August - September 2001 Edition

Real Estate Market Staying Strong   Long time Fair Lawn realtor, Nettie Monaco, told Fair Lawn News that the real estate market is still strong, despite the slowing economy.  Bob Beshlian, a realtor on Broadway, says that lower interest rates appear to have offset the stock market downtown.    Ms. Monaco said that there are not a lot of houses on the market and that houses priced right are getting bidding wars.  Some owners are receiving four or five bids on a house, often times over the asking price.  “Prices really began to soar about two years ago.  A house that sells for $300,000 now, would have sold for no more than $225,000 five years ago.”   New Residents:  According to local realtors, people are moving to Fair Lawn from all over the New York metropolitan area.   Young people are attracted to Fair Lawn because of its high quality schools and good train and bus service to New York.     Ms. Monaco said that often she gets calls from people who hear great things about the Fair Lawn schools, but then they find out they can not afford to live here.   Seniors:  Ms. Monaco said that real estate taxes are an issue with senior citizens, but not usually for new home buyers.  She said most seniors who leave Fair Lawn move to Florida, the Carolinas and Pennsylvania.   Commercial Real Estate:  According to Bob Beshlian, the resolution of the shared parking issue on River Road has helped improve the commercial rental market on River Road.  He said that commercial space on Broadway that is priced right, rents quickly.  However, the larger more costly buildings are harder to rent, because the pool of potential tenants is much smaller.        What Do You Think?: Send an e- mail to editor@fairlawnnews.com or post a message on the Fair Lawn News Discussion Forum.

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