Posted on 23 Comments

Resident Addresses Councilwomen Hauck’s misinformation on High Density Housing

gwenn hauck

Subject: letter to Hauck in response to her own misinformation

Dear Councilwoman Hauck,

As you and I have yet to formally meet, I’d like to start by introducing myself.  My name is Dave Slomin and I have lived at 36 Heights Road for since 2001.  My wife grew up in this town, as did her mother (who still lives here).  My two sons attend RW Public Schools (RHS and GW).  While I have not been a formal appointee or elected official, I have been very involved in working with the Village  –  whether my input is welcome or not  😉  –  on several recent matters, including as a key advocate for Citizens for a Better Ridgewood.  My main volunteer work is with the BSA, where I was Pack Leader of Ridge School’s Pack 44 (the largest Pack in North Jersey) for many years and am now Pack 44’s Executive Committee Chair and an Assistant Scoutmaster with Troop 7.  I mention these things, not to toot any horns, but so my opinions are not taken as those of an armchair complainer.   As with so many other Residents, I am out there caring about my community, putting in my time for Ridgewood and – having attended almost every planning board meeting for the past 2-3 years – I am well educated in the Multi-Family debate, process and ordinances.

I am also President of Andover Properties, a real estate company that specializes in multi-family properties.  We own and manage apartment complexes in 4 states, including New Jersey.  I know the benefits and difficulties of the multifamily business and I know how investors and developers work, think and act.  At many Planning Board (PB) meetings, I tried to pass along some of my experience and knowledge, given the gaps in data provided by developers.  Unfortunately, it fell on too many ears that, if not deaf, were wrongly “prematurely decided.”  Given the far too little amount of time the Council has relegated to multifamily discussion, I am hopeful that you will consider some key points, insights and corrections from an industry insider: and one who is a big fan of apartments… when properly planned and appropriately built.  I am for multifamily development, but at lower densities and scale that in the ordinances.

I write to you, as I am aware of some responses you have provided to emails from members of the Ridgewood (RW) Community.  As they were sent from your official RW email address, I am comfortable that you intended for your thoughts to be shared.  They were.  And unfortunately, your responses illustrate – to this real estate professional – that you and the council really do need more correct and unbiased information on the matter you are voting on.  Beyond that, some of your answers leaned more towards the influences of the developers PR firms, than to multifamily realities.  And unfortunately, some of your data and response were wrong.  I am writing to help… because this is so important.

I am also writing because of a statement you wrote to a fellow resident saying: “If only people understood the other facts and not the points which have become cocktail party innuendo.”  I hope to show, with knowledge of “the facts,” how such a statement is wrong and can appear to come from the developers’ PR Playbook.  Please know that I do know the facts.  As do so many residents.  And I’d like to clarify some and provide others you may not know.

So, some responses:

THE MALTBIE/FRANKLIN APARTMENTS ARE 19.5 UNITS PER ACRE, NOT 33.6

In one email, you incorrectly proffered that the apartment complex across from Ridge School (on Franklin and Maltbie) is a great example “for a comparison” as it represents “33.6 units per acre.”  I do agree with you that: (1) it is “attractive” and “quaint,” and (2) they “do not look like Fort Lee,” but a key reason for that is the fact that their density is only 19.5 UNIT PER ACRE.  The complex has 13 units and sits on .664 acres.  Some outdated records show the property to be .459 acres.  That was the case until the owner added an adjacent lot to provide parking when some additional units were built.  Nevertheless, the property is most definitely not 33.6 units/acre.  It is almost half that.  But it is an excellent example of a scale and density that would fit beautifully in RW’s CBD.  It is also only 2 stories, plus the roof peak.  Dramatically less than the 5 stories we may see downtown if you vote in favor of the current ordinances.  Maybe that’s why you like how it looks and fits.

YOU SAY THE OAK STREET APARTMENTS HAVE MORE CHILDREN BECAUSE THEY ARE LESS DENSE.  THAT IS AN INCORRECT ASSUMPTION.

In another email you note that the Oak Street Apartments, at 18 units/acres have “more school children in them than higher density apartments BECAUSE they are less dense.”  While I can understand how one might make this faulty assumption, it’s not accurate or that simple.  There are many other low to mid density complexes in town that have fewer children.  And there are many higher density properties in other towns that have lots of children.  That’s because there are so many factors that play into apartment demographics.  Some key factors are the management company policies and the historic “community” of the complexes themselves.  Firstly, management companies, while being required to adhere to law regarding renting vacant units often do have discretion as to how they wish to run their communities.  Some managers/owners are happy to have more occupants (including children) in units, if they know they can fill vacancies with paying renters.  Others would like to have fewer occupants, as fewer occupants results in less water consumption and often less wear and tear.  Furthermore, over time certain properties, like certain towns, gain a reputation, or a community culture.  For example, a senior will want to move to a complex known for having more seniors, while a family might skip that complex for one that has more kids… even if both are garden-style properties.  So, in sum, your assumption is wrong.  Lower densities do not automatically equal more kids.  If a manager wants kids or higher numbers of occupants to fill units, and prices units appropriately, there will be more school children.  The current ordinance cannot dictate this, so be careful.  You just don’t know the answer to this question.  And, right now, no one does.

YOU ALLEGE THAT FOLKS WHO WISH TO PUT HIGHER NUMBERS OF CHILDREN INTO UNITS ARE “SCAMMERS” AND/OR WOULD RENT HOUSES FIRST.

In another email you hold that “people who want to scam the schools would rent single or double family houses” before paying a premium for apartments.  There are several issues here.  Firstly, having high numbers of children in a unit is not a “scam.”  It is actual a “right” maintained by law.  Many NJ municipalities use occupancy guidelines stating that 150 square feet is required for the first occupant and only 75 additional s/f is needed for each additional occupant (not including kitchens and baths).  In a 1,000 S/F apartment, you could potentially, and legally have 6-9 occupants.  So again, folks who may wish to put more kids into a unit to benefit from our great schools (provided that the proper guardian is there) are not necessarily running a “scam.”  They are really just doing the right thing within the law for their children.  As these decisions on occupancy limits often come down to property management, RW needs to tread more carefully.  The ordinance cannot define this.  So limit the risk.  If a property is not leasing fast enough to singles or couples, I guarantee that we will see more families with greater school impacts and costs.  That’s just the way it works.

Regarding renters opting for house as a first choice, this again is something that you don’t and cannot know.  But you NEED to be right on these things.  Be advised that even though the developers are projecting rents in the $3,000-4,000 range, there is no way of guaranteeing that.  Nor can you guarantee the “luxury” status in design, and especially management, that the Mayor especially has said he desires.  If a property is underperforming – and with so many units coming onboard at once, that may happen – investors will need paying tenants, even if the rents have to come down.  Some money is better than no money, when the mortgage bank comes calling.

THESE APARTMENTS WILL NOT EFFECT OUR SCHOOLS.

On this, no true and full study has been done.  RW has not done a market study to more accurately determine who may move in.  While discussed ad nauseam, data to date has too predominantly been provided by the developers.  I am further concerned about the fact that (I believe) only one Council-member currently has children in the Schools.  The other members either have no children currently in the system or chose to send their children to private schools.  As such, we need all of you to know how current school-age parents are feeling.  How have our schools changed since you may have experienced them?  What are the current limitations and needs?  YOU NEED TO SPEND MORE TIME SPEAKING WITH US.  And, on this topic, a 3rd party study really still needs to be done.  The very fact that the developers used, and some PB members embraced, the now outdated “Rutgers Study” to determine numbers of school-children was a big data fault.  The Rutgers Study looked at no towns with schools anywhere near the quality of Ridgewood.  One PB resident speaker pointed out the she chose Ridgewood specifically due to the quality of educational services for her Special Needs child.  She said, she’d spoken to many “special needs parents” who are just as aggressive as her and feared that if options availed themselves via multi-family we might see more special needs children.  This would, she said, possibly diminish the current programs helping her child.  And at up to $100,000 per special needs child, could hit our schools and taxes hard.

So in sum, we have no real data on OUR OWN schools.  Lots of speculation from both sides.  And that’s dangerous.  You should ask for better.  Slow down and let’s get it right.  That’s why we voted for you!

THE BUILDINGS WITH 80+ UNITS/ACRE YOU NOTE AS “LOVELY” & “ICONIC” DON’T HAVE ENOUGH PARKING… OR ANY PARKING.

Too support a position for higher density, you noted several buildings as “iconic” and “lovely” with higher densities than 35.  While you are correct in quoting their densities, you failed to note that none of them have enough parking, and the largest, 263 Franklin, has no parking!  They couldn’t and shouldn’t be built today like that.  And I guarantee, if the land required for parking was added, their densities would plummet.  Please take that into account.  As our Representatives, the data you proffer needs to be unbiased and as accurate as possible.  Personally, I would argue that 263 Franklin isn’t so lovely or iconic.  It’s an example of something that doesn’t fit within its surroundings.  Its design and scale is seen more frequently in Hudson or Essex Counties than in northern Bergen… it’s just too “dense.”

RIDGEWOOD WILL BENEFIT FROM TAX INCOME DERIVED FROM MULTIFAMILY DEVELOPMENTS.

Working in the multifamily business for two decades, and having filed dozens of tax appeals, I can tell you that municipalities all agree on one thing:  residential development, including apartments, are almost always a tax drain.  Residential costs so much more in services… AND SCHOOLS than office or commercial.  So PLEASE GO IN WITH YOUR EYES OPEN ON TAXES, there will be a deficit.  I believe even Blais alluded to this in some PB testimony, but also noted that tax revenue and financials should not be used in the PB’s considerations.  They need to be considered by you and the Council.

APARTMENT COMPLEX OWNERS FILE TAX APPEALS, AND OFTEN WIN OR SETTLE.

I say this, because, anyone who owns properties of these sizes will assuredly be professionals.  And RE Professionals file tax appeals as part of the game.  Real Estate is not designed to be altruistic.  It’s designed to make the biggest profits.  Our firm files appeals on most of our properties every year.  If our financials are off, we expect to have our assessments lowered.  They often are and then we pay less taxes.  If the developers don’t get their $3-4K rents, you’ll see appeals very quickly.  You’ll see them even if they do!

OTHER OPTIONS FOR THE PROPERTIES ARE LESS OPTIMAL FOR RIDGEWOOD.

You state in one email, “the private owners… might build something worse than what is currently being proposed if we do not approve the amendments.”  Given that we started talking about 50 units per acre (500-700 total potential units, per Blais) and buildings sized like the new developments in Fairlawn on Route 208, in our constrained downtown, I’m not sure what could’ve been worse!  35 is certainly better, but is still not appropriately sized.  Those 208 properties are still not far off from the scale of what we will see.  Please note that.  To me, a Walgreens on either of the car dealer sites, would provide a great amount of ad hoc free parking, especially after hours.  They wouldn’t be so quick to tow, as they’d lose customers if they did.  Furthermore, by raising densities, we are also raising property values and making it more expensive to potentially provide much needed additional parking.  I’ve told Paul that it would be much more affordable for RW to buy pieces of land, pave and create new parking lots, than to build and maintain a $15,000,000 garage.  But if you raise multifamily densities so high, you will make potential land purchases for parking prohibitive.

“WHAT IF THE OWNERS TRY TO PUT UGLY, BUSY COMMERCIAL ENTITIES HERE?”

This is a comment you made to a resident.  Please know that nowhere in the ordinances are aesthetics fully defined.  RW can and will have some say, but there is no way to require that the apartments that get built will look anything like the pictures you’ve seen.  As you know, the new buildings will be near, but not in, a “Historic District.”  Apartments can be beautiful or ugly.  Commercial buildings can be beautiful or ugly.  It’s up to the property owner.  Both apartments and commercial are good options, when appropriately sized.  Take this down a notch.  Make it really and truly fit.  You said you like the Maltbie apartments.  Let’s zone for something like that!

“WE NEED OUR BUSINESSES TO SURVIVE…” (E.G. APARTMENTS ARE THE ONLY OPTION).

This has come up again and again: the need to save our business.  On this, you and the Council need much more real data.  Adding a few hundred apartments will not “save Ridgewood.”  There’s no guarantee they will shop in town.  What is guaranteed is that the current applicants do not fully provide enough parking for their tenants, guests, contractors, etc.  As such, business may very well be hurt if the 26,000 current residents find that traffic and parking worsen.  I know many West-siders who use the CBD less during peak hours (e.g. for dinner during rush hour, or coffee and breakfast in the a.m.) due to the longer waits at the underpass.  And my family is one of them!

Yogi Berra said of a restaurant, “Nobody goes there anymore, the line’s too long.”  Ridgewood has a similar issue.  It’s beautiful and special… and successful.  But we need more parking and better, safer traffic and pedestrian flow to handle the lines.  And, to boot, landlords (many who have a vested interested in keeping rents too high) may need to adjust rents overtime to keep businesses in business.  What we don’t need is these somewhat artificially created longer lines right now.  Especially until ALL the right work has been done to fully understand the impacts.  And from statements I’ve heard members of the Council make, yourself included, I don’t think you have all the information you need.

FINANCIAL IMPACTS

We haven’t even gotten to the subject of “financial impacts” which, while not a factor for the Planning Board, the Village Council MUST fully assess.  That just hasn’t been done properly yet either.  You need to.  You don’t really know the answer.  Too much “innuendo.”

I hope you will do the right thing and try to help convince some of the other Councilmembers to lower the density and scale, or Vote No as-is.  At the very least, put off the vote and plan for the much needed independent studies.  Real estate is a game.  And RE professionals are generally much better at it than municipalities.  It’s just the nature of the business.  So please be careful with our Village.

Respectfully,

Dave Slomin

CC:  Mayor P. Aronsohn, Councilmembers Pucciarelli, Knudson & Sedon, CBR, Residents of Ridgewood

Posted on 11 Comments

Urge Village Council to Learn the Facts

clock_cbd_theridgewoodblog

Please read this compelling email from CBR Supporter, Lorraine Reynolds, and consider emailing Village Council Members.

Thank you!

Citizens  for  a Better Ridgewood
[email protected]

All,

As you may or may not know, on September 30th the village council will be continuing the 2 night hearing and voting on the 5 ordinances regarding the high density housing. These ordinances would increase the density allowed from 12 units per acre (current) to 35 units per acre (UPA) in our downtown. Here’s a comparison as to what some other towns in our area allow: Fort Lee 50 UPA, Teaneck 28 UPA, Englewood 12 UPA, Hackensack 22 UPA. If passed, Fort Lee would be the only town in our area, similar in population, with a greater density per acre. I do believe the majority of the town is accepting of development, but on a smaller scale. Maybe 25 units per acre? Do we really want to be built up more than Teaneck? I certainly don’t want to be anywhere near Fort Lee’s density.

The planning board spent approximately 3 years in discussions and 1 1/2 years in a public hearing before voting. The village council had a small portion of their Sept 16 meeting devoted to this and now the council will be coming to the sept 30th meeting with their written statements prepared on how they are voting and why. The Ridgewood News had an editorial last week about “what’s the hurry?”. I have to agree with them. While I don’t want this to drag out, I do want the council to do their due diligence and get all of the facts before they vote. During the Valley hearings at the council level, the council brought in the traffic expert, planner, geotechnical engineer, etc and each council member asked questions of these experts and based their vote on what was discussed at council.

It appears that the majority of the council does not want to bring in any experts. They are ready to vote without asking any questions of any experts as to how this will effect Ridgewood. At the planning board level, a concern about the increase this would bring to our taxes was brought up several times by residents. The discussion was always shot down, because “it is not in the purview of the planning board to consider finances.” In fact, the village planner stated, “residential housing almost always increases taxes, we should not be doing this if we think taxes will go down, but there are other benefits to residential housing.” The council has a much broader scope of items they can discuss, finances being one of them. You may remember that Tom Riche voted yes to the Valley amendment at the PB level, but no to it at the council level. That is because the council is able to look at a broader range of issues. Finances should definitely be discussed.

I would like to see the council bring in several experts in addition to a financial expert. Water must be discussed. I know this year is an exception with the lack of rain, but we have mandatory water restrictions every year. Can you imagine an additional few hundred apartments to supply? I can’t.

Schools must be discussed. The planning board did not have a member of the BOE at their public hearings. The council needs to ask Dr Fishbein to appear at the council hearing to answer questions.

The traffic expert, the engineer, the planner, etc should all be questioned. I do hear the planner will be there, but that’s it.
I don’t know how anyone could possible vote on something so monumental without questioning all of these experts to see what the impacts will be for Ridgewood.

I urge you to e-mail our council and ask them to have these experts at the hearing, get the facts first hand, and then vote.
These people are our elected officials, and we have a right to make sure they have done their due diligence before they vote.
Whether you are for or against the increase to 35 units per acre, I think we can all agree that each council member needs to be able to ask questions of the experts to help them in their decision making process.

Below are the e-mails of all the council members. Please send them an e-mail today and forward this to friends. Thanks

[email protected]
[email protected]
s[email protected]
[email protected]
[email protected]

Posted on 28 Comments

Water Restrictions Shut Down RHS Student Car Wash

RHS_theridgewoodblog

On Saturday the high school chorus group was holding a car wash to raise a few dollars for their program. The kids were about an hour into it, 2 hoses with nozzles when the police came by and had them shut down due to a complaint. The officers were apologetic but had to act due to a compliant. I don’t have anyone in the schools, but what an awful example for the village. We ask the kids to work a task to help their program and then send the police to shut it down.

We should all be very concerned that their are people so miserable and angry in town that they complain about a organized event at the school to raise money.

Why is there no pressure on the water company to build a system that can meets the needs? Why is there no consideration of water use in the proposed increased in area housing? Why are we using village police resources to enforce water rules, seems if they had the time to do this perhaps we should review staffing levels when the water “crisis” is over ?

The “Stage 4 In Effect” notice posted on the Village’s website says NOTHING about a ban on washing vehicles. It addresses IRRIGATION ONLY.

When were we told in writing that washing cars is prohibited?

https://www2.ridgewoodnj.net/main_recent.cfm?ArticleID=1779

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Almost Half of Homes in New York and D.C. Are Now Losing Value

realesate

A new home-price index is a warning sign for some property markets

September 3, 2015 — 8:00 AM EDT

Prashant Gopal

Almost half of single-family houses in the New York and Washington metropolitan areas are losing value, a sign that buyers’ tolerance for high prices in many large U.S. cities may be reaching a limit.

The values of 45 percent of houses in both the Washington and New York areas slumped by at least 2 percent in June from a year earlier, according to a new index created by Allan Weiss, co-founder of the Case-Shiller home price indexes. In June 2014, only 15 percent of Washington residences dropped in value, while 20 percent fell in New York. Because the index is of only single-family homes, it doesn’t include Manhattan. More properties also were in decline in Los Angeles, Chicago, Phoenix and Miami.

A steady rise in U.S. home prices since the bottom of the market combined with weak income growth has made housing less affordable, especially in big cities. Credit remains tight and demand is now being driven primarily by buyers dependent on mortgages, as foreign buyers and investors pull back from the market.

https://www.bloomberg.com/news/articles/2015-09-03/almost-half-of-homes-in-new-york-and-d-c-are-now-losing-value

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ASHBY, TRADITION OF EXCELLENCE AWARDS ARE PRESENTED AT CONVOCATION

ASHBY
August 31,2015

the staff of the Ridtgewood blog

Ridgewood NJ, the 2015 winner of the coveted Ashby Award is Ann Brown, George Washington Middle School Library Media Specialist. Ann, who has been the Library Media Specialist since 2001,holds a Masters Degree in Library and Information Science from the Palmer School of Library and Information Science at Long Island University.

The Ashby Award was established in 1966 to honor former Superintendent Lloyd Ashby and his wife, Lois, for their distinguished service to the community.  The recipient is selected from nominees submitted by staff members and is someone who, in the opinion of his or her peers, has upheld the Ashby tradition of service and contribution.  This is the highest award that can be bestowed upon a Ridgewood staff member.

The 2015 Tradition of Excellence Award for Support Staff was presented to Pat Kowalczyk, Administrative Assistant in the Office of Special Programs.

The Ridgewood Board of Education established the Tradition of Excellence Award in 2014 to honor a member of the support staff, who in the opinion of their peers has made an outstanding contribution to the excellence of the Ridgewood Public Schools

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Hiring a home improvement contractor: the do’s and dont’s

building-contractors-5

AUGUST 30, 2015    LAST UPDATED: SUNDAY, AUGUST 30, 2015, 6:51 AM
BY MELANIE ANZIDEI
STAFF WRITER |
THE RECORD

Beth Blum of Paramus thought renovating her kitchen in the spring of 2014 would be a simple way to keep her mind off things.

“I had just become widowed and I wanted to do something for myself,” said Blum. “I didn’t look into it.”

Blum took the word of an old friend, who recommended ABC Construction for the job. She didn’t do any research on the contractor, and didn’t hesitate when the contractor asked for $6,000 before work began.

What she got was a kitchen that did not pass municipal inspections, cabinets that were left in boxes, water lines that were disconnected and a contractor who wouldn’t answer the phone. She later found other dissatisfied customers through a simple online search.

“I didn’t check anything, but once I did, then I got scared,” she said.

https://www.northjersey.com/towns/renovate-without-the-headaches-1.1400844

 

Top tips : Before hiring a home improvement contractor:

Get written estimates from at least three contractors.
Investigate financing options for your project.
Do not pay for the entire project upfront and do not pay with cash.
Obtain a written contract.
Ask for a lien waiver.

Source: NJ Division of Consumer Affairs.

For more tips on hiring a contractor, visit:njconsumeraffairs.gov/News/Consumer%20Briefs/hiring-home-improvement-contractors.pdf

To check the registration status of a HIC, visit:newjersey.mylicense.com/verification/

Warning signs

Beware if a contractor:

Asks for more than a third of the total payment before work begins.
Demands cash.
Tells you there is no need for a written contract.
Only has a PO Box as business address.
Does not have a Division of Consumer Affairs registration number.
Approaches you first.

Source: NJ Division of Consumer Affairs

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Ridgewood Open Houses August 30th

ridgewood real estste

$859,000 – 218 W Glen Ave, Ridgewood NJ

$595,000 in Ridgewood
MLS # 1534268
370 Kensington Dr, Ridgewood, NJ 07450
3 Bedroom, 1 Full Bath,
1 Half Bath, Col
Janet Golfo, Sales Associate
Coldwell Banker, Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
23

$629,000 in Ridgewood
MLS # 1530460
328 Marshall St, Ridgewood, NJ 07450
3 Bedroom, 1 Full Bath,
1 Half Bath, Col
Anne Marangi, Sales Associate
Terrie O’Connor Realtors/UpSdRv
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
24

$689,000 in Ridgewood
MLS # 1531491
376 Deerfield St, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath, Col
Roni Farfalla, Sales Associate
Coldwell Banker, Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
Open House: 1:00 P.M. – 4:00 P.M. Sun. 9/6
21

$690,000 in Ridgewood
MLS # 1513711
336 Abbey Ct, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath,
2 Half Bath, Col
Nancy M. Falk, Broker Associate
Marron Gildea Realty, Inc.
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
24

$759,000 in Ridgewood
MLS # 1534909
249 Lockwood Rd, Ridgewood, NJ 07450
4 Bedroom, 3 Full Bath, Col
Tisha Ramge, Broker Associate
Keller Williams Village Square Realty
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
22

$775,000 in Ridgewood
MLS # 1533158
436 Alpine Ter, Ridgewood, NJ 07450
3 Bedroom, 2 Full Bath,
1 Half Bath, Col
Patricia Davis, Sales Associate
Keller Williams Village Square Realty
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
25

$799,900 in Ridgewood
MLS # 1533214
395 Hamilton Rd, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath, S/L
Oksoon Yang, Sales Associate
Weichert Realtors Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
23

$859,000 in Ridgewood
MLS # 1522015
218 W Glen Ave, Ridgewood, NJ 07450
4 Bedroom, 3 Full Bath,
1 Half Bath, Col
Laura Gill, Sales Associate
Coldwell Banker, Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
18

$864,900 in Ridgewood
MLS # 1519728
107 Liberty St, Ridgewood, NJ 07450
4 Bedroom, 3 Full Bath, Contp
Jane Ferlanti, Broker Associate
Coldwell Banker, Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
20

$899,000 in Ridgewood
MLS # 1534812
334 Fairway Rd, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath,
2 Half Bath, Col
Laurie Catizone-Jordan, Sales Associate
Priscilla Reynolds, Sales Associate
Keller Williams Village Square Realty
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
– See more at: https://www.njmls.com/NJ/BERGEN/RIDGEWOOD-open-houses#sthash.D1QAWIjf.TT1aeioT.dpuf

$899,000 in Ridgewood
MLS # 1534937
154 Foster Ter, Ridgewood, NJ 07450
5 Bedroom, 2 Full Bath,
1 Half Bath, S/L
Michael Machinski, Sales Associate
Weichert Realtors Ridgewood
Open House: 1:00 P.M. – 5:00 P.M. Sun. 8/30
25

$950,000 in Ridgewood
MLS # 1522388
729 Mary Ann Pl, Ridgewood, NJ 07450
5 Bedroom, 3 Full Bath, Col
Carolyn Strittmatter, Sales Associate
Weichert Realtors Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
25

$1,049,000 in Ridgewood
MLS # 1532653
411 Wastena Ter, Ridgewood, NJ 07450
6 Bedroom, 3 Full Bath,
2 Half Bath, Col
Pam Christian, Sales Associate
Keller Williams Village Square Realty
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
24

$1,299,000 in Ridgewood
MLS # 1534100
318 S Van Dien Ave, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath,
1 Half Bath, Col
Mui Jean Tom, Sales Associate
Keller Williams Village Square Realty
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
25

$1,550,000 in Ridgewood
MLS # 1502074
711 Upper Blvd, Ridgewood, NJ 07450
4 Bedroom, 3 Full Bath,
1 Half Bath, Col
Laura Gill, Sales Associate
Coldwell Banker, Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
25

$1,595,000 in Ridgewood
MLS # 1533903
287 Gardner Rd, Ridgewood, NJ 07450
6 Bedroom, 4 Full Bath,
1 Half Bath, Col
Nena Colligan, Sales Associate
Keller Williams Village Square Realty
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
25

$1,699,900 in Ridgewood
MLS # 1534984
523 Upper Blvd, Ridgewood, NJ 07450
4 Bedroom, 4 Full Bath,
1 Half Bath, Col
Marcello Petruzzella, Sales Associate
Venture VR Realtors
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
– See more at: https://www.njmls.com/NJ/BERGEN/RIDGEWOOD-open-houses#sthash.D1QAWIjf.TT1aeioT.dpuf

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Home values in North Jersey, are still no higher than they were 11 years ago

for sale Ridgewood_Real_Estate_theRodgewopodblog

Region’s home prices rise 2.8%

AUGUST 25, 2015    LAST UPDATED: TUESDAY, AUGUST 25, 2015, 4:09 PM
BY KATHLEEN LYNN
STAFF WRITER |
THE RECORD

Home prices continue to edge up in the New York metropolitan area, rising 2.8 percent in June compared with a year earlier, the S&P/Case-Shiller index said Tuesday.

Nationally, prices were more buoyant, rising 4.5 percent over the year.

Despite the recent gains, home values in the region, which includes North Jersey, are still no higher than they were 11 years ago, in September 2004. They are still almost 17 percent below their mid-2006 peaks in the region. Nationally, home prices have returned to the levels of winter 2005 nationwide, and remain 12 percent to 14 percent below their peaks.

“Nationally, home prices continue to rise at a 4-5 percent annual rate, two to three times the rate of inflation,” said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices. He said that the Federal Reserve’s signals that it will raise interest rates this year could lead to higher mortgage rates, which will make buying a home more difficult.

“A quarter-point increase in the Fed funds rate won’t derail housing,” Blitzer said. “However, if the Fed were to quickly follow that initial move with one or two more rate increases, housing and home prices might suffer.”

https://www.northjersey.com/news/business/region-s-home-prices-rise-2-8-1.1398017

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Ridgewood Open Houses August 23rd 2015

1515527

$649,900 in Ridgewood

$509,000 in Ridgewood
MLS # 1529191
228 E Glen Ave, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath, C/C
Monis Young, Broker
Exclusive Properties Realty, LLC
Open House: 1:00 P.M. – 3:00 P.M. Sun. 8/23
22

$529,000 in Ridgewood
MLS # 1523480
482 Northern Pkwy, Ridgewood, NJ 07450
3 Bedroom, 2 Full Bath, C/C
Joyce Albert, Sales Associate
Terrie O’Connor Realtors/Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/23
21

$537,000 in Ridgewood
MLS # 1521335
647 Ellington Rd, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath, C/C
Christopher Kaufman, Sales Associate
Keller Williams Village Square Realty
Open House: 2:00 P.M. – 5:00 P.M. Sun. 8/23
15

$539,900 in Ridgewood
MLS # 1533857
220 California St, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath,
1 Half Bath, Col
Steven Graubard, Sales Associate
RE/MAX Properties Select
Open House: 1:00 P.M. – 3:00 P.M. Sun. 8/23
21

$599,900 in Ridgewood
MLS # 1529891
469 Cambridge Rd, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath,
1 Half Bath, C/C
David Quinones Jr., Sales Associate
Coldwell Banker Elmwood Park
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/23
10

$649,000 in Ridgewood
MLS # 1530460
328 Marshall St, Ridgewood, NJ 07450
3 Bedroom, 1 Full Bath,
1 Half Bath, Col
Anne Marangi, Sales Associate
Terrie O’Connor Realtors/UpSdRv
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/23
24

$649,900 in Ridgewood
MLS # 1515527
470 E Saddle River Rd, Ridgewood, NJ 07450
5 Bedroom, 3 Full Bath,
1 Half Bath, S/L
Christopher Kaufman, Sales Associate
Keller Williams Village Square Realty
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/23
24

$675,000 in Ridgewood
MLS # 1529143
328 Jefferson St, Ridgewood, NJ 07450
4 Bedroom, 3 Full Bath, B/L
Jennifer Brito, Sales Associate
Gilsenan & Co.
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/23
15

$690,000 in Ridgewood
MLS # 1513711
336 Abbey Ct, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath,
2 Half Bath, Col
Nancy M. Falk, Broker Associate
Marron Gildea Realty, Inc.
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/23
24

$695,000 in Ridgewood
MLS # 1528010
531 N Monroe St, Ridgewood, NJ 07450
4 Bedroom, 3 Full Bath,
1 Half Bath, Col
Rocio Hernandez, Sales Associate
Coldwell Banker, Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/23
– See more at: https://www.njmls.com/NJ/BERGEN/RIDGEWOOD-open-houses#sthash.D1QAWIjf.l2k4KnyE.dpuf

$699,000 in Ridgewood
MLS # 1529134
311 Downs St, Ridgewood, NJ 07450
4 Bedroom, 3 Full Bath, C/C
Joyce Albert, Sales Associate
Terrie O’Connor Realtors/Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/23
21

$799,900 in Ridgewood
MLS # 1533214
395 Hamilton Rd, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath, S/L
Oksoon Yang, Sales Associate
Weichert Realtors Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/23
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
23

$875,000 in Ridgewood
MLS # 1519728
107 Liberty St, Ridgewood, NJ 07450
4 Bedroom, 3 Full Bath, Contp
Jane Ferlanti, Broker Associate
Coldwell Banker, Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/23
20

$1,415,000 in Ridgewood
MLS # 1521212
51 N Hillside Pl, Ridgewood, NJ 07450
5 Bedroom, 4 Full Bath,
1 Half Bath, Col
Rose Hueneke, Broker Associate
Keller Williams Village Square Realty
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/23
25

$1,550,000 in Ridgewood
MLS # 1502074
711 Upper Blvd, Ridgewood, NJ 07450
4 Bedroom, 3 Full Bath,
1 Half Bath, Col
Laura Gill, Sales Associate
Coldwell Banker, Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/23
25

$1,595,000 in Ridgewood
MLS # 1533903
287 Gardner Rd, Ridgewood, NJ 07450
6 Bedroom, 4 Full Bath,
1 Half Bath, Col
Nena Colligan, Sales Associate
Keller Williams Village Square Realty
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/23
25

$1,999,999 in Ridgewood
MLS # 1530103
298 Greenway Rd, Ridgewood, NJ 07450
6 Bedroom, 5 Full Bath,
1 Half Bath, Col
Ellen Quinn, Sales Associate
Tarvin Realtors
Open House: 1:00 P.M. – 4:30 P.M. Sun. 8/23
25

$2,575,000 in Ridgewood
MLS # 1524194
296 Manor Rd, Ridgewood, NJ 07450
6 Bedroom, 7 Full Bath,
1 Half Bath, Col
Dennis Jaye, Broker Associate
RE/MAX Real Estate Limited
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/23
25

Open Houses for Sun 8/30
$799,900 in Ridgewood
MLS # 1533214
395 Hamilton Rd, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath, S/L
Oksoon Yang, Sales Associate
Weichert Realtors Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/23
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/30
23

– See more at: https://www.njmls.com/NJ/BERGEN/RIDGEWOOD-open-houses#sthash.D1QAWIjf.l2k4KnyE.dpuf

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Best U.S. Home Sales Since 2007 Show Momentum in Housing Market

realestate_forsale_theridgewoodblog

America’s housing market has been heating up this summer.

Purchases of previously owned homes unexpectedly rose in July for a third straight month to reach the highest level since February 2007, figures from the National Association of Realtors showed Thursday. The gain was driven by stronger sales of single-family houses even as the share of first-time buyers shrank.

A limited number of available properties is keeping prices elevated, giving homeowners the financial flexibility to trade up as their housing equity improves. The data and a recent report showing the strongest rate of residential construction since 2007 are consistent with the Federal Reserve’s view that the industry is making progress.

“Demand is solid,” said Brian Jones, senior U.S. economist at Societe Generale in New York. “The driver is that we’ve got a labor market that’s very healthy and mortgage rates are still very low. The Fed has clearly got to be happy with the housing numbers we’ve seen.”

Another report Thursday showed the job market is holding firm. First-time claims for jobless benefits rose by 4,000 to 277,000 last week, according to the Labor Department. Since early March, applications have been lower than 300,000, a level typically associated with an improving employment.

https://www.bloomberg.com/news/articles/2015-08-20/best-u-s-home-sales-since-2007-shows-momentum-in-housing-market

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N.J. has highest rate of distressed mortgages in nation, study shows

realestate_forsale_theridgewoodblog

file photo

A greater share of residential mortgages in New Jersey were distressed at the end of the second quarter of this year than any other state in the nation, new data shows. (Erin O’Neill, NJ.com) https://www.nj.com/business/index.ssf/2015/08/nj_distressed_mortgages.html#incart_river

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SELLING IN BERGEN COUNTY?

Michael Shetler,

Are you thinking about selling in Bergen County?

Michael Shetler, top agent with Keller Williams Ridgewood

Everyone knows someone in real estate today. But is that person the right person to represent you in a real estate transaction? Before you start the process of selling or buying, choose the right REALTOR®. But just how do you go about evaluating real estate agents? It can be summarized in four points – Resources, Service, Marketing Expertise and Ethics. Select me and I’ll guarantee to surpass your expectations in all four areas.

A well-equipped internet specialist.

This is the Information Age. But having information and using it well aren’t the same thing. I’ll be at your side with the latest market statistics, sales figures and developments to help expertly guide you through your transaction. As an internet specialist, I know where the information is and how to analyze it. In addition, Keller Williams provides me with internet tools and real estate services that aren’t available from other companies.

Attentive, responsive, diligent. (And patient.)

Most realtors come across as attentive and eager to serve you in the first meeting. Not all follow through that way to closing. I’ll be readily available to you during the week and on weekends. I will respond to your questions, phone calls, faxes and email in a timely manner. I’ll work as hard in the 3rd month as I will in the first week. But I’ll also be patient if it takes you awhile to find the right house or if your transaction takes longer than normal.

Sophisticated marketing strategies, powerful presentation.

A picture is worth ten thousand words. Which is why I place so much emphasis on taking great photos of your home. I’ll professionally shoot them, crop them, and adjust the color and brightness to make the first impression as powerful as can be. After all, over 80% of buyers start their search online. I even have my own proprietary virtual tour format. Your home will be presented by me with multiple photos on Realtor.com (as a featured listing), KW.com, NJMLS.com, BuyingInBergen.com and more than a hundred other sites. The photos will also be used in specially prepared flyers.

Integrity in real estate?

Look for integrity in both your Associate and her/his brokerage company. I bring small town, strong family ethics to the table. I also have a history of long term client relationships as a former small business owner.

For a consultation about selling your home, call me at 201.421.0506 cell or 201.445.4300 office.

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Ridgewood Open Houses August 8th 2015

1517971

$1,689,000 – 323 Highland Ave, Ridgewood NJ

Open Houses for Sun 8/9

$474,900 in Ridgewood
MLS # 1524697
232 Burnside Pl, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath,
1 Half Bath, S/L
Jeffrey Helton, Sales Associate
Real Living Gateway Realtors-Ridgewood
Open House: 1:00 P.M. – 3:00 P.M. Sun. 8/9
17

$495,000 in Ridgewood
MLS # 1531132
461 Cherry Ln, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath,
1 Half Bath, S/L
Bruce Crocco, Sales Associate
Deborah Monroe Tarvin, Sales Associate
Tarvin Realtors
Open House: 1:00 P.M. – 4:30 P.M. Sun. 8/9
25

$509,000 in Ridgewood
MLS # 1529191
228 E Glen Ave, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath, C/C
Monis Young, Broker
Exclusive Properties Realty, LLC
Open House: 1:00 P.M. – 3:00 P.M. Sun. 8/9
22

$529,000 in Ridgewood
MLS # 1523480
482 Northern Pkwy, Ridgewood, NJ 07450
3 Bedroom, 2 Full Bath, C/C
Joyce Albert, Sales Associate
Terrie O’Connor Realtors/Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/9
21

$599,000 in Ridgewood
MLS # 1530120
510 Amsterdam Ave, Ridgewood, NJ 07450
3 Bedroom, 2 Full Bath,
1 Half Bath, S/L
Josephine A. Martin, Broker Associate
Better Homes and Gardens Real Estate Rand Realty, Wyckoff
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/9
12

$638,000 in Ridgewood
MLS # 1518848
378 Hopper Ave, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath,
1 Half Bath, S/L
Kimiko Miller, Sales Associate
Keller Williams Village Square Realty
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/9
25

$649,000 in Ridgewood
MLS # 1525582
641 Maxwell Pl, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath, Col
Charlene Bai, Sales Associate
Coldwell Banker, Fort Lee
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/9
13

$649,000 in Ridgewood
MLS # 1530460
328 Marshall St, Ridgewood, NJ 07450
3 Bedroom, 1 Full Bath,
1 Half Bath, Col
Anne Marangi, Sales Associate
Terrie O’Connor Realtors/UpSdRv
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/9
24

$679,900 in Ridgewood
MLS # 1515527
470 E Saddle River Rd, Ridgewood, NJ 07450
5 Bedroom, 3 Full Bath,
1 Half Bath, S/L
Christopher Kaufman, Sales Associate
Keller Williams Village Square Realty
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/9
24

$689,000 in Ridgewood
MLS # 1531491
376 Deerfield St, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath, Col
Roni Farfalla, Sales Associate
Coldwell Banker, Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/9
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/16
– See more at: https://www.njmls.com/NJ/BERGEN/RIDGEWOOD-open-houses#sthash.D1QAWIjf.3u3BML9E.dpuf

$699,000 in Ridgewood
MLS # 1529134
311 Downs St, Ridgewood, NJ 07450
4 Bedroom, 3 Full Bath, C/C
Joyce Albert, Sales Associate
Terrie O’Connor Realtors/Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/9
21

$778,000 in Ridgewood
MLS # 1529978
300 Richards Rd, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath,
1 Half Bath, Col
Ghada Abbasi, Sales Associate
Coldwell Banker, Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/9
21

$875,000 in Ridgewood
MLS # 1519728
107 Liberty St, Ridgewood, NJ 07450
4 Bedroom, 3 Full Bath, Contp
Jane Ferlanti, Broker Associate
Coldwell Banker, Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/9
20

$950,000 in Ridgewood
MLS # 1522388
729 Mary Ann Pl, Ridgewood, NJ 07450
5 Bedroom, 3 Full Bath, Col
Carolyn Strittmatter, Sales Associate
Weichert Realtors Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/9
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/16
25

$1,100,000 in Ridgewood
MLS # 1520745
352 Hillcrest Rd, Ridgewood, NJ 07450
4 Bedroom, 3 Full Bath,
1 Half Bath, Col
David H. Larsen, Sales Associate
Keller Williams Village Square Realty
Open House: 12:00 P.M. – 3:00 P.M. Sun. 8/9
25

$1,689,000 in Ridgewood
MLS # 1517971
323 Highland Ave, Ridgewood, NJ 07450
6 Bedroom, 4 Full Bath,
2 Half Bath, Col
Frances Ekblom, Sales Associate
Tarvin Realtors
Open House: 1:00 P.M. – 4:30 P.M. Sun. 8/9
25

$1,999,000 in Ridgewood
MLS # 1532152
302 Bedford Rd, Ridgewood, NJ 07450
5 Bedroom, 3 Full Bath,
1 Half Bath, Col
Joanne Delaney, Sales Associate
Tarvin Realtors
Open House: 1:00 P.M. – 4:30 P.M. Sun. 8/9
20

$2,200,000 in Ridgewood
MLS # 1531819
312 Mckinley Pl, Ridgewood, NJ 07450
5 Bedroom, 4 Full Bath,
1 Half Bath, Col
Helen Martino, Sales Associate
Prominent Properties Sotheby’s International Realty-Saddle River
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/9
25

Open Houses for Sun 8/16
$689,000 in Ridgewood
MLS # 1531491
376 Deerfield St, Ridgewood, NJ 07450
4 Bedroom, 2 Full Bath, Col
Roni Farfalla, Sales Associate
Coldwell Banker, Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/9
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/16
21

$950,000 in Ridgewood
MLS # 1522388
729 Mary Ann Pl, Ridgewood, NJ 07450
5 Bedroom, 3 Full Bath, Col
Carolyn Strittmatter, Sales Associate
Weichert Realtors Ridgewood
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/9
Open House: 1:00 P.M. – 4:00 P.M. Sun. 8/16
– See more at: https://www.njmls.com/NJ/BERGEN/RIDGEWOOD-open-houses#sthash.D1QAWIjf.3u3BML9E.dpuf

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Valley lawsuit is troubling

Valleywood_theridgewoodblog

JULY 31, 2015    LAST UPDATED: FRIDAY, JULY 31, 2015, 12:31 AM
THE RIDGEWOOD NEWS

Wealth shouldn’t determine future of community

To the Editor:

The litigation with Valley Hospital over its $780 million expansion plan is in the news again. I’m having a lot of trouble trying to reconcile Valley’s position with my understanding of what democracy is all about. I thought the people in the village, through elected officials, determine the nature of the village. We have established a master plan that presumably gives guidelines of a general nature about the village, such as defining ourselves as a residential community as opposed to, say, a home for heavy industry like the oil refineries that we see from the NJ Turnpike. We also have zoning specifying the maximum height of buildings, etc. All these plans and regulations were established by officials elected by the citizens of Ridgewood.

Now along comes Valley who seems to be saying: “Your master plan and zoning regulations are restricting our expansionary vision. Change your regulations!” Valley has been here for a long time, and it certainly knew our regulations when it decided to build and operate in Ridgewood, but now it has decided it wants to change the regulations established by the citizens of Ridgewood. Hmm. I know a number of people who have settled in Ridgewood because they like the community as it is, its ambiance, its schools, its zoning and other regulations. If we now give in to Valley, have we not abandoned an implicit trust?

The Valley litigation says to me democracy is not about the majority of citizens deciding on our regulations. No, instead it says to me it’s about wealth deciding the fate of the community. Valley, with its $780 million allocated for expansion (where did a non-profit, suburban hospital get $780 million anyway?), can out-litigate the Village of Ridgewood simply because the village doesn’t have Valley’s budget of discretionary funds. This is democracy?

Martin Cohen

Ridgewood

https://www.northjersey.com/opinion/opinion-letters-to-the-editor/letter-to-the-editor-valley-lawsuit-is-troubling-1.1384024

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HOMES: SALES ACTIVITY UP 20% IN JUNE

Michael Shetler,

July 23, 2015 By Michael Shetler

The New Jersey MLS (NJMLS) has released its market report for June, 2015. The number of homes under contract in June was up 20% over the same month last year.

Download: June Housing Market Update for Northern New Jersey (pdf)

That’s a startling number considering last year’s spring market was very healthy.

Year to date, Essex County experienced the biggest increase in sales activity across northern New Jersey, with an 18.3% increase in residential properties under contract. In Bergen County, residential sales increased by 11.3%.

Despite the increased activity, median sales prices have been fairly flat. YTD, the median sold price for residential sales in 2015 is up only 0.3% in Bergen County.  Across all areas in northern New Jersey, the increase was 1.6%. Those numbers may increase in July as the large number of June contracts begin to close.

The number of new listings increased in June by 10.9%. While that may initially be cause for concern, the absorption rate has actually decreased during the same period. The absorption rate is a measure of the inventory of homes on the market – the number of months supply of homes currently listed for sale. The absorption rate for residential properties decreased by 4.3% in June over the same period last year. For condos and townhouses, a subset of this group, the absorption rate increased by 1.4%. Still, the rate for condos/townhouses is nearly the same as that of residential properties overall.

Download: June Housing Market Update for Northern New Jersey (pdf)

Absorption rates for residential categories are in the range of 6.8 to 7.0 months, which is a healthy number. In the more desirable parts of northern New Jersey, the rates are much lower.
For housing data within a specific village, borough or city, please call Michael Shetler at 201-421-0506 cell or 201-445-4300 x231 office.

About Michael Shetler

Michael Shetler is a real estate marketing professional and Bergen County Market Master. He has a particular expertise in internet marketing and real estate video. Michael is a full-time Realtor® residing in Glen Rock, NJ and recipient of the NJAR® Circle of Excellence Sales Award in 2009 , 2011, 2013 and 2014.

https://buyinginbergen.com/homes-sales-activity-up-20-in-june/