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This weekend, the NY Times detailed how a couple moved from their Brooklyn home in 2006 (making a big profit in the sale) to NJ when they adopted a baby from China... only to move back to Brooklyn this year when they realized as nice as NJ was, it still has high real estate taxes (which might be worth it if they had more than one kid) and everyone drives. Finola Keyes found their new home, a beautiful 5-bedroom Victorian in Prospect Park South on Brownstoner, over the summer and by September, they were back. They are even okay with the loss on their NJ home, given the markets; Keyes said, “In some ways it felt we lucked into this house, but I spent months stalking real estate Web sites. There was a lot of legwork and a lot of emotional energy.”
Brooklyn Boomerang: Real Estate Website Stalking Pays Off
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Damn, These bitches lucked out! I would have bought that park slope house in a heartbeat. It's nice to have a desperate family needing cash right away to give you your dream home. I can't believe their NJ taxes were 23,000 a year for a 850k house. That's unbelievable!
The difference in property taxes is ridiculous. I am often surprised at the number of families that could have their kids in private schools but don't, settling for the public schools.
Are these people idiots? They never heard about the high property taxes in NJ? They didn't bother to look at the complete MLS listing? (Which lists the most recent property tax paid, though some websites, like realtor.com, omit this from online listings)
They should have moved to the Hudson Valley.
with private school costs over 20k in the city, even with 1 child they are break even being in the city (well at least for now, as we've been getting hit with double digit property tax increases for years now in NYC). But since these folks obviously have a decent income, they are actually worse off becuase they now need to pay NYC income tax in addition to the already higher NYS tax. Throw in a second child and they should have stayed in NJ.
This article was annoying in the NY Times this weekend, and it is extra-annoying to see it again here.
they're a cute family. but c'mon, NJ taxes are crazy high, every year some Money magazine article or Yahoo mentions the highest property taxes in the nation. maybe that's why NJ's public schools are better than NYC's.
I wish the Times would do some articles about middle class first time home buyers, and where they can actually afford to buy. There's already plenty of articles about rich people and their expensive homes.
Amen, #6. Who cares if these people feel like they broke even on their dream home? Who cares if they live or die?
This is business as usual at the Times. Bemoan the plight of the middle and working class on the op-ed page. Pay the bills by catering to the wealthy elites in the back sections (Travel, Real Estate, Style).
Amen to that, #10.
NJ's property taxes are high because it has the #1 public school system in the nation. NJ public schools test better than most private schools, including those 20k/year ones. So if you have a bunch of kids, it's totally worth it. One kid? Probably not.