents of Tenafly also have access to various ball fields and playgrounds. The region has six parks, nine tennis courts, and two full basketball courts. The Tenafly municipal office complex also has a public library and the headquarters of the police and fire departments. Various private clubs like the Knickerbocker country club comes with an 18-hole golf course while the Jewish Community center offers various recreational activities.
Best time to buy/sell homes in Bergen County
While rates are low and falling, many sellers continue to sell homes as people buy them at great prices. The region of Bergen County reported the introduction of 203 homes approximately in October and 193 homes were also noted to go under attorney reviews or contract. Realtors state that the best time for buying homes are yet to come. The months of winter are ideal to negotiate and seal the deal on home purchases. Given the seasonality of the market, real estate sellers are noted to be at their weakest during the winter months. Also with home prices spiraling down, one cannot really pinpoint, when the prices will start rising suddenly, leaving the opportunity behind of buying a good home. Finally, the economic crisis taking place could also drive up interest rates next year. House flippers are however finding opportunity and buying homes in foreclosure. Purchased at bargain prices, many such investors are renovating and revamping such homes and reselling them for a profit.
Better amenities and more security for Teaneck residents
Residents of Teaneck can now benefit from better amenities and better security in their neighborhood. In new developments, the town estimates to spend over $160,000 for creating barrier-free access to wading pools located in its various town parks. Approximately 12 wading pools will be revamped in this process. Renovation efforts will include not just improvement of the pools but also of the paths that lead to these pools. Special efforts will also be made to accommodate disabled persons to easily access these pools. Approximately 50% of the funds will be generated from federal block grants. Also in order to protect minors from illegal consumption of alcohol, Teaneck will soon implement its ‘Cops in Shops’ program. As per this, undercover cops would be posted in various alcohol-selling establishments to stop the sale of alcohol to minors. This initiative is being undertaken under the Grant provided by the Division of Highway Traffic Safety and Alcohol Beverage Control. Under the initiative, anyone caught could lose their driver’s license or may have to pay fine or go to court. Arrests could lead to fines of $500 or loss of driver’s license for six months. Experts underlined the success of this program over the years, since its implementation in 1996. They stated that more than the number of arrests made, the program was successful because it deterred many young people from buying illegal alcohol.
Business development in Fort Lee
One Bridge Plaza is the recent business development of Fort Lee and is being considered by experts as a profitable venture. Located at the entrance of the George Washington Bridge, this construction is open for tenants looking for affordable yet high class corporate space. With easy rents, the construction also promises to offer various utilities, tax savings and incentive programs like the BEIP and BRRAG. It offers easy access to residents of Fort Lee and neighboring areas. Convenient public transport through the Edgewater ferry terminal and the GWB bus hub can also be accessed by residents living in nearby towns. The building comprises of 46,000 sq ft of office space spread in ten stories of class A office buildings. Amenities include a café, parking garage, advanced fiber optics and a round the clock security service. Constructed under the Mack-Cali property management, this building offers comprehensive range of in-house services. The shopping district of Fort Lee is also located close by offering easy access to a wide range of stores and entertainment.
Techniques for judging the housing market
While home values are indicative of where the home pricing is headed this season, housing experts state that rental rates are also good indicators. In order to understand whether home prices are inflated or deflated, many housing economists have used the ratio between home prices and rents. A high ratio between price and rents indicates that the price of the home is too high and values may drop over the years. For example, a home rented for $1500 may be listed at a market price of $500,000. This indicates that the ratio between price and rent (using the annual rent at $18000) is 27.7. Moody’s economy.com indicates that the price and rent ratio for long-run average housing should be at 16 approximately. In this respect, a ratio of 27.7 indicates that the house is quite overpriced, given the current market conditions. Experts from the organization state that since housing peaked in 2005, it has been on the decline and the ratio has been dropping fast. In the first quarter of 2008, the ratio has fallen to 20, and given the figure of 16 for average long-run housing, figures are coming quite close. Experts also recommend using this calculation for understanding the broad trend of the housing market and knowing how figures vary in different regions of the county and state. It is also advisable that home buyers examine a home’s dividend in order to understand whether owning the home really pays off.
Buy a Home in Bergen County
Bergen County offers the quality of life for you and your families have been dreaming of. Don’t miss out on this opportunity to set house in one of Bergen County’s towns, famous for their charming atmosphere and top quality schools. Let Anat Eisenberg help you find the house that is right for you. Take your first step with this FREE inclusive report, containing:
- 14 Questions to ask a Realtor
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- 9 Deadly Mistakes Home sellers Make
- Additional Reports
- How To Get Top Dollar In Any Market
- Making the Move Easy on the Kids
- Six Ways To Beat The Stress Of Buying A Home
- Different Reasons to Own Your Own Home
- Things You Should Know about Moving
- When Selling a Home
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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