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Just when you thought that you might have put some distance between you and your folks, the Brooklyn Paper stirs things up with "the invasion of the suburban grandparents!" Now it makes total sense why developers are selling condos and buildings in up-and-coming neighborhoods at crazy prices: Not only will parents buy apartments for their kids, heck, they might leave their homes and move to the Big Apple too!
The Brooklyn Paper makes an examples of one couple:
Two Westchester millionaires are selling their $1.7-million mansion — complete with a swimming pool, plenty of extra bedrooms for the grandkids and five lush acres to run around on — and moving to a nondescript, 1,700-square-foot apartment above a dry cleaner on Smith Street.The Mileses' son lives in Williamsburg, and they opted for Smith Street because Park Slope was "too settled" and Williamsburg "too young." Smith Street, the choice of Goldilocks-of-a-certain age!“We’ve been in the suburbs seeing more chipmunks than people for a while. We’re ready for a change,” said Mimi Miles, who, with her husband Jeff, recently bought 285 Smith St. on the corner of Sackett Street in Carroll Gardens for $1.6 million.
The Miles decided last year to flee their tony Croton-on-Hudson nest — selling the seven classic cars that lived in its double-decker garage — and move to the city, where, Jeff Miles said, “we would have less to take care of.”
“I sold three Porsches and got a Subaru Forester that I can park on the street,” added Miles, a 63-year-old semi-retired perfume industry chemist.
We can't blame boomers who moved to the suburbs for their children's benefit to be lured by the wonders of the city. But one problem with parents moving to the city, besides competing with them for apartments, is that there will be no place to store your crap. Those of you with empty nester parents who have mentioned moving to new places for exciting things, you've been warned.
Photograph of 285 Smith Street from the Brooklyn Paper
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i just threw up in my mouth.
And the circle of selfishness is complete. Not only have boomers spent the past 50 years screaming "ME! ME! ME!" and ruining this country with their greed and self-absorption, but even in retirement they fuck with us and make it nearly impossible for anyone else to think of moving to New York at a young age. Unless of course you are bankrolled by your boomer parents.
Ha my parents are returning to NYC from 20 years spent in Buffalo and I plan to save rent $$ and live with them throughout grad school. It's a little scary to think about our next 3 years together.
Good ol' Gersh, things just get too quiet for him...
Sad thing is, my parents (both deceased) were both born and married in the Bronx, and if they came back to the city they wouldn't recognize the place... for better and worse...
makes sense for older people to move back into the city...why would you want to pay the outrageous property taxes of the suburbs that mainly go to fund the schools when your kids are all grown up
makes sense for older people to move back into the city...why would you want to pay the outrageous property taxes of the suburbs that mainly go to fund the schools when your kids are all grown up
Property taxes in New York are hardly low unless you move into a luxury condo with a tax abatement aka welfare for millionaires. And you have to factor in the city income tax. The real savings are from downsizing.
Cities are easier and more exciting for older people. They also want to downsize and simplify their lives. So whether they move to Miami, Madrid or New York, one way to get rid of their crap is to unload them on their kids. The only downside of this strategy is that they'll need to bankroll a large enough apartment for their kids.
Property taxes in the city are very low compared to the suburbs. Brooklyn brownstone owners pay about $3,000 a year.
It's not just a boomer trend--trust me on this one.
Oh good, more rich victims at my disposal. Bring em on', and I'll send em back to the boonies with their Tumi luggage and a broken cheekbone.
9, property taxes outside of manhattan might be lower than the suburbs, but they dont pay NYC income tax out there so net NYC is more expensive usually, unless you are very low income.
not a new phenomenon at all. empty nest syndrome is happening all over the country.
who cares.
Taxes aside living in a five bedroom house on several acres of land in a town with a good school system makes no sense if you don't have kids. Plus if these people are still working, they might be commuting several hours. In the city they can go to restaurants, go to plays (which let's face it are geared towards boomers) and if they see their grandkids more often, that's a bonus. Plus no stairs, grocery delivery, hospitals
The story was kind of touching and cool. I agree with the above commenter, there is much to take advantage of for city-dwelling retirees. My parents have no intention of leaving even though they no longer work. Also, we tend to forgot that many of the city's cultural institutions are kept afloat by old folks.
Additionally, the old are really very pleasant.
There was a lot left out of the story. We both look forward to living in, and becoming part of a neighborhood, being able to walk (what a concept!) to find most of our dialy needs, use the subway, and visit with our friends. Our four children live in Sparta, NJ, Key Largo,FL, Brisbane (AU), and (probably) Beacon, NY. We plan to renovate the building, add solar panels, build a roof garden, and re-discover city life. Not exactly a plan to go gentle into that good night, but there it is.
Trying to picture my parents living on Smith Street...nope, still can't.