PALISADES PARK, N.J. – Opportunities to own a new home in Bergen County are dwindling as demand far exceeds the number of new construction for sale single-family homes and multi-family developments being introduced to the market.
According to the New Jersey Association of Realtors, the supply of homes for sale in Bergen County in April was down 12.5 percent from a year earlier. An improving economy, low mortgage rates and an increased sense of job security have pushed homebuyers back into the housing game as evident by the 4.9% spring bounce in previously-owned home sales nationwide as reported in May by the National Association of Realtors.
With more homes being snapped up by aggressive buyers and a limited number of new homes on tap, the inventory has dramatically tightened and narrowed the choices today’s homebuyers have, particularly in favored locations in eastern Bergen County. It’s a situation that’s not expected to improve greatly in the near future. The overwhelming majority of new construction multifamily developments underway or planned near Bergen County’s Hudson River waterfront are high-end apartment buildings, such as Twenty50 and the downtown redevelopment of Fort Lee which will bring more than 1,000 new rentals to the Borough in The Modern and Hudson Lights development.
“Vacancy rates in Bergen County remain under 4% so it’s easy to understand why developers have opted to lean heavily into the rental sector,” says Jaqueline Urgo, President of The Marketing Directors, an exclusive sales and marketing firm active in Bergen County’s for sale and rental markets. “With so few new construction for-sale buildings in the area and the rising number of interested homebuyers, the gap between demand and availability will continue to grow.”
In regions such as Bergen County, the flourishing apartment market is also playing a direct role in growing the pool of homebuyers. With the attraction to apartments high and vacancies low, monthly rental rates have escalated, reaching their highest levels in many of the municipalities with direct access to New York City. Several industry reports now place Bergen County as the second most expensive county to rent in New Jersey, a statistic that has prompted scores of renters to enter the for sale market motivated by the opportunity to build equity.
“More and more renters at expensive Bergen County waterfront apartment buildings realize they can own a home for nearly as much as they’re paying in monthly rents,” says Ms. Urgo. “Unfortunately, what they’re finding is an underserved market with a relatively small number of well-priced, desirable homes for sale and growing competition lining up to bid on these residences.”
All these factors add up to a seller’s market as multiple offers, high demand and low supply have raised home prices in Bergen County nearly 10% compared to this time last year.
Yet despite these conditions, homebuyers are discovering favorable buying opportunities do still exist even in desirable towns closest to the Hudson River “Gold Coast.”
In Palisades Park, recently named the second most exciting place to live in New Jersey by real estate website Movoto, condominium ownership is on the rise as first-time homebuyers, families and empty-nesters are drawn to affordable pricing, well-rounded lifestyle and premium location less than 4 miles from the George Washington Bridge.
Developers have taken notice of the growing popularity of the 1.3 square-mile Borough and introduced new condominiums, creating a much healthier housing stock compared to neighboring towns. More than 150 homes were available for sale in Palisades Park as of June 2014, according to Multiple Listing Service.
“Our buyers have done their research and conducted extensive home searches throughout Bergen County,” says Honey Hwang, Sales Representative for The Marketing Directors at Trio, a new condominium building located at 800 12th Street in Palisades Park. “They’re well versed in all that Palisades Park offers as a residential address, whether it’s the lifestyle, schools, location or small town feel.
“They also understand the tight market conditions and are cautious not to over pay for a home. They’re turning to Trio where they not only get great value, but also modern and upscale homes, the ease and convenience of maintenance-free living and easy access into Manhattan.”
The luxury building features luxurious one-, two- and three-bedroom condominiums ranging in size from 742 square feet to 1,751 square feet. Designer elements can be found throughout the homes including floor-to-ceiling windows, hardwood floors and modern recessed lighting. Gourmet kitchens include granite countertops, stainless steel GE appliances, custom maple cabinets, and Kohler fixtures. Designer bathrooms feature Crema Marfil marble floors, granite countertops, custom maple vanities, and Kohler fixtures. All homes come with an individual washer and dryer. Immediate occupancy is available.
Trio also features an exciting suite of newly-renovated, five-star recreational amenities including concierge service, the lounge with billiards, ping pong and large screen TV with catering kitchen; state-of-the-art fitness center, the yoga studio, game room, virtual golf simulator, outdoor terrace and a business center all located within the buildings. Covered parking is also available.
“The recreational and social amenities at Trio raise the bar for what homebuyers expect in a condominium community,” says Ms. Hwang. “By completely renovating these facilities, we’ve created a living environment that rivals some of Manhattan’s most exclusive buildings, but at a price that’s significantly less.”
Trio is situated in an established residential neighborhood minutes from the George Washington Bridge and a number of transportation options including bus and NY Waterway Ferry service into Manhattan. Shopping enthusiasts will find myriad opportunities at nearby malls, such as Riverside Square and Garden State Plaza, while a host of brand-name stores, specialty shops and boutiques line Route 4 and Route 17.
For additional information on Trio, please call (888) 479-1842 or visit www.LiveAtTrio.com.