The Bergen County Homes Blog

If you own a home in Cresskill you’ll be very happy to hear that the Cresskill real estate market is brisk so far this year.  No matter how you slice it, more homes have sold this year through April than they did last year.  Town wide we have 24 sales this year with 19 in 2010.

Because Cresskill has a significant number of high end homes, it’s a good idea to look at the statistics through $1 million because that really is the bulk of the market in town but the results are the same – more sales in 2011 than we had in 2010.  The time it takes to sell these homes is a little quicker than in 2010 but for the $1 million + market, homes are selling much faster this year.

The median price is up too – 17% more for the under million dollars Cresskill homes and 21% more for sales at over $1 million.  Using average sales prices the results are the same – it’s all good.  There is no doubt about it – the market for a Cresskill home is much better this year with more sales, better time on market figures and higher median prices.

So the bottom line is that Cresskill homes are selling and selling well in 2011.

Cresskill is like  “A Tale of Two Cities.”  At over $2 million, the for sale to under contract ratio is 20 to 1;  at under $1 million, it drops to 5 to 1.  According to Jeff Otteau (www.Otteau.com) when you get to 5 to 1, you’re entering positive territory.  

The rarified world of luxury properties has suffered.  On top of the economic collapse, financing for these estates became extremely demanding with down payment requirements of 45-55%.  This recently adjusted to a realistic 20-25%.  For most of us the picture is different. 

The product mix moved higher this year.  Fewer homes should close under $350,000 and more at $350-450,000.  Homes are selling much faster – how about a 33% improvement in the $400-900,000 price range?  This is huge; today a mortgage requires more time due to new regulations.  This shows demand is up for Cresskill plus pricing is even. 

For most of us, Cresskill real estate is past the bottom and has stabilized.  Luxury real estate remains problematic; there is simply too much inventory and so much over pricing to get through.  For the heart of the Cresskill market, however, 2011 will be positive.  Stability should continue over the next few years; I don’t believe we’ll see any real upward movement before 2013.

What about interest rates?  At some point they will have to move higher but are still excellent at around 4.5%  On mortgages, the higher loan limits for Fannie, Freddie and FHA are being extended through September 2011 which helps us tremendously.

For the average Cresskill house 2011 will be better as we emerge from the most challenging housing market since the 1930′s.

In the world of Bergen County real estate, one of the most popular style of homes is the split level.  It’s efficient design, open floor plan, bright sunlit interior and uncomplicated mechanical systems makes these homes highly sought after by buyers.  Bergen County saw an explosion of split level home construction from 1960 through the mid 1970′s.  A wonderful example of the split level design is found in my listing at 18 Ridge Road which is offered at $795,000:

     It’s easy to see the multi level feature of this style: 

    To the right is the upper level where you’ll find all 4 bedrooms.  The lower level of the left is the entry level where there is a formal entry hall, the living room, dining room and kitchen.  One level down on the ground level is the family room, power door with laundry and entrance to the 2 car garage.  There’s also a basement with a rec room and separate storage/utility room.  All in all, you get a lot of living space in these mutli level homes.

The present owner renovated and expanded the home in 2004 – take a look at how well done it is:                                                               

The living and dining rooms are filled with light.  The open floor plan allows for tremendous light to enter the house through the large window at front and sliding glass door across at the end of the dining room leading to the outdoor deck.

 There was a lot of planning that went into this beautiful kitchen renovation and it shows.

This is the family room  on the left and the rec room is one level below – it’s a perfect set up because the adults can relax in the family room while the children are playing in the rec room.   

These 2 rooms in particular demonstrate the versatility of the split level home.

18 Ridge Road was constructed around 1960 and has only had 2 owners but that isn’t all that unusual.  People tend to stay here once they’ve moved in.  Cresskill is a highly prized location – it has an excellent school district, robust business district, terrific town services and a very strong community spirit.  It’s large enough to support it’s own school district but still very much a small town where one easily feels at home.  A classic Bergen County home located in a quiet family neighborhood with an easy commute to NYC, 18 Ridge Road is simply a wonderful home.