The Bergen County Homes Blog

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.

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.

As incredible as it may seem, Tenafly homes are selling in greater numbers this year than they did in 2008.  As of tonight, 125 Tenafly homes have closed so far this year.   In 2008, 117 Tenafly homes sold so we’re 8 sales ahead of last year with more to come.  Currently there are 23 Tenafly homes under contract so it’s reasonable to expect 132 Tenafly home sales in 2009.  This would represent a stunning 13% increase at a time when most other towns in Bergen County are having fewer sales.

The New Jersey MLS data shows that Bergen County has experienced a 13% price depreciation this year; Tenafly homes have depreciated along with the County but at far less – only 6%.   So here too, Tenafly homes have performed much better than Bergen County’s real estate market in general.

Take a look at this New Jersey MLS chart of Tenafly homes that sold in 2008 and so far in 2009.  The picture it paints is simple – demand for Tenafly homes has increased substantially this year: