As the country continues to work its way back from near financial ruin, the home market is slowly returning to a positive point. The real estate market in Paramus, New Jersey stands as an example of one location that is beginning to show improvement across the board. Multiple news outlets are reporting that this area is showing signs of improvement and uses it as an example to show how the market in that state is continuing to improve.
New Jersey dot com presented a recent piece about how the commercial market is turning around in the area. Multiple locations are experiencing a boom in the purchasing of commercial locations and this city is showing similar signs. This report showed that 15 percent of the commercial property in Northern New Jersey remains vacant, but the area as a whole is experiencing an increase in business. In the first nine months of 2014 this region experienced a 34 percent increase in transactions within the commercial market.
The real estate market in Paramus, New Jersey is included within this sector of the state and played a part in those improved numbers. United Water recently purchased a property that 116,000 square feet and is the biggest sale within the state at this point in the year. Such successes as these represent the steady improvement that commercial property purchasing within the state is experiencing. Other areas, such as Central Jersey, are seeing growth as well, but Paramus and it’s steady improvement stands out amongst the examples.
This improvement is important to note. If new organizations are willing to spend money to purchase property, that shows that business is slowly returning to the area. As these business begin to develop their properties, expectations can also include that jobs will either be returning or coming to the New Jersey locale. As the job market improves, that creates a multitude of other opportunities. Increased income for the residents who live within those areas will have a positive benefit on the economy as a whole.
Another side of the discussion can be seen within the von Summer family. This family has become known for their real estate holdings in Paramus and they have seen a continued growth in recent years. Linda Moss of New Jersey dot com created a piece that chronicles the improvements that the family has seen.
Based in Paramus, Alexander von Summer III and his partner, John Bonfiglio have created the Stone Bridge Investment Group which is working to buy up some of the real estate in said location. Not only are they focusing on the area that is close to them in New Jersey, they have expanded to making purchases in other states as well. They have built a portfolio that features six properties in five different states. Their total mass of land owned has reached nearly half a million square feet.
The von Summer family has long been a part of the real estate market in Paramus, New Jersey. The family has made moves that have allowed them to own the land that would become the Bergen Mall and The Atrium which is a building near Route 4 in Paramus. Their expertise has allowed them to see return in the investments they have placed in such marketplaces.
Paramus is one of the most tightly populated shopping areas in the state of New Jersey. Jerry Cheslow of the New York Times wrote a piece in 2001 that looks at how the area has become so populated with shopping outlets and the affect that has played on the residential real estate within the state. The writer chronicles what has caused the expansion of the location and its potential for continued growth.
There are a number of different factors that have played into the development of Paramus, New Jersey. For example, back in the state was spending nearly $10,000 per student, what is more than the states average expenditure per student. These benefits have improved the school system in this area which makes it an attractive location for people to live in within New Jersey.
The low taxes within the area continues to act as an attraction to retailers to move their facilities to the available commercial locations in the state. Garden State Plaza is the largest shopping facility within the state and has a large amount of available space. This is how effective the shopping is within this part of New Jersey: back in 2001 this shopping area generated approximately $2.5 billion dollars in revenue, which was second to only New York’s Fifth Avenue in the whole country. Such reports as these will be sure to attract the type of potential buyers that have helped the growth mentioned in this article.
Cheslow’s article looks into other reasons that this has become a popular area for both residents and commercial units. The city has a number of attractions and amenities that are meant to lure both groups into the town. For example, the largest hospital in the state, Bergen Regional Medical Center is located within the city limits. This area also includes a large community college, a museum and even four golf courses for recreational use. Such attractions have helped this area expand at a rapid rate. Often times, homes are not on the market for an extended period of time. The excitement of living in a popular area such as this allows the owners to quickly receive offers and even make sales at a higher rate than expected.
Bergen County New Jersey is experiencing a growth in the real estate market. Paramus, New Jersey has been one of the leading locations to push this continued change. The area has experienced a recent boom in both commercial and residential sales. The factors that have played into these changes can become valuable information on how to improve the residential markets in other areas that continue to struggle. The real estate market in Paramus, New Jersey can become a shining example to other areas that are in need of improvement.