The Bergen County Homes Blog

Every year residents of Tenafly NJ look forward to the town’s 4th of July festivities.  If you just bought a Tenafly home, you could miss it because Tenafly never has it’s 4th of July celebration on the 4th.  This year it’s going to be on Saturday, July 2nd, but don’t let that worry you.  It’s going to be a great Independence Day Celebration as it always is!

 Held each year at the Roosevelt Commons, Tenafly has a townwide Independence Day Celebration featuring all sorts of booths sponsored by local groups and businesses, rides for the children, food and prizes.  From 10 am to 3 pm bring your family to Roosevelt Commons for a day of fun where you’ll meet neighbors and friends alike.  Even if you don’t own a Tenafly home and are just in the area, feel free to drop in.

Later that night there will be fireworks.  Come behind the high school to watch – it starts about 9 pm give or take.  There’s a rain date too on the 3rd.  So if you own a Tenafly home and want to celebrate the 4th in town, you better come on the 2nd!

Tenafly NJ has a very dedicated Mayor in Peter Rustin.  In spite of the 2 party system, Peter Rustin ran and won as an independent.  Whether you like him or not, one thing everyone can say about Mayor Rustin is that he is dedicated to his job and the people of Tenafly. 

You can also say he’s dedicated to his 2 dogs who go everywhere with him.  Riding along in his lime green Porsche, Mayor Rustin’s dogs go everywhere he goes and even up the Tenafly Borough Hall steps into his office when he goes to work at his desk.  It’s no wonder that under Mayor Rustin’s stewardship that Tenafly is exploring the posibility of a dog park.   If you own a Tenafly home and have always wanted a local dog park in town, this is good news indeed. 

The Tenafly Borough Council has approved the formation of a committee to create a plan for a dog park in town which they will present to the Borough Council.  Stay tuned – it sure looks like a dog park is coming to town!  If you want to participate, you can email the Mayor at prustin@tenafly.net  Having a dog park in town is certainly going to be another positive for Tenafly homes and their 4 legged friends.

One of the agents in my office had an interesting experience in Englewood today.  She was inspecting an Englewood home with her customer and nearly came eye to eye with a raccoon in the attic.  Needless to say this presented a problem when trying to show the house to her buyer and I have no doubt that both real estate agent and home buyer left that Englewood home pretty quickly.

Attics seem to be favorite hiding places for raccoons and squirrels too.  One way to protect your home from a squirrel or raccoon invasion is to make sure you have a chimney cap on your chimney.  A quick Google search came up with this Draft King Chimney Cap picture:

As you can see, this is a really pretty simple item but it sure does the job.  It’s also important to periodically check where your roof meets the house structure itself.  Sometimes a squirrel will bite through the facia board just under the roof and get inside the attic.  When you’re having your gutters cleaned out it’s a good idea to check around for any signs of a raccoon or squirrel trying to bite their way into your home.

Towns like Englewood, Tenafly and Ridgewood have so many beautiful, mature trees that tower over the homes there but these gorgeous trees also have branches that make it so easy for a raccoon or squirrel to scamper up on your roof and bite their way into your attic.  It’s best to do a regular inspection of your house so you can keep on top of the raccoons and squirrels who have decided they like your house as much as you do!

When the financial crisis exploded in 2008, new construction financing ended.  Actually, most credit was taken off the table then and for good reason.  On new homes being built, many banks pulled existing mortgage loans creating havoc for builders and individuals who were in the middle of new construction projects.

Since then, getting a bank to loan on new construction in Bergen County has been difficult if not impossible.  But there has been one bank that’s kept its new construction loan department open – TD Bank.  In addition to TD Bank, Wells Fargo and Provident Bank of New Jersey also do new home financing.

I called TD Bank this week to review financing for a new 3 lot subdivision in Ho-Ho-Kus that I’m working on with Beverly Mitchell in my office; the interest rate quoted was very attractive – only just over prevailing mortgage rates with no points.

Each Ho-Ho-Kus lot is around 1 acre and we have packages for buyers at $1.5-1.7 million with architect plans for gorgeous 5,800 sq ft houses and a master builder in place.

If you drive up the Tenafly East Hill, you’ll be amazed at all the new houses being built there.  Tenafly has always enjoyed a strong demand for luxury new construction on it’s East Hill acre lots.  Buying a new Tenafly home is no problem for qualified buyers today.

Whether you’re building a new home in Tenafly, Ho-Ho-Kus or anywhere in Bergen County, you can get a mortgage as long as you’re qualified.

  Trees and nature have always been important in Tenafly NJ.  When I bought my Tenafly home I was amazed to learn how important trees were to the Tenafly Planning Board.  The builder had to agree to plant fast growing maple trees along the building line in Walnut Manor, where I bought my Tenafly home, so that in only 7 years the area would have tall trees throughout.

Today Tenafly has over 400 acres of municipal parks and open space.  Preserving natural woodland is so important here that in 1972 a 4 year campaign was begun to save 194 acres on the East Hill from development.  Along with grant money were hundreds of donations from individual Tenafly residents. 

Today that 194 acre purchase is part of the total 330 acre Lost Brook Preserve that so many Tenafly residents enjoy bordering on the 52 acre Tenafly Nature Center for a spectacular nature preserve.

Following Tenafly’s tradition of preserving woodland and trees, the Tenafly Public Works Department is hosting a free tree planting this spring.  Every Tenafly homeowner can call 201-568-4134 to be put on the list of homes that will be checked out to see if there is enough room in the borough right of way to plant a tree. If there is, the Public Works Department will come back in the spring and plant a tree there for free.

When you buy a Tenafly home, you’re buying more than Tenafly real estate.  You’re buying the Tenafly lifestyle and a big part of that is respect for trees and nature.

The difference between 2009 and 2010 wasn’t much county wide.  According to the New Jersey MLS there were only 58 fewer units (from 7,315 in 2009 to 7,257 in 2010) while the average sales price was higher by 2% to $500,710.  2010 turned out to be a solid year for Bergen County’s housing market.

The truth is that real estate here pretty much stabilized and is poised to move forward in 2011.  Let’s check out a few towns to see how we’re doing on a local level:

Tenafly did very well.  Sales units in Tenafly were down by 8% but the average sold price rose 4%.  Teaneck also turned in a strong performance – units were down 14% and average sales prices were up 8%.  On paper Dumont didn’t do as well with 6% less sales and a 6% drop in the average sales price but a good number of short sales were to blame.  Cresskill has a large inventory of luxury homes so I kept it to $1 million sales.  Through $1 million, Cresskill had 19% fewer units at only 1% less in the average sales price. 

Bergen County beat the ”prevailing wisdom” because of our proximity to Manhattan, excellent schools, good commuting and diverse economy.  While Wall Street and the financial markets do employ many of us, there’s more to the Bergen County job picture than stocks, bonds and trades.  We have 4 major hospital centers in Englewood, Hackensack, Ridgewood and Teaneck employing large staffs of doctors, nurses and all sorts of support systems.  Bergen County is the most populous county in New Jersey and one of the largest in the US with over 900,000 residents. 

With all these advantages, it’s no wonder that things are better here.

  Do you have a dog or just love pets because if you do, you won’t want to miss the first ever Woofstock sponsored by Tenafly’s Pet ResQ Inc. and the Tenafly Chamber of Commerce.  You don’t have to own a house in Tenafly to be part of this fun event – you just need to love animals.  If you have a dog, bring Fido along for the day and be part Woofstock 2010. 

Woofstock will be held from 10 am to 5 pm this Sunday, October 24th,  at the Tenafly Circle Park located at the intersection of Tenafly Road and Washington Street.  Along with the day’s event will be a dog adoption fair where you can find your new best friend. 

There will be a doggy talent show, agility courses, A Strut Your Mutt Costume Parade and training demonstrations for dog owners.  Dogs who are adopted will be professionally groomed by Best of Breed Salon (located in Tenafly).  This all day event has these and other activities planned throughout the day. 

Woofstock 2010 will be a great day for dog owners and anyone interested in man’s best friend.  Pet ResQ Inc is a wonderful organization who’s mission is saving abused dogs and finding them their forever home.  Come out on Sunday to have a great day and support this great organization and just maybe come home with a new family member too!

Everyone wants to know and for good reason – real estate is not only your home, it’s a key part of the economy and it’s very local.  When real estate is good, people go out more, restaurants are busier, life just seems better.   You can feel it when you go downtown or talk to your neighbor.  So, how is the Tenafly market?

Tenafly real estate has stabilized almost completely.   Over all we are moving forward and have been recovering since late last year.

Today, September 18^th, 126 homes are for sale with 18 under contract for a 7 to 1 ratio which isn’t, frankly, great.  Things turn positive at 5 to 1 but autumn traditionally has an inventory buildup.  The question is whether this is of disastrous proportions and the answer is No.

We are on track to have the same number of sales as last year.  Taking it through September 15^th for both years, 2009 had 93 sales and 2010 had 94.  What about the tax credit?  This is the under $500,000 market which was 21% of all Tenafly sales in 2009 and is 20% now (with under contracts).

Average sales prices support positive change too.  Significantly higher, this demonstrates that the product mix in Tenafly tilted toward higher priced homes in 2010.  Through September 15^th the average sales price rose 5% in 2010 to $910,866 from $865,679 last year.   

The heart of Tenafly real estate is the $650-950,000 price range.   The year to year comparisons clearly show how this market has come back.  It picks up again substantially in the important $1-2 million range.  The upper tier looks quiet but it isn’t.  This is luxury new construction and financing for high end new homes was non-existent until recently.   Never doubt Tenafly’s East Hill.  Demand was always there even if financing wasn’t.   Take a drive up Tenafly’s East Hill.   You’ll be amazed at all the high end new construction.  The East Hill is most definitely back.

What about the future?  Clearly Tenafly real estate has stabilized.  The New Jersey MLS inventory of short sales and foreclosures runs at 10-15% so while not terrible, it’s certainly a factor.  This together with job uncertainty will keep pricing pretty even for the next year or two.  Tenafly may experience some appreciation but at anemic levels.  I remain convinced that significant upward movement won’t come before 2013.  For Tenafly, the storm is behind us; we’ll be on calm waters till then and that’s good.

SMA African Art Museum

It is pretty well acknowledged that Bergen County is an extremely diverse, eclectic population, home to many different cultures, races, religions. Here in Tenafly, we are home to the SMA African Art Museum, and it’s a fabulous place to have some fun and celebrate Africa.

Owned and operated by the Society of African Missions SMA Fathers, the museum is located on Bliss Street in Tenafly. It houses collections of masks, prints, sculpture, and fabrics, reflecting a multitude of African cultures. It is one of the few museums in the United States devoted exclusively to African art.

How fortunate we are to have this resource, a windown on the world, right here in Tenafly! Upcoming events include a Festival on September 11, which will celebrate East African culture for the entire family. It’s a great opportunity to have fun and enjoy a great opportunity here at home.

Recently, middle school students from all over northern New Jersey were treated to African and Western music at the museum. They learned dances, tried different instruments, and had a great time. They also were introduced to western classical music at a small concert, and really enjoyed the experience.

Not only is Tenafly a nice place to live, it’s a cultural center. It’s also home to the Thurnauer School of Music at the JCC, a theater company, and many community events at the library. I’ll keep you up to date on the wonderful things happening in the arts.