Not many places can boast the town camaradie with December holiday parties and Halloween events that Saddle River, New Jersey can, says a local Realtor.

"In the northeastern corner of the state's busiest county, well within the borders of the metropolitan region, is a small community that maintains the quiet, simple character of days gone by while at the same time allowing modern times to coexist beyond every boundary," describes Realtor Diane Carroll of Saddle River.

With a population of 3,891, and 1,122 homes, says Carroll, and slightly less than five square miles of its own, and a marvelous pastoral heritage, Saddle River has bucolic character.

"The town has an eclectic enclave of beautiful traditional houses on two-acre, wonderfully manicured lots," says Carroll. "Even the main roads are scenic and beautiful. This quiet hamlet is entirely residential except for one small, picturesque shopping center. Tradition goes on each year with a Halloween party for all town children, a town Christmas party and the opening of the fishing season. Saddle River has been the home of many notable people such as Richard Nixon."

As of January 3, 2003, the real estate market on fire, says Carroll. "The housing market is in stark contrast with the stock market. Year 2002 could be the first year since 1988 in which stock-fund withdrawals exceeded purchases. In the last two years wealth losses have exceeded $7 trillion dollars in the equity market. Do people feel that their money is safer in real estate? I think so. The evidence is in this year's remarkable sales. Where else to put your money or what other investment is safer than the home you live in? Now, more than ever, homeowners are depending upon their home equity for their future, for their retirement. We are spoiled here in the Northeast. There are few places that you could by a home and live off its appreciation when you sell it for the rest of your life."

Everyone Loves A Great Finish. Bergen County Home Prices Up 14%: Average Sold Price $458,211.

Year Average Sold Price # Of Sales
2002 $458,211 6,964
2001 $402,246 6,709


Prices in Bergen County are eye-popping. The average price of a home in Bergen County’s 70 towns rose nearly 14%.

Perspective: Only 2.05% of Bergen County’s 339,820 homes were sold in 2002.

Northwest Bergen Home Prices Up 10.79%: Average Sold Price $615,646 In 2002-- Four Times Higher Than U.S. Average.

The average sales price of a home sold in Northwest Bergen in 2002 was $615,646.

Compare that to the national median sales price for single-family homes as of May 25, 2002 of $154,600. (Source: National Association of Realtors)

Midland Park takes the lead for highest increase of average sale price: +19.3%. Oakland ranked number two with an 18.6% rise and Wyckoff ranked number three with a 15.4% rise in average sold price.

Perspective: About 3.7% (or 1,845) of Northwest Bergen’s 50,000 homes sold in 2002.

30-year Interest Rates Decreased To A New Record Low Of 5.69%.

Policymakers probably won’t markedly raise short-term interest rates, which are now at four-decade lows. The federal fund target rate is now at 1&1/4%--it's lowest since July 1961.

The average 30-year fixed rate mortgages decreased to a new record low of 5.69%.

The average interest rate for 15-year mortgages decreased to a new record low of 5.05% from the previous record low of 5.14%.

And 1-year ARMs decreased to a new record low of 3.68%.

Surreal Estate. 303 Homes Sold Over A Million Dollars In Bergen County (58% In Northwest Bergen)

Million dollar plus home sales broke records again this year. In Bergen County last year 243 homes sold on MLS over a million dollars. The number increased in 2002 to 303 homes.

Northwest Bergen County’s wealthy hub accounted for 58% of million dollar plus sales with 175 homes sold. (148 homes sold in 2001).

There’s inventory for sure: 296 active listings over a million dollars in Bergen County (50% or 146 homes are in Northwest Bergen).

Two of Northwest’s top towns for million dollar plus sales: Saddle River and Franklin Lakes are posting record high-end sales.

Million Dollar Plus Home Sales
Franklin Lakes, Saddle River/Active Listings

Town 2002 2001
Franklin Lakes 44 44
Saddle River 48 31

Upper Saddle River

With a population of 10,335 and 2523 residential properties in Upper Saddle River, and its one-acre zoning, Upper Saddle River is an ideal community for people seeking space and beautiful scenery, says Carroll. "Properties are wooded, and many have streams or breathtaking views of the Saddle River Valley. Most of the homes are an interesting blend of traditional and contemporary styles, including several new subdivisions of large Colonial homes," she says.

Bergen County Home Prices Up 14%: Average Sold Price $458,211.

Year Average Sold Price # Of Sales
2002 $458,211 6,964
2001 $402,246 6,709


Prices in Bergen County are eye-popping. The average price of a home in Bergen County’s 70 towns rose nearly 14%.

Perspective: Only 2.05% of Bergen County’s 339,820 homes were sold in 2002.

Northwest Bergen Home Prices Up 10.79%: Average Sold Price $615,646 In 2002-- Four Times Higher Than U.S. Average.

The average sales price of a home sold in Northwest Bergen in 2002 was $615,646.

Compare that to the national median sales price for single-family homes as of May 25, 2002 of $154,600. (Source: National Association of Realtors)

Midland Park takes the lead for highest increase of average sale price: +19.3%. Oakland ranked number two with an 18.6% rise and Wyckoff ranked number three with a 15.4% rise in average sold price.

Perspective: About 3.7% (or 1,845) of Northwest Bergen’s 50,000 homes sold in 2002.

30-year Interest Rates Decreased To A New Record Low Of 5.69%.

Policymakers probably won’t markedly raise short-term interest rates, which are now at four-decade lows. The federal fund target rate is now at 1&1/4%--it’s lowest since July 1961.

The average 30-year fixed rate mortgages decreased to a new record low of 5.69%.

The average interest rate for 15-year mortgages decreased to a new record low of 5.05% from the previous record low of 5.14%.

And 1-year ARMs decreased to a new record low of 3.68%.

Surreal Estate. 303 Homes Sold Over A Million Dollars In Bergen County (58% In Northwest Bergen)

Million dollar plus home sales broke records again this year. In Bergen County last year 243 homes sold on MLS over a million dollars. The number increased in 2002 to 303 homes.

Northwest Bergen County’s wealthy hub accounted for 58% of million dollar plus sales with 175 homes sold. (148 homes sold in 2001).

There’s inventory for sure: 296 active listings over a million dollars in Bergen County (50% or 146 homes are in Northwest Bergen).

Two of Northwest’s top towns for million dollar plus sales: Saddle River and Franklin Lakes are posting record high-end sales.

Million Dollar Plus Home Sales
Franklin Lakes, Saddle River/Active Listings

Town 2002 2001
Franklin Lakes 44 44
Saddle River 48 31

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Published: January 7, 2003

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