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The residential real-estate market may
be soft in some parts of Bergen, but
in communities like Franklin Lakes,
Saddle River, Mahwah and Alpine, luxury
homes still draw the attention of builders
and buyers alike.
For design-and-build firms like
Commorata & Berardi in Franklin Lakes,
the luxury home market remains solid. This
is most evident in two high-profile projects
by the firm: its acquisition of two superb
lots in Saddle River, and the private partnership
it has formed to subdivide and
develop one of the few remaining substantial
plots in Franklin Lakes: Mill Brook
Estates.
PRESENT-DAY LIFESTYLES,
AND PAST TRADITIONS
Joseph Commorata and Anthony Berardi
specialize in homes with classic 18th -century
American and European styles.
Together, they have developed more than
65 acres of property in Franklin Lakes
alone.
The design-build team draws its inspiration
from the classic homes of Europe, yet
the pair is careful to include the latest
amenities to satisfy contemporary lifestyles.
The partners work closely with architects,
engineers, surveyors, designers, landscapers
and European craftsmen to interpret the buyer's tastes into the space.
According to Joe Commorata, Mill
Brook Estates will be a more luxurious version
of the Greenfield Hill development,
which was completed in 2001, 2 miles
southwest of the Mill Brook tract.
Commorata anticipates the new project's
total cost in the $40-to-$50 million range.
The site covers about 10.1 acres of what
Commorata calls "rolling hills in a countrylike
setting," where he and Berardi have
been granted approval for eight residential
building lots ranging in size from 40,016
square feet to 85,762 square feet. Prices
for the lots, the pair reports, range from
$875,000 for .919 acres to $1,450,000 for
1.969 acres. Construction costs start at
approximately $3 million, and will vary
based on buyers' individual design
requests; the price threshold was set based
on recent home sales - from $3.4 to $3.9
million in 2007.
THE CURRENT MARKET
Commorata & Berardi conducted a market
study that found the average size of a
new-construction home in Franklin Lakes,
as of November 2004, was 6,814 square
feet, with the smallest house at 4,027
square feet, and the largest topping the
10,000-square-foot mark. Despite the large
size of the houses, the proportionately.sized
individual parcels kept total lot coverage at
less than 21 percent.
Joe Commorata says that the homes he and his partner build are a solid investment,
despite the declining real estate market,
and gets truly excited when one of the
new properties is listed for sale.
"We just love open houses," Commorata
says. "It's the best thing that can happen
for us, because buyers get to see completed
homes that we've built - complete with all
the lush fixtures, trimmings and accessories."
Equally thrilling are holiday parties the
partners stage, opening the homes at sale
to guests. "During the holidays, homes are
decorated to the hilt, and are warm and inviting," says Commorata, beaming. "We
cannot think of a better way to showcase
our work."
Real estate professionals in Franklin
Lakes agree that Commorata & Berardi
homes are sound investment. Ellen
Horowytz, a Realtor with Classic Realty
Group Franklin Lakes, says that the appeal
of a Commorata & Berardi home is that
each is unique - there is not cookie-cutter
approach to design.
"These are very special homes," says
Horowytz. "They're by no means a dime a
dozen - not at all a cookie-cutter colonial.
Even with the market the way it is, you are
going to get a buyer that is looking for
what they are selling."
Horowytz points out that while a buyer
may not be able to capitalize immediately
on their investment in the current market,
the home will appreciate in value over
time. "I've marketed homes that people
have bought from Joe Commorata," she
says, "and the homeowners have turned a
profit - but not necessarily in a year.
"The middle and lower end of the real
estate market is having a hard time,"
Horowytz continues. "Big-ticket houses are still moving. People are still looking for
homes in Franklin Lakes, Mahwah and
Saddle River in the $5 and $6 million
range."
In this category, Horowytz believes,
homes essentially sell themselves. "People
walk into these houses and love them," she
says. "These homes move a little faster
than other homes on the market. They
appeal to buyers that are looking for something
above the norm."
Licensed in real estate, Commorata &
Berardi represent themselves in the sales of
Mill Brook Estates, through their real
estate brokerage firm, Investor Services
Inc. The firm doesn't build spec homes -
each is custom. The team, which has a
combined 60 years' experience, works
directly with clients and cultivates prospective
buyers who are less vulnerable to the
fluctuations of the market.
Horowytz looks forward to the groundbreaking
at Mill Brook Estates, where the
entire cul-de-sac will feature Commorata &
Berardi homes. "This is a beautiful side of
town, and Mill Brook is going to be a very
exciting project," she says. "Buyers will
have the beauty of comparable homes in
their line of sight. The land has a wonderful
country feel."
Grace Ziarko, a Realtor with Re/Max
Real Estate Enterprises in Franklin Lakes,
shares Horowytz's views on Commorata &
90 Berardi, whose members joined forces 35 year ago. "This firm builds homes that raise
the value of the neighborhood," says Ziarko.
"I sold a Commorata & Berardi home to
someone from Ridgewood," she adds. "The
buyer said to me, 'I always wanted to live on
this street.' The buyer wanted a European
look, with a French flavor, and paid $1.29
million for the home."
Ziarko notes that Commorata & Berardi
also built a $5 million home on Franklin
Lake for one of her clients. "Clients are looking
specifically for their homes," she says.
"People with money are willing to pay to be
sure that their home is different. They don't
want something that is similar to another.
Ziarko places particular emphasis on what
she deems the design-and-build firm's strong
business sense. "Joe Commorata gets a buyer
before he puts a hole in the ground," she
explains. "He has excellent taste, and is a
wonderful salesman. He built beautiful
homes on Timberline Drive and Greenfield
Hill. Mill Brook Estates will be elegant and
sophisticated." Indeed, Ziarko plans to introduce
the new development to some of her
clients from the tri-state area.
"I love these houses," she says. "I cannot
wait to see Mill Brook Estates."
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