The Times had two articles in the real estate section this Sunday which I’m rolling into one post.
“Cashing out of NYC” informs us of the widening gap between prices in Manhattan and the suburbs. One couple mentioned in the article bought a $690k ranch in Norwalk, CT with the proceeds from the sale of their $899 Manhattan coop. Another couple couldn’t find a loft space in Dumbo for under $600k so they bought a 1350 square foot loft in New Rochelle for that amount.
I suppose The Times never mentioned the word “affordable” in this article, but I’m sorry….$600k for a 1350 sq ft space is a lot of money for your Average Joe. I’ll admit it, I spent more on my Bed Stuy brownstone, but hel-lo, my tenants are helping with my mortgage! Plus taxes and train fare are significantly less money.
The newly renovated loft space is in a converted factory. The couple, both jewelry designers, wanted to be near other artists. I guess only successful ones. So much for the good old days of NYC when artists squatted in abandoned East Village lofts for F-R-E-E. Yeah, I’m that old, kids.
And PS, when I cashed out of my Park Slope home a few years back, I bought 2 houses for the price of one. THAT, my friends, is what cashing out is all about. Gotta find the bargains, baby!
I’m tying this to “A Month of Commuting” because it pertains to the suburbs as well. And because I don’t want to have two NY Times posts.
For the month of January, every day, Times reporters will post an account of a particular commute. They’ll concentrate on the 5 boroughs as well as the burbs. I find this interesting as I’m constantly looking for the “next” area, but of course it ain’t nothin’ if it’s not a good commute to Manhattan. Unless of course, it’s a great weekend retreat.
And if it’s overpriced…screw it.
5 Comments
The price gap may be widening but the cultural gap is closing up. NYC is losing it’s flavor as more and more artists are moving out to the suburbs.
Sorry, I shouldn’t have said only “artists”. NYC is losing many wonderful people. Writers,teachers,city workers, musicians…you get the point.
Amen to that 1:16!
Affordability of the suburbs is somewhat overrated, unless there is no commute involved and/or the public vs. private schools equation covers the difference in property taxes (esp. in NJ). Those bus and train tickets add up quick, along with the inevitable car expenses.
NYC is still one of the only places in this country where life without a car (or two) is a viable option, and can have a big impact on the budget. After living in a big lovely apartment in Montclair NJ with relatively affordable rent, then doing the math with the car and the pricey commute, coming back to Brooklyn was a budgetary no-brainer. Not to mention the happiness factor — like your free street tree, priceless!
I think there are less expensive areas outside of NYC that aren’t your usual suburbs. Like Jersey City (getting pricey), Peekskill or Yonkers. You don’t need a car and it’s not as much of a culture shock coming from the city.
We don’t have human kids, but we wanted more space for our pets (too many rescues). That’s how we justify the big house with big backyard in Beacon…it’s an animal sanctuary!