Bergen County Real Estate News: July 2009 – Week 3

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

July 2009 – week 3 Issue

Rent homes in Alpine and Teaneck
Houses decline takes an upward swing
Events for residents in Tenafly
Fort Lee readies for development at Centuria site
Foreclosure rates reported to slow down
 

Rent homes in Alpine and Teaneck

As the real estate market is expected to recover further, home sales are picking up across various towns in Bergen County. There is, however, still a good segment of renters who prefer to play it safe with rented apartments. Rents have also risen in various regions, and statistics can be seen as under. In the Alpine real estate market, rents for a studio apartment are noted to stand at $1,516 approximately. Rents for one bedroom and two bedroom apartments are noted at $1,697 and $1,903 respectively. Similarly rents for three and four bedroom apartments were noted at $2,350 and $2,705 respectively. Many who seek the luxury of the Alpine neighborhood opt for these rentals even if they are high. The Teaneck real estate market, which also offers a good luxury home market, is also comparable. Rents in the market stand at $1,011 for studio, $1,132 for one bedroom apartment, $1,278 for two bedroom apartments, $1,560 for three bedroom apartments and $1,805 for four bedroom apartments. These figures are Fair Market Rents that are provided by the US Department of Properties and Urban Development.

Houses decline takes an upward swing

In new developments and as a welcome relief to many realtors and home owners, home prices across major US cities finally showed the first definite signs of rising up. As per Standard & Poor’s Case Shiller index, which records home prices of approximately 20 metropolitan areas, the recent report indicated that prices are now showing a slight hike. The report indicated that home prices rose by approximately 0.5% for the tri-monthly period from March to May as compared to the tri monthly period ending in April. While this may appear like a minuscule detail for many home buyers, real estate experts from Wall Street state that in the index this has reportedly been the first rise after 34 months of noted decline. These seasonally adjusted numbers which are being reported by Case Shiller since only earlier this year represent a significant cane in direction for the real estate market and hopefully the American economy. Experts also added that this upswing also matches with other properties data. Sales of existing and new homes were thus noted to rise for the 3 months up to June and real estate starts were also noted to be up in the month of June.

Events for residents in Tenafly

Art lovers in Tenafly now have something to look forward to in the first week of August. An artist reception for artist David Buckbinder, a local of Tenafly will take place on Sunday, August 2nd, 2009 at the Kaplen JCC on Palisades at the Clinton Avenue in Tenafly. More information and event details can be availed by contacting Oprah Wistokin at olistokin@jccotp.org or at 201569 7900. Music lovers in Tenafly can also participate in the Wee Music theater camp which will begin with the end of August. Slated to start at August 31, 2009, this camp will be on up till September 4, 2009. Designed for small kids, this camp will help them learn through games, skits, vocal warm ups and music theater shows. At a registration price of $135 for non members and $120 for JCC members, more information on the event can be availed at 201 569 7900.

Fort Lee readies for development at Centuria site

The town of Fort Lee may finally see some development at the Centuria site as four developers have finally submitted their proposals. Of the four names, one name also belongs to the noted owner of the World Trade Center site. The developers include the names of Fort Lee Redevelopment Associates LLC, Tucker Development and Acquisition Fund LP, Taubman Company and Silverstein Properties Inc., and Amerea Development LLC. The four developers have given different proposals with Taubman-Silverstein and Amerea giving their proposals for developing the entire stretch of land. The other developers however proposed the development of only one parcel of land. However all proposals reflect as to how the land can be best used for mixed development complete with shops, restaurants, hotels and also residential complexes. Those who have been following up the development of Centuria site closely will remember that the tract stretches over 15.7 acres and is divided into an eastern and western parcel by the Martha Washington Way. The tract has also been lying vacant for approximately 30 years, with various developers not being able to provide the promised development. However things look hopeful again and officials state that a developer will be appointed by September 10, 2009 and a redevelopment agreement is expected to be signed by January 15, 2010.

Foreclosure rates reported to slow down

The real estate market which was seen to be spiraling down for quite some time is finally showing its first signs of recovery. Among other things, foreclosure rates have seen to slow down as per a report by theNational Association of Realtors. Distress sales that stood at 50% in June 2008, were seen to come down to 33% in May 2009 and fall further to 31% in June 2009. Besides indicating a better market, foreclosure sales have also seen a reduction thanks to the US Banks Moratorium on home foreclosures. As per this the government launched various programs to help banks end their foreclosure moratoria through modifying and refinancing loans for the at risk borrowers. Interest rates for the loans were also seen to be low at or below the 5% mark. However real estate economists still express concern that the rising rate of unemployment can still push many people to fall behind their mortgage payments, which will again lead to foreclosure.

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