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September 2010 – week 2 Issue
Bergen County Market Statistics
Benefits of Buying vs. Renting
Events in Teaneck
Real Estate Market Continues to Struggle
Housing, Retail in Cliffside Park
Bergen County Market Statistics
The real estate market has shown a slowdown across the country. However, pockets across the different Bergen County towns have shown varying data. For example, in the upscale region of Alpine, there was one home sale in 2009 to the tune of $2,300,000. However in the year 2010, four sales at the median price of $2,237,500 were reported. This indicated a -2.7% median change. In the region of Bergenfield, on the other hand, median home prices remained the same in 2009 and 2010 at $300,000. Only, the number of home sales declined from 68 in 2009 to 39 in 2010. In other regions of Bergen County real estate, like Cliffside Park, a positive change was noted with 47 sales in 2009 and 62 in 2010. Also the median home price was seen to rise at 4% from $380,000 to $397,500. In Edgewater too, statistics showed a 5% increase in median prices from $418,227 to $440,000. Experts state that municipalities that have had lesser than 25 sales should be viewed with caution and data of towns with only a few sales may be skewed.
Benefits of Buying vs. Renting
With the economy still in a slump and a slowdown in the real estate market, many new buyers continue to be wary about the real estate market. However, real estate experts recommend that home ownership has many benefits that must not be overlooked. While tenants do not have to pay much, what they pay per month could collectively buy them a decent home. For one, buying your own house gives you the pride of ownership. It also gives you the freedom to live the lifestyle you want to. In rented homes, tenants often need to depend on the landlord for simple choices too. All decisions regarding the color of the walls, appliances are yours to take when you are in your own home. A report by the National Association of Realtors also indicated that home buying leads to a stronger bond with community. As per the report, homeowners tend to stay longer in the community and thus develop stronger ties with the neighbors. Renting, on the other hand, causes people to move more frequently and upsets a family’s way of life.
Residents of Teaneck will have something new to look forward to this month, as nature lovers get to explore the New Milford Greenway. Organized by Mike Trepicchio, who is an avid environmentalist, this event is open to the entire public free of charge. It will be held on Saturday, September 25, 2010 and will start at 10 am. Those participating will be taken for a walk through the New Milford Greenway along the Hackensack River. The walk will last for over an hour and it is recommended that participants wear long pants and closed shoes. Besides this one event, various other events have also been planned along the Greenway. These include, canoe rides, musical events, guest lectures and short and long walks. On October 17, 2010, residents of Teaneck can again participate in a walk that will be organized along the entire length of the Greenway. Besides walks for the nature-enthusiasts, the town also has much in store for its disabled and senior citizens. In this regard, Teaneck’s Senior and Disabled Transportation Service, is offering two free trips to the Bergen Town Center Mall. These two trips will be held on September 29, 2010, a Wednesday. The second trip would be organized to the Paramus Park Mall on September 30, 2010. More information on these trips and other details can be accessed by contacting the authorities at 201-837-7130.
Real Estate Market Continues to Struggle
The real estate market continues to struggle in a troubled economy and both construction and sales of new homes continue to be low. Statistics reveal that the spending on real estate construction also stood at its lowest level of the decade in the month of July. The main reason for this decline is the absence of the popular home buyers tax credit. The report that was presented by the Commerce Department revealed that construction activity dropped by one percent in July, which was a marked decline from the months of May and June. These statistics are yet other indicators that show the economy to be weakening. As the month of summer passes us, by the economy has been weakening significantly. This further indicates that the country may yet again fall into recession times. In such difficult times, the lending market has also become tougher and even people with good credit scores are not getting easy funds.
Real Estate, Retail in Cliffside Park
The project of Town Centre in Cliffside Park may soon become a reality, as it is close to securing $74 million. Provided by the US Department of Housing and Urban Development, these funds will be provided as loan guarantees for the Town Centre redevelopment project. Once the project commences, it will provide for 267 rental units and over 50,000 sq ft of retail space with underground parking. There would be a three storey underground parking area with 200 parking spaces, one acre of landscaped outdoor plaza and also a reflecting pool. The entire project has been marked at $100 million and once it begins it would take approximately 18 months for construction. It is currently being designed under the name of Town Centre Urban Renewal Company, LLC. The group is also in the process of submitting its final plans to the government for approval, before it closes for financing. While officials are optimistic about the project, people in the neighborhood have concerns. Many are worried that the small town feel of Cliffside may be lost and more people would be crammed into the town. This in turn would put undue pressure on the borough’s services. However, officials consider that the revitalization of the district is an important step forward and needs to be taken.
Buy a Home in Bergen County
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- Additional Reports
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- Things You Should Know about Moving
- When Selling a Home
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