The real estate market in Bergen County in the second half 2009 has outpaced 2007 and 2008. However, there are many short sales still waiting to be sold. Pressure of foreclosure, eventurally put these homes on the front burner. I have seen new homes under construction in Upper Saddle River that can be bought for about 50 cents on the dollar. The latest market hot spot are Bergen County lots, if priced they get bid up. There is a certain attraction to people to build new homes. The existing market of new homes built but still unsold are out of sync with the buyers needs. Most new home buyers are looking to keep the size and scope of their home, to be smaller and less upgraded. The existing stock can be bought economically but are declining in price due to their over sizing. Each area has its own demographic group. The market is struggling to reconnect with them. As always the market will prevail.
There is a great demand for housing, far more then the numbers may show. Slowly the market is shifting to a new era of housing. Somewhat more akin to the 1990 that this past decade. I know many big homes which could be bought for not much more then homes 50% smaller.
There is a new market emerging, one day at the time.
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Richard
REMAX Real Estate Associates-Richard Stabile- Realtor-Builder-Developer 201 573 8811 ext 331 Northern New Jersey's Number 1 new home seller !
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I didn't think there were many lots left in Bergen County.
Eric, there aren't many lots per say. I classify knock downs as lots. This is the main land market now.
Richard
I noticed a big disconect with our luxury market to our regular market now. The correction has begun here and you can pick up some amazing luxury property for very little!