Coruscation

While our analysis was by no means scientific, our goal was to recreate the type of decision a hypothetical family of four earning $175,000 a year might encounter. We chose an upper-middle-class income because that's generally what our family needs to earn, conservatively, to afford a median-price home in Park Slope, a section of Brooklyn that is family-friendly, has good schools and is generally more affordable than Manhattan.

The two-bedroom, one-bathroom co-operative apartment that we're using as a model in Park Slope is listed at $675,000, close to the median price for the neighborhood, as calculated by Zillow.com.

We stacked that against a four-bedroom, two-and-a-half bathroom home in South Orange, N.J., just a 30-minute train ride from Manhattan, where the two parents work. The house is selling for $595,000.

Continue reading "Middle class includes $175k in Brooklyn or South Orange, NJ" »

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Even among competitors, he gained a reputation as a builder of bare-bones homes who kept prices low. In the early 1980s, for example, the typical Hovnanian condominium residence was a two-bedroom, two-bathroom dwelling that cost about $30,000. In his developments, Mr. Hovnanian kept prices down by omitting the amenities, like swimming pools and community buildings, that other builders used to attract buyers.

"There are limited recreation facilities going in because people have little time for socialization," Mr. Hovnanian told The New York Times in 1983, explaining his philosophy.

By 1989, his company had sold more than 30,000 condominiums and other residences in states stretching from New Hampshire to Florida. The projects were so popular that they sometimes sold out over a weekend. Mr. Hovnanian also operated a finance company that made loans to buyers, who sometimes bought more than one residence, including some as investments.

Since then, the company has built more than 200,000 other homes. And in recent years, it has expanded its portfolio to include the construction of medium-price homes, luxury homes and retirement communities with recreational facilities.

Continue reading "Hovnanian on cheap design" »

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Urban-style development may be the brightest spot in a generally gloomy market. A recent survey of developers and investors by the Urban Land Institute for its annual Emerging Trends in Real Estate report found that urban redevelopment had the best prospects among all types of housing, while urban mixed-use properties and town centers scored high among niche property types. "These are the places that will be creating and holding value," Ms. Poticha said. She said proximity to public transit could raise property values significantly.

"It's moved from being an interesting idea to a core investment," said Jonathan F. P. Rose, the president of the Jonathan Rose Companies, a New York-based developer and investor.

The most successful projects do more than build housing near transit stations. They take pains to create livable neighborhoods, with parks, paths, retail stores and places for people to gather. "Place-making is key," Ms. Poticha said.

Continue reading "New rail lines, new urbanism, still growing" »

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Experts say the phenomenon of the newly rich gravitating
toward country-club enclaves like Alpine is well established
in American society.

The old adage is crowding into the winner’s circle
and so these superaffluent communities are very desirable
for the big winners in our society, and there’s always
the contrast between the old money and new money.

-- Jim Hughes,
Dean of the Edward J. Bloustein School of Planning and
Public Policy at Rutgers University.

Especially in the case of hip-hop stars, many of whom insist
they’ll never lose touch with their street roots.
-- NYT, on Alpine NJ, 07620.

Continue reading "Alpine, NJ is in the winners' circle" »

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SaddleRiver is a nice town in New Jersey.

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The Coruscation New York channel:
NY, Queens", CT, NJ, VT.

old NY Wiki 2003 January - 2005 October
old old NY Wiki 2003 January - 2004 January.

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nywatertaxi connects lower Manhattan across the East River
* Queens Hunters' Point to Midtown
* Brooklyn Williamsburg, Fulton Ferry, Red Hook to Battery Park
and
across the Hudson to NJ.
* World Finacial Center to Jersey City, NJ.

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Sopranos start a new season, and the boards of HBO, television
without pity, location-specific info, and E! online alight NJ, from
North Caldwell to Montville.

Another fine year with Tony Soprano.

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