orly chen – bergen county's premier
real estate agent
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families and professionals from New York are opting
for the land,
space, and opportunities that Bergen County has to offer."
Luxury Living Alive and Well in Bergen County?
Before the economy took a
downturn in the mid-2000's, luxury real estate was faring well
in Bergen County, New Jersey. The suburb, which is a short commute
from New York City, is home to some of the best schools in the
nation. Many families and professionals from New York are opting
for the land, space, and opportunities that Bergen County has
to offer. Beautiful homes and great public schools are trumping
high-rises. But it's not just families who need sensible living
spaces who flock to Bergen county. Big business professionals,
entertainers, and sports stars desire the same attractions that
makes Bergen County alluring to the general public.
Thus, several larger than life luxury mansions have been constructed
in Bergen County. Amidst this growing community of families
and individuals in Bergen County rests a series of homes priced
at more than $5 million, with one home - the so-called Stone
Mansion - originally priced at $68 million.
The story of the Stone Mansion may act as a fable for what is
happening all around Bergen County, and perhaps in the country
at large. The home was built by real estate investor Robert
Kurtz at a time when the economy was booming and prospects looked
good. Post economic downturn, the house has sat on the market,
available, for many years. The price has dropped from $68 to
$49 million. Yet, Kurtz insists that there is no desperation
to be had when it comes to selling this home.
The difference, by and large, between luxury real estate and
traditional real estate is that more times than not, a luxury
home is not being purchased out of necessity. Whether it will
be a second home or a primary residence, the lifestyles of those
else who can afford such homes do not necessitate that such
a purchase move on a particular timeline. For that reason, it's
of less concern when a house spends more time on the market.
There is nothing wrong with the house, it just hasn't found
its owner yet.
While Stone Mansion may be a good indicator for the slow-down
of quick luxury purchases in Bergen County, high priced homes
are actually selling in the New Jersey suburb. In 2013, six
homes within Bergen County sold at a price of over five million
dollars. The homes that sold were in Saddle River, Englewood,
and Alpine. The higher end of the price spectrum in 2013 was
the Alpine home. Which sold for just under $13.5 million.
Projections for real estate, particularly in New Jersey, show
sales and prices continuing to rise. Could this mean a continuing
flow of sales for luxury homes in the county? As the times change
and markets become more stable, many developers and owners have
hope. "The hope is that someone will come in and this will
be the right house at the right time for them," says one
homeowner. "But if not, the time will come. These are beautiful
homes in one of the most sought after areas in the United States.
These houses won't be empty forever."
RE/MAX of Tenafly
Associates lead agents
competing companies in
specialized training and
They dominate the Accredited Buyer Representative (ABR), Certified Relocation
Professional (CRP), Certified Residential Specialist (CRS) and Leadership Training
Graduate (LTG) ranks. Read
About Orly Chen
Chen is a leading
Tenafly real estate agent
in Northern New Jersey
specializing in the Bergen
County area. Her
integrity make Orly
one of the most sought-
after agents in the
Northern New Jersey
real estate market