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RussianBergen county news with an emphasis on aspects affecting real estate, residency and community issues.
November 2010 – week 2 Issue
Bergen County Industrial Real Estate Still Hopeful
Cliffside Park Enters into Agreement with the Bergen County
State of New Jersey to Receive Aid
Energy Efficiency Tax Credit for Bergen Homes
Beginning Renovations? Beware
Bergen County Industrial Real Estate Still Hopeful
While the Bergen County real estate market continues to be sluggish, the industrial real estate is showing signs of improvement. As per statistics, the vacancy rate of industrial space stood at 11.8% in the third quarter and 11.7% in the second quarter. This was quite a rise, as compared to 7% vacancy rate last year. While the market has been slow, there is still activity, and one major industrial lease was signed in Bergen County in the third quarter. Real estate experts hope that there will be a turnaround in the days to come. They also added the state of New Jersey will soon emerge as a hub for data centers like Credit Suisse and New York Stock Exchange. While this may happen, a trend of large users may also leave northern New Jersey for more central regions. The central regions of New Jersey are noted for their less expensive and highly modern facilities, which benefit these industries. All will not be lost for northern New Jersey, predict experts; they added that lease transactions of over 10,000 sq. ft. to 40,000 sq. ft. by industries like food and beverage are likely to take place in the north mainly.
Cliffside Park Enters into Agreement with the Bergen County
In new developments, the town of Cliffside Park entered into a cooperative agreement with Bergen County under the Interlocal Services Act. Under this act, the town will participate in the Bergen County Open Space, Recreation, Farmland and Historic Preservation Trust Fund. As per this agreement, one municipal representative will be appointed by the community’s governing body to be a part of the Open Space Trust Municipal Park Improvement Program Regional Committee for the period of one year. With two strong advocates placed on the Bergen County committee, the borough will be enabled to ask for a fair share of resources for its open space programs. As per experts, if aptly utilized, this new association can help bring in much needed funds for open space preservation into the town. Experts added that the municipal parks can then easily be improved. The next public meeting on the matter would take place on October 5, 2010. Rose Messina, Board of Recreation, and Joseph Rutch, municipal administrator, have been appointed by the council to participate in the meeting.
State of New Jersey to Receive Aid
The state of New Jersey will soon receive $300 million from the federal government’s ‘hardest hit fund’. This fund allows for unemployed home owners to receive interest free loans for a time frame of two years and up to $48,000. The fund provides respite to families with unemployed members and to people whose homes are on the verge of foreclosure. The facility of converting this loan into grants is also possible in cases where the homeowner is living on the property. All of this was disclosed at a press conference in Teaneck held in early October. Many residents are hopeful that through these financial aids, they can get recover from pressing situations. As per Sen. Robert Menendez, who put forth the information, these funds can help preserving the American dream of owning and retaining a home. Many owners of Teaneck homes also spoke at the occasion and sought that the government address their foreclosure problems.
Energy Efficiency Tax Credit for Bergen Homes
Homeowners in the region of Bergen County can now avail of energy tax credit if their homes are energy efficient. Federal tax credits are today available for energy efficient homes and as per real estate experts, such homes sell easily in the long run also. Statistics show that while the housing market recovery is slow, sales for energy efficient projects are on the rise. However those interested in taking up these projects for their homes, must do so quickly as the tax credit expires on December 31, 2010. The tax credit can be availed by all homeowners, and must be utilized in an existing home, not a new construction. 30% of the cost of the project with a cap of $1500 would be covered under the tax credit. Products that would be covered under this include window and door parts, roofing parts, insulation parts, water heater parts, heating/ventilation/air conditioning parts and parts and installation of biomass stoves. Experts reveal that given the incentive of a tax credit and the energy efficiency of the offered models, today many residents are making use of the products.
If you are planning on major scale renovations of your house, be sure that you set a stipulated time frame and complete the project within that time. Few case studies have indicated that half measures in home renovations can do more harm than good to the sales of a house. Owners of a home in Englewood, began renovating it, but had to stall the project for some time. Prices of raw materials soon went up, and due to the financial crunch, the owners could not complete the work. As a result, the home was left with peeling paint and an unattractive exterior. When the homeowners advertised the sale of the house, naturally it did not attract many buyers. Additionally, with its unkempt condition, it became an eyesore for the neighbors too. Even municipal building codes generally require that such renovations be completed within a stipulated period. Alternatively, most realtors agree that an update house can attract many buyers. A three bedroom luxury home in Ridgewood sold at its asking price for the simple reason that it was ready to move into. The structure was complete with new landscaping; fresh paints and the bath and kitchen were updated too.
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.