Teaneck, NJ

Teaneck is a borough in Bergen County, New Jersey, United States. As of the 2010 United States Census, the borough's population was 10,827,[10] reflecting an increase of 1,973 (+24.5%) from the 7,711 counted in the 2000 Census.[19]

Teaneck was incorporated as a borough on February 14, 1898,[20] from portions of Hackensack Township.[21][22] The borough's name is derived from Teaneck Mountain,[23][24] which overlooks much of the borough. Teaneck is home to two major shopping malls: The Shops at Teaneck and Bergen Town Center.

Real estate in Teaneck has been among the most expensive in New Jersey for many years. In 2006 and 2007 it ranked as one of the top three most expensive places to live in New Jersey according to Forbes magazine.[25][26][27] In 2008 it ranked fourth[28], and again in 2009 it ranked third[29]. It also ranks as one of America's most expensive suburbs to live in according to Forbes magazine.[30][31][32]

The median sale price for homes sold within Teaneck during January through March 2009 was $1 million+, more than double that of any other municipality within Bergen County.[33][34] This has led some commentators to describe Teaneck as a "bubble town".[35][36][37]

In March 2010, after years of speculation by real estate experts and residents alike that prices had become unsustainable due to over-investment,[38], Standard & Poor's downgraded its credit rating on several residential mortgage-backed securities issued by Fannie Mae (FNMA) and Freddie Mac (FMCC) - including those backed by properties located within Teaneck - citing concerns about "the high degree of indebtedness among U.S. homeowners relative to their income".[39] As a result, these securities became more difficult for investors to purchase or sell and caused prices for homes within Teaneck - both new construction and existing homes -to decline precipitously;[40][41][42] according to Zillow data cited by CNBC at least 20% or more off market sales have taken place since mid-March 2010 due primarily to this downgrade.[43])

However despite these challenges there are still many opportunities available for buyers interested in purchasing property in this desirable community.