From The Herald/Record:
Hackensack OKs town houses
By MONSY ALVARADO
97-unit town house development will be built along River Street on property that’s been used by All American Ford car dealership.
The project calls for the one-story building on the property to be razed to make room for 18 residential buildings. Those will consist of two-bedroom town houses with parking garages. The development also will have a clubhouse with a swimming pool.
…
“Added ratables are always welcomed,” Schatz said. “If only all applications could be approved so quickly.”The application by M&M Investments of Hazlet, a K. Hovnanian company, was sent to the city’s construction office in February. A hearing was scheduled in April but was postponed until May 10.
…
The developer was seeking site-plan approval and exceptions to zoning rules to build the project on the 7.38-acre property. The site fronts River and East Berry streets. The Hackensack River runs along the north and east side. Foschini Memorial Park borders the land on the southeast.
…
According to paperwork submitted to the construction office, the Riverview Townhouses development will consist of 36 units with 1,986 square feet and 61 units that will be 2,348 square feet.
HOV can’t be serious. These things will never sell. Oh well, more inventory build up. What else is new? If one is currently trying to sell their house in NNJ or selling before you ARM loan adjusts, you are about to get a slap in the face.
Its going to be a long summer in the RE market.
Buckle up…
I’m wondering if these will be marketed under the “Matzel and Mumford” brand.
grim
Is River Street anywhere near the Sears that is in Hackensack?
Because the area near the Sears is not that good. Wouldn’t believe it was Bergen County. I use to trasfer buses at that corner. It was pretty shady at night. Thought I was back in Newark…or east orange….
If I had the money to buy a condo (which, I do not. I make 60,000/yr and I can’t even buy a used car in NNJ) I would look in another area, maybe Paramus or Ft. Lee. Hackensack is just not that attractive. Unless you like liquor stores, play alot of lotto, and hang out in the street and do nothing all day.
I lived in Hackensack for three years. They don’t have a clue regarding urban planning and economic development. It’s such a contrast from the other small cities that have had a great revival: Englewood, New Brunswick, etc.
“I’m wondering if these will be marketed under the “Matzel and Mumford” brand.”
Grim, I bet you it will be since these guys have a reputation in NNJ. Its a name, more so than Hovanian. But they are the same company these days.
http://www.khov.com
I didn’t realize how much these guys have built in the area.
While we are on th esubject of homes that will never sell, here is one in Florham Park:
MLS ID#: 2264881
This house was a FSBO for 2.95 million two years ago and did not sell on the pretigious (read BUSY) Brooklake Road. In late 2004, they called a realtor who told them to list it at 3.95 million so they would have room to negotiate down. No one came close and almost no one looked. The listing expired after 6 months and they listed with a new broker for the same $3.95 mil and that guy actually got them to cut their price to $3.85 mill, a whole $100K. Needless to say the house still didnt sell. Now we come to 2006 and they have a 3rd broker on the house and a new asking price of $3.75 mil.
The house is worth $2 million, thats it folks, I live in the town and its not worth the crazy numbers the owner had put in his head.
Another chaser of the market. By the way Grim, I enjoy the reading but first time poster.
J.S.R.
I always thought that Hackensack was the s*it hole of Bergen County.
They have 10 year plan for a renaissance and the price along the River Rd. has been going up.
I was looking into buying a building there ( it’s currently a fast food chicken restaurant).
http://www.njmls.com/cf/details.cfm?mls_number=2610449&id=999999
It has a small lot and a small building. It was asking for around $950K and now it’s listed at $859K and still not sold over a year or longer.
Conveniently located in the 100yr flood plain…
-Richie
You get front row seats to the Mexican Volley Ball League in Foschini Park.
i’m sorry but if you’re going to spend almost $4 million why would you live on a busy street in florham park when you can take that money and live in the hills in summit or chatham? please.
Hats off to Mr. Zou..
grim
It just goes to show that this bubble is worldwide.
The entire edifice is coming down very quickly and it is pretty frightening.
The process is accelerating. Sellers are going to look back a couple of months from now and wonder why they didn’t just cut their prices 20% right at the beginning and gotten out.
http://www.BoycottHousing.com
Some real bargins:
http://BoycottHousing.com/previous.htm
That article is a perfect article for the economy discussion: Why China’s democratic efforts are paying off and going to save the US economy over the next four years.
That, and recent articles about the Chinese consumer’s irrational demand for Chevys, Pontiacs and other god-awful Western products.
I wish I owned a self-storage business in China right now.
Pat
just where you want to be.
on the hackensack river.
good luck and good night.
but if your from brooklyn or the
bronx, whats the diff. beats the
east side river.
another nj diaster
and i like mexican soccer .
and smell of the food vendors
is not that bad.lets all feel
good and diversify.
Lets leave the BRonx and Brooklyn out of it, at least they have millions of people living in those two boros, as opposed to Hackensack’s 35K and also they have some very nice areas/neighborhoods Hackensack in a word is a dump.
skeptic-
thankyou for posting the article on China and Zou Tao.
I read an article, published at the end of April, where Zou had more or less “disappeared” at that time.
But it’s interesting to note that by mid May the Chinese govt. had tightened lending in an effort to coold down the RE market.
yes delford,,
let me know where the nice sections of brooklyn and the bronx are. you been over their lately.
check the crime rates,, unless
of course your into diversity.
then of course ,,
The Ford Dealership in question is just across the street from Sears. I remember taking my car to the Ford dealership a few years back. I think the dealership does border the river.
One side of the dealership is part of FDU. Its actually quite nice with the campus grounds and track field (at least it used to be that way). The other side is a gas station, I think.
There is bus service to New York 2 blocks away, and its reasonably good. Also, River Edge Mall is 5 minutes by car. Teaneck and Hackensack downtwns are also 2-5 minutes. Both downtowns have really taken a beating from the Paramus malls. The Hackensack downtown is practically dead. Teaneck downtown is slow, but there are a couple of good restaurants. Lots of fast food restaurants on that road.
Other than the University grounds, the neighborhood is not that great. Not bad, but not great. On the other hand, given how Seaucaus riverside townhouses sold, maybe people will buy these as well.
Hackensack has some really nice expensive high rise buildings on Prospect street (quite a distance from River Road). Many of these are rental places, with excellent facilities and views of Manhattan.
I was looking into buying a building there ( it’s currently a fast food chicken restaurant).
Investor David, do you get financing for these buildings through a regular mortgage or are there other banks that deal with commercial mortgages ? Do you normally get positive cash flow with these deals ?
Still at it Pesche22 ? You should really consider moving to Idaho.
pesche: Yes let me enlighten you as to the nice areas there.Unfortunatley you exhibit hwt is common in many NJ centric people especially BC perole, that NYC is horrible, and that everyone in the city is just dying to move to BC, and of course will pay big bucks.
Bronx Nice areas- City Island, Throggs Neck, Pelham Bay, Pelham Gardens, Morris Park, Country Club, Woodlawn and of course Riverdale.
Brooklyn- Park Slope, Carroll Gardens, Bay RidgeDyker Heights,a nd I am sure I missed some.
ive been to those areas…
your not going to convince me that
you have mostly low lifes in the
bronx and Brooklyn.
all you have to do is wait till
they open the mouth.
now, ifs its english well, you
know the accent. if its spanish or
whatever.
go ahead live next store to them
do the right thing.
the libs love it. cant get enough
pesche How about all the run down dumpy towns in Bergen County, and there are many, not to mention Hudosn and Essex,and just about every city in NJ.
You have not been to the areas I mentioned or you would not have posted what you posted.
Need to get rid of your NJ centric ways.
We are a bankrupt state, with a decaying infastructure, highest property taxrs in the nation, and the high paying industreies in our state are dying, and or leaving the state entirely. But we are creating lots of restaurant employees.
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