Bergen County Real Estate News: October 2005

Bergen County News

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

Beware the Real Estate Bubble

The real estate market in New Jersey is in a phase of boom and growth. People are now willing to pay over double the prices than in the late 1990s. The current housing boom has also propelled the U.S. economy, created over 1.5 million construction jobs nationwide from 1994 to 2003 and allowed millions of Americans to borrow against the growing value of their homes. But experts warn that the bubble may be short-lived and may burst soon like it did back in the 1988. As per the Local Market Monitor, a Massachusetts based company that tracks housing markets, most of the people investing in real estate are in their 30s and never saw a downturn. It would be wise if they look back at the last slump where property values declined from 1988 through 1992, followed by a slow five-year recovery.

Tenafly High School Wins Prestigious Award

On Tuesday, September 19, 2005, the Tenafly High School was recognized as the sole New Jersey recipient of the 2005 No Child Left Behind Blue Ribbon Award. This federal accolade is a prestigious one and it recognizes schools that have shown great improvement or have consistently ranked in the top ten percent in the state on federal standardized tests. Till date less that 300 schools throughout the nation have won the honor. The award has been presented almost a year after New Jersey Monthly magazine admitted a statistical error in its annual school survey. The result had errored Tenafly High School from No. 1 to No. 3. Find out more about Bergen County schools.

Cliffside Park and Fairview Deal May Fall Apart

While Cliffside Park and Fairview were supposed to team up to build the $6 million municipal complex, the project now seems to be falling apart. After over a year of negotiations, officials at Cliffside Park state that Fairview is making a demand that can derail the project. Recent talks indicate that Fairview now wants to add a second floor to the proposed complex that will replace its currently cramped and old borough hall. Cliffside Park has currently agreed to bear 60% of the original project costs. This is because it would occupy a greater portion of the public works complex. But officials say that contributing to an extra floor solely for Fairview is out of question. Officials also indicated that Ridgefield is showing an interest in constructing a similar complex with Cliffside Park if the Fairview deal falls apart.

Cliffside Park Fight Gains Momentum

The leaders of the Cliffside Park Private Property Rights Coalition want the borough to abandon the antiquated Department of Public Works garage and allow it to redevelop the site. The group of property owners stated on Monday, October 10, 2005 that they would be willing to purchase the public land and build a scaled-down project that would not require the taking of any private property. But the borough said that it was not interested though it has sent out letters stating that it is willing to negotiate based on appraisals of approximately a dozen commercial properties. While disagreements and discussions have been on since 1999, it is recent that the fight is getting more intense.

Prospect Park Housing Plan Cancelled

Borough officials in Prospect Park stated that the two old factory buildings on North Eighth Street will remain the same, as the redeveloper apparently has backed out of plans to convert the structures into apartments. Initial plans by the developer, Riverfront Park Development Co, included the construction of 37 rental units with 36 parking spaces on the property. While the project had received early community opposition, no specific reasons have been given by the company and its officials could not be reached for comment when calls were tried on Monday, October 17, 2005.

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: 201-750-6232 or email here.