Luxury Housing Development in Alpine & Demarest - Bergen County Real Estate News

Home > Bergen County Real Estate News > October 2007 - week 1

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

Luxury housing development in Alpine and Demarest
Tenafly residents to receive Homestead rebate checks
Tenafly gets the 2007 SID Challenge Grant
Golf and homes go together
Real estate organization closes down

Luxury housing development in Alpine and Demarest

One of the biggest real estate deals in the regions of Alpine and Demarest has been the sale of the $58 million worth Frick estate. Sold to Richard Kurtz of Alpine, this estate is now in for some luxury housing development. The 60 acre stretch of land currently houses a large mansion, gardens, carriage house, a private pond and an aviary. For Kurtz who mainly invests in middle income apartment complexes along the East Coast, the deal has been a good one. When he had initially purchased the estate he had plans to divide it individual estates for luxury housing. Kurtz also recalls the great difficulty with which the Frick family had to be brought together and how the paperwork dragged for seventeen months, not to mention the fourteen approvals required from the state Department of Environmental Protection. The development plans for the region are also quite lavish. For example, on a five acre area, Kurtz plans to develop a 27,000 square foot house complete with a movie theater, indoor basketball court, a conservatory and much more. The asking price for such a property would be approximately $40 million. The luxury housing plans are lavish, even for an area of Alpine's stature and it is revealed that if all goes as planned then Kurtz could make sales worth a $100 million.

Tenafly residents to receive Homestead rebate checks

Residents of Tenafly in Bergen County can now receive Homestead rebate checks. On September 15, 2007, the Department of Taxation mailed over one million of these checks to the suitable residents. This included people who were under the age of 65 years and were not blind or disabled. The rebate checks for the year 2006 can be expected to be received by residents who filed their applications by August 15, 2007. However, residents who filed after the mentioned deadline can expect to receive their checks or direct deposits in this month. Homeowners in Tenafly, who have not yet applied for rebate, have time up till October 31, 2007 to do so. Rebates can be filed for through phone or online. The percentage of rebate offered would depend on the income of the eligible residents.

Tenafly gets the 2007 SID Challenge Grant

Residents and business owners in Tenafly now have a reason to celebrate. The Office of Smart Growth, NJ Department of Community Affairs, has been awarded the 2007 SID Challenge Grant. Funds from this grant will be used for professional planning assistance in Tenafly's business development committee. The Tenafly chamber of commerce would utilize the amount to study the suitability of downtown Tenafly improvement district. Residents are business owners operating in Tenafly can also be a part of the project. Participation in the development committee can be accessed by filling up a simple form available at the Tenafly borough site. The participants would form part of the business development committee which would work for Tenafly's downtown development.

Golf and homes go together

New statistics by the National Association of Realtors reveal that one third of home purchase decisions are based on the proximity of the housing to a golf course. The National Golf Foundation also revealed that golf communities are experiencing a never before growth. Today many people are hooked to the game, and to add to that, approximately 70% of golf courses include the option of housing. While many people opt for these houses, statistics also reveal that only 20% of these residents actually play the game. While initially golf used to be a rich man's game, today people across classes are addicted to the game. This can be seen from the kind of housing communities around golf courses. Residential developments include housing that caters to both the affordable and middle class segments. Besides this, housing suitable for affluent classes of people is also readily available. For those seeking to buy a house close to a golf course, experts suggest that it is best to consider the pros and cons before stepping in.

Real estate organization closes down

The slowing housing market in Bergen County and the neighboring regions has slowed operations for many housing brokerage firms. One such firm is the Foxtons, a discount realtor that worked on the basis of commissions for home brokerage. However after the housing market in United States slowed down, the firm shut down its operations in the United States. Officials from the organization reported that the housing market was facing a sharp decline leaving the company with no liquidity to operate and no options but to close down its US operations. Over 360 employees were noted to be laid off. As per the National Association of Realtors, this decline is noted to be the first one on a national scale, since the Great Depression. As per the Realtors Group of Chicago, existing home sales will decline 8.6% in 2007. While the closure of Foxtons may sound the danger signal for other realtor firms, some real estate agents state that it is not the case. Foxtons paid employees a 3% commission along with a fixed salary. Agents from other real estate firms work only on the basis of commission which is at 6%.

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