Bergen County Real Estate News: December 2005

Bergen County Real Estate News

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

Luxury Real Estate Project in Bergen County, NJ

Bergen County’s affluent Wood-ridge will now see the development of not just 737 luxurious real estate properties, but also a new train station, a middle school, ball fields and a high-living retail center. On December 14, 2005, Bergen officials approved this massive real estate development that would lead to the coming of Westmont station. Designed to attract high-end clientele, this luxury housing project is set to cost $500 million. With its proximity to Manhattan, this real estate endeavor in Bergen County will help to meld the new pedestrian-friendly community into a town of upscale houses. The new Bergen County real estate development will come up to replace the huge aircraft engine factory at the base of a hill in Wood-ridge, which stretches over 154 acres.

Luxury homes in Bergen County

Luxury homes in Bergen County are fast becoming the norm, with houses in some parts of the county selling at $400,000 each. However while this is prevalent, in many cases market rate houses are coming up on land that is meant for affordable housing. The council had auctioned several vacant 4th ward real estate properties to community development groups at cut-rate prices; the affordable housing units have not come up. To keep a check on issues such as this, the city council has vowed to take back lots granted to such builders. One such example is Cranberry Associates of Maywood, from whom the council has vowed to take back the five Governor street lots granted for affordable housing.

Bergen County Real Estate Development on the Rise

Construction of new houses in Bergen County, NJ, in 2005 will set new records by marking a 33 year high, according to a research by the National Association of Realtors. The rise may be attributed in part to the hurricanes that caused the homebuilding market to rise up again. Builders worked on 2.123 million homes at an annual pace, which was a rise of 5.3 percent from a revised 2.017 million in October 2005. Also, building permits rose to 2.155 million from 2.103 million. Sales of houses have set four straight annual records and the housing strength is set to rise.

Englewood, Bergen County: Prospective Housing Construction

Englewood, Bergen County, may soon offer affordable real estate to prospective buyers. The Englewood City Council is set to sell the property to a non-profit group that proposes to build suitable homes in Englewoodfor new home owners in Bergen County, NJ. The land in question comprises of two lots on Lafayette Place and Genesee Avenue, at Englewood, Bergen County. The council has already taken an initial vote on the deal and has scheduled a public hearing and possible final approval for the sale on December 28, 2005.

Bergen County Residential Areas: Safer Environment for Your Children

East Rutherford Borough officials in Bergen County, NJ, approved a resolution on December 20, 2005, meant to widen the drug-free ones for Bergen County residents. The latter resolution opposes a state bill regarding drug-free zones. As per this bill, recommended by the New Jersey Commission to review criminal sentencing, drug free zones will be reduced to within 200 feet of schools, parks and libraries. Residents in this part of Bergen County can thus be glad that the borough council strongly opposes the alteration in the original state bill. The bill now waits for a full vote in the Assembly but has not been introduced in the Senate.

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