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[+] If we send dc to the private school we love we'll still be able to max out our 401ks ... 21 replies
- look-depends if you already have a cushion, expect to inherit, own other real estate etc...
Talk : : February 15, 2009
If we send dc to the private school we love we'll still be able to max out our 401ks and put $$ in 529b but won't have much left over. Alternative is not-bad but not-great public (and no great middle school options here.) Should we pull the trigger on the private?
21 replies [ Reply | Watch | Options ]02.15.09, 07:55 PM [ Flag ]We've discussed doing the same but worry that it would be too hard on dc.
[ Reply | Options ]02.15.09, 08:10 PM [ Flag | link to this post ]my dh moved no less than 15 times growing up and he is fine...kids really are resilient - they have to be..b/c the grow up to be grown ups in a world that doesn't "set it all up" for them to be easy.
[ Reply | Options ]02.15.09, 08:12 PM [ Flag | link to this post ]dh moved 10 times in 1 year when his parents returned back from abroad and were staying with family. He was fine
[ Reply | Options ]02.15.09, 08:17 PM [ Flag | link to this post ]
it will be hard at first, but at local genEd, they have 7K classes and mix them every year for first, so each db only knows 3-4 others from k year.
[ Reply | Options ]02.15.09, 08:15 PM [ Flag | link to this post ]
What about G&T options? Where are you?
[ Reply | Options ]02.15.09, 08:06 PM [ Flag | link to this post ]Well that seems like a pretty long shot at best. I think our choice is going to be between the private or the local public.
[ Reply | Options ]02.15.09, 08:12 PM [ Flag | link to this post ]Do you live in Manhattan?
[ Reply | Options ]02.15.09, 08:13 PM [ Flag | link to this post ]No, Riverdale.
[ Reply | Options ]02.15.09, 08:17 PM [ Flag | link to this post ]There are very good elementary schools in Riverdale and you would save $200K over 6 years.
[ Reply | Options ]02.15.09, 08:26 PM [ Flag | link to this post ]Which are very good? 24? 81?
[ Reply | Options ]02.15.09, 08:31 PM [ Flag | link to this post ]
My gf gave me very good advice the other day about similar situation..."don't be a martyr - in 10 yrs you dc will be off to live their own life and you will be in your fifties and have sacrificed everything for them...to only start living then." i think its so true. do what works for YOU...you dc will be fine in a decent PS - don't put yourself at risk.
[ Reply | Options ]02.15.09, 08:09 PM [ Flag | link to this post ]That is a good point and we have thought about it. Honestly I don't feel like we'd be martyrs because we live pretty frugally to begin with. Maybe I'm kidding myself but I don't think I'd feel "deprived", just worried if we have enough to save and/or serve as a cushion.
[ Reply | Options ]02.15.09, 08:22 PM [ Flag | link to this post ]look-depends if you already have a cushion, expect to inherit, own other real estate etc...if the answer to all of that is no - then its better you start putting $$ aside for your future...otherwise you dc will have the burden of worrying about you and how to support you (I have this problem...trust me, I feel no gratitude towards my parents).
[ Reply | Options ]02.15.09, 08:28 PM [ Flag | link to this post ]We'll have modest inheritances, certainly aren't counting on them. We own our home outright, no mortgage. Don't have much retirement-wise beyond 401ks.
[ Reply | Options ]02.15.09, 08:41 PM [ Flag | link to this post ]well...i guess it depends on weather you can sell your house and make enough off it to retire (meaning also get a place to live). not sure what modest inheritance means - but probably not enough to retire on and stay in your home. look if you put $30K away every year until you retire - you would have enough to retire and give $$$ for you dc to start business, buy home, or pay off some of those scary college tuition bills. personally - i think HS is where you spend..thats where it matters.
[ Reply | Options ]02.15.09, 08:46 PM [ Flag | link to this post ]
My Dh's and my HHI is about 500K. We live in 41/3 zone. If dd didn't have a trust fund from her grandparents, I would have not sent her private.
[ Reply | Options ]02.15.09, 08:38 PM [ Flag | link to this post ]you think highly of 41 then i take it.
[ Reply | Options ]02.15.09, 08:41 PM [ Flag | link to this post ]I toured it, liked the facilities, my friends who sent their kids there are happy.
[ Reply | Options ]02.15.09, 08:43 PM [ Flag | link to this post ]
How happy are you with the choice? I am just not that crazy about our local public.
[ Reply | Options ]02.15.09, 08:47 PM [ Flag | link to this post ]I am happy with the choice. but I wouldn't have paid 35K if all I had was HHI.
[ Reply | Options ]02.15.09, 08:50 PM [ Flag | link to this post ]
[+] Holy Cow! Over 500 lawyers got laid off yesterday and many in NYC. Bet some people wi... 28 replies
- depends on what type of law you practice. Most plaintiff's lawyers are super secure and safe, it's the transactional lawyers who are getting up because transactional work (mergers, aquisitions, real estate, etc.) has completely dried up due to the financial crisis....
Talk : : February 13, 2009
Holy Cow! Over 500 lawyers got laid off yesterday and many in NYC. Bet some people will be doing major soul searching if they get school contract tomorrow or today. So sad for everyone. God (or someone or anything or HELLLLPPPP save the USA).
28 replies [ Reply | Watch | Options ]02.13.09, 08:11 AM [ Flag ]Maybe the poor lawyers will have to move out of NYC. It could be the best thing to happen to them and their families.
[ Reply | Options ]02.13.09, 08:13 AM [ Flag | link to this post ]rude- signed a nice unemployed lawyer
[ Reply | Options ]02.13.09, 08:14 AM [ Flag | link to this post ]seriously. I feel much worse for the factory workers etc. who are now leaving the country and giving up on the american dream
[ Reply | Options ]02.13.09, 08:15 AM [ Flag | link to this post ]why? not all lawyers are millionaires and many have school debt like a lot of others. i feel sorry for everyone getting laid off - period.
[ Reply | Options ]02.13.09, 08:17 AM [ Flag | link to this post ]Why? I worked very hard in school and my parents didn't attend college and were so proud of me living the "American Dream." I have a ton of student loans I have been duifully paying back and was not making mints of $. I helped a lot of people in my practice and now am unemployed with big loan debt that is not even dischargeable in bankruptcy! I think you are rather "bigoted"
[ Reply | Options ]02.13.09, 08:21 AM [ Flag | link to this post ]I live in a largely immigrant neighborhood and am sorry to see all these people have to tell their families back home that they failed at making the american dream come true for their families. last time I checked I was allowed to care about whomever I like.
[ Reply | Options ]02.13.09, 08:34 AM [ Flag | link to this post ]
what do you mean-did a law firm close?
[ Reply | Options ]02.13.09, 08:14 AM [ Flag | link to this post ]OMG. Big, medium and small firms are hacking off staff and attorneys like crazy every day
[ Reply | Options ]02.13.09, 08:22 AM [ Flag | link to this post ]
Link, please.
[ Reply | Options ]02.13.09, 08:15 AM [ Flag | link to this post ]I'm sure if it's true it would be on abovethelaw.com
[ Reply | Options ]02.13.09, 08:21 AM [ Flag | link to this post ]also in the Times I think
[ Reply | Options ]02.13.09, 08:22 AM [ Flag | link to this post ]I read it in the Times
[ Reply | Options ]02.13.09, 08:35 AM [ Flag | link to this post ]
It's crazy. The one thing that kept the lawyers from being insanely jealous of all the IBers was the job security
[ Reply | Options ]02.13.09, 08:21 AM [ Flag | link to this post ]LOL. DH is a lawyer and that's totally true.
[ Reply | Options ]02.13.09, 08:22 AM [ Flag | link to this post ]
While I am sympathetic to the conundrum some may find themselves in, this is not worthy of my prayers for the country. Perhaps safety, unity, help for the unemployed without savings and with children, but NYers who can't afford private school -- not the end of the world in my book. A little perspective, please.
[ Reply | Options ]02.13.09, 08:21 AM [ Flag | link to this post ]are you insane? My whole profession is evaoparting and I have massive law school debt. Eff you
[ Reply | Options ]02.13.09, 08:23 AM [ Flag | link to this post ]ITA. Not to mention all the years you put in, Bar exams, CLE
[ Reply | Options ]02.13.09, 08:23 AM [ Flag | link to this post ]You can't find a job anywhere in the United States? Try expanding your job search.
[ Reply | Options ]02.13.09, 08:33 AM [ Flag | link to this post ]seriously, there are no jobs! it is crazy- have expanded the search and there is very little flexibility these days for learning curve- meaning moving to another area of law. Thanks for your support though.
[ Reply | Options ]02.13.09, 08:38 AM [ Flag | link to this post ]
or: I came off harsher than I meant. I feel bad for anyone who has lost a job regardless of career or salary. I was responding to OP's desperate pleas for people not able to pay for private school. I just think that not being able to pay for private school is a minor issue given the greater picture. The bigger issue of concern to me is people being able to pay for health care, debts, housing, etc. My dh is an attorney, btw. I meant no disrepect and I too am paying off student loans.
[ Reply | Options ]02.13.09, 09:16 AM [ Flag | link to this post ]
It is reported at abovethelaw.com
[ Reply | Options ]02.13.09, 08:38 AM [ Flag | link to this post ]Someone post the god damn link, please.
[ Reply | Options ]02.13.09, 08:40 AM [ Flag | link to this post ]Hold on, someone just sent me a bunch of them
[ Reply | Options ]02.13.09, 08:41 AM [ Flag | link to this post ]http://www.bloomberg.com/apps/news?pid=email_en&refer=&sid=aWC1nJ1AQX3I
[ Reply | Options ]02.13.09, 08:42 AM [ Flag | link to this post ]
It really depends on what type of law you practice. Most plaintiff's lawyers are super secure and safe, it's the transactional lawyers who are getting up because transactional work (mergers, aquisitions, real estate, etc.) has completely dried up due to the financial crisis.
[ Reply | Options ]02.13.09, 08:48 AM [ Flag | link to this post ]My understanding is that litigation is at a standstill as well, which is what is making this crisis so different - in the past, busy lit balanced out slow transactional
[ Reply | Options ]02.13.09, 08:49 AM [ Flag | link to this post ]litigation may be drying up from the defense side as companies would rather use their in-house lawyers to litigate cases instead of paying high hourly fees for outside counsel, or they'd rather come to a fast settlement. On the plaintiff's side litigation has not slowed down, perhaps because many plaintiffs or would-be plaintiffs have lost their jobs and have more time and effort to put toward their cases.
[ Reply | Options ]02.13.09, 09:04 AM [ Flag | link to this post ]NP: I'm in-house and I can't even get $$$ to pay for office supplies, nevermind authorization to pay outside counsel.
[ Reply | Options ]02.13.09, 09:17 AM [ Flag | link to this post ]
[+] If both NYS and NYC raise taxes on high earners, then they will start to leave NYC. ... 34 replies
- Good riddance. Maybe now real estate prices will come down....
Talk : : February 12, 2009
If both NYS and NYC raise taxes on high earners, then they will start to leave NYC. Along with the rising sales taxes, tolls, etc., it just gets to be too much.
34 replies [ Reply | Watch | Options ]02.12.09, 01:44 PM [ Flag ]In all honesty I don't think they will leave and if they do, NYC is pretty damn resilient. I'm a born and raised New Yorker and have seen NYC at it's worst and at it's best. I have faith in this city I love very much. I had a fleeting moment of leaving after 9-11 as I live in zone 2 from ground zero. Just taking my husband and 2 boys and running for California. But it was only fleeting. The thought of leaving hasn't even crossed my mind with this recession. I'm not a high earner and my HHI has been cut in half. But I'm not going anywhere. Not even too the suburbs. LOL.
[ Reply | Options ]02.12.09, 01:59 PM [ Flag | link to this post ]OP: you are not someone who I would expect to leave as you are not a high earner.
[ Reply | Options ]02.12.09, 02:06 PM [ Flag | link to this post ]What is that suppose to mean? I still pay taxes. I'm paying off a mortgage. I'm paying off my student loans, and have two children in college with big tuitions. Have a truck, though it's about 6 year old. So I don't get what you're saying.
[ Reply | Options ]02.12.09, 02:11 PM [ Flag | link to this post ]But since this is a question for high earners. I'll stay out of it.
[ Reply | Options ]02.12.09, 02:12 PM [ Flag | link to this post ]
we are high hearners and we aren't leaving. commute an enormous hassle and added expense; my career is in NYC.
[ Reply | Options ]02.12.09, 02:08 PM [ Flag | link to this post ]We are high earners and we left a year ago because the thought of going through the whole private school process stressed me out so much.
[ Reply | Options ]02.12.09, 02:16 PM [ Flag | link to this post ]Yep. Article this week in the times about raising NYS taxes tipped the scales. Meeting with realtrs next week. Straw, meet camel.
[ Reply | Options ]02.12.09, 02:26 PM [ Flag | link to this post ]Don't go see Revolutionary Road. You'll want to kill yourself.
[ Reply | Options ]02.12.09, 03:15 PM [ Flag | link to this post ]I live in NYC and that movie is hardly representative of suburban life. It's just trash from some Hollywood types that like bashing anything traditional. Is Lindsay Loahn representative of all child stars.
[ Reply | Options ]02.12.09, 03:33 PM [ Flag | link to this post ]Lindsay Lohan aside, it's not as if child stars as a group have the best rep of going on to having great lives.
[ Reply | Options ]02.12.09, 03:44 PM [ Flag | link to this post ]
Seriously?? That extra 1% or so will make it SO unaffordable for you to stay here? HELLO! It's only for families making over $300K! Believe it or not, MILLIONS are getting by just fine on a FRACTION of that. And just where do these so-called "high earners" expect to go? Pittsburgh? Cleveland? San Antonio?
[ Reply | Options ]02.12.09, 03:33 PM [ Flag | link to this post ]A 55 percent tax rate (fed/state/city) absolutely will drive away high earners, especially when Ct. and NJ will have a local tax rate that is half of NYC.
[ Reply | Options ]02.12.09, 03:36 PM [ Flag | link to this post ]Good riddance. Maybe now real estate prices will come down.
[ Reply | Options ]02.12.09, 03:40 PM [ Flag | link to this post ]The problem is that the city disproportionaly relies on these high earners and everyone who leaves increases the tax burden on the rest of us or causes that many more city services to be cut.
[ Reply | Options ]02.12.09, 03:43 PM [ Flag | link to this post ]There's a lot of fat in our "city services" anyway.
[ Reply | Options ]02.12.09, 03:46 PM [ Flag | link to this post ]I don't disagree there. But due to pension increases and medicare obligations, which are exponentially increasing, the cuts will likely occur in places we will notice. Like the next police academy class is cancelled, thus the number of cops on the street will be at the lowest level in over 10 years.
[ Reply | Options ]02.12.09, 03:49 PM [ Flag | link to this post ]
Yeah!! And bridges!! And teacher salaries!!
[ Reply | Options ]02.12.09, 03:45 PM [ Flag | link to this post ]
You misunderstand the concept of scale-tipping and camel-back-breaking. It's already the case that moving out of NYC saves 4%. On 400-500K, that's one kid's tuition. On top of that, in the suburbs you probably won't end up paying tuition anyway. Moving out of NYS saves another 2%. Throw in another 2% (that's the proposal, not 1%), and for some people, it becomes impossible to justify paying all that extra. You have to include all the $$$, not just the last incremental change.
[ Reply | Options ]02.12.09, 03:39 PM [ Flag | link to this post ]And no, not Pittsburgh, just Weschester (to save the 4%) or CT (To save 7 or 8%!!!! that's a lot of scratch!). It's not that you can't possibly live in NYC on 300K, it's that when you're making 300K, living in a crappy apt, and saving $0 for retirement due to taxes and tuition you start saying "what the hell is the point of making $300K if I can't afford a babysitter." Maybe at $2 million the balance is different, but there's more of us in the $300-600 range than up in the millions.
[ Reply | Options ]02.12.09, 03:42 PM [ Flag | link to this post ]As a high earner, I can't imagine moving to the suburbs, regardless of how high the tax rate is. Honestly, if you're pulling down those kinds of dollars and an extra percentage or two is breaking the camel's back, you're living irresponsibly high on the hog.
[ Reply | Options ]02.12.09, 03:45 PM [ Flag | link to this post ]Maybe, but I don't think so. If you've got multiple private school tuitions, and add in NY rent, you're already shelling out over $120K after-tax dollars. A 300K salary in NYC nets what? Maybe $150 after taxes & health insurance contribution? So after taxes, rent, tuition you're not exactly rolling in it.
[ Reply | Options ]02.12.09, 03:51 PM [ Flag | link to this post ]If all the tax increases are put in place, 300k will give you 135k, then from that you will have to take out health insurance and 401k, so take-home will be somewhere in the 115k range.
[ Reply | Options ]02.12.09, 03:54 PM [ Flag | link to this post ]Yikes. Is there a tax calculator somewhere to compare NYC, NYS non-city, and CT tax burdens?
[ Reply | Options ]02.12.09, 03:56 PM [ Flag | link to this post ]
The point is, anywhere else $400K would let you live high off the hog. Here, it doesn't, and it can be frustrating to see that just by moving 5 miles you could free up so much financial burden and either save a lot or live a better lifestyle.
[ Reply | Options ]02.12.09, 03:58 PM [ Flag | link to this post ]
itta. all these idle threats to leave nyc are just that. anyone who still has a high-paying job is going to hang on for dear life. what are they going to do? sell their penthouses at pennies on the dollar?
[ Reply | Options ]02.12.09, 03:52 PM [ Flag | link to this post ]if you sell and buy, it comes out a wash. And it might save you a few thousand a month to do so.
[ Reply | Options ]02.12.09, 04:03 PM [ Flag | link to this post ]
I like the NY Times class war article. "New York To Tax The Rich". There's a big difference between comfortable and rich. Two income earners bringing home 150K each isn't the same as someone living on CPW with a house in Nantucket. This is why I cancelled the Times.
[ Reply | Options ]02.12.09, 03:36 PM [ Flag | link to this post ]make that "just cancelled"
[ Reply | Options ]02.12.09, 03:37 PM [ Flag | link to this post ]
If the high earners choose to leave because of high taxes, then NYC was really wasted on them anyway. There are many people who make a lot less who stay in NYC despite the high cost because other things about the city are important to them.
[ Reply | Options ]02.12.09, 03:41 PM [ Flag | link to this post ]Yeah!! Screw 'em! We didn't need their stinkin' tax money anyway!
[ Reply | Options ]02.12.09, 03:43 PM [ Flag | link to this post ]You tell em. Oh wait, who'll pay the bills. As Magaret Thatcher said, "the problem with socialism is you eventually run out other peoples money".
[ Reply | Options ]02.12.09, 03:48 PM [ Flag | link to this post ]
The Huffington Post has an article saying something like the Upper Middle Class wins. UMC means anyone making between 85,000 and 125,000. And here I though I was broke-ass class. LOL. Now I know 85 grand goes a longer way in say Wyoming but, I still don't think this amount of money for a family of 3 or 4 is UMC. Maybe middle class as I would leave off the upper.
[ Reply | Options ]02.12.09, 03:43 PM [ Flag | link to this post ]But just to be clear, the study that came out earlier this week said to be **middle class** in Manhattan, one had to earn $123k.
[ Reply | Options ]02.12.09, 03:44 PM [ Flag | link to this post ]that's right.
[ Reply | Options ]02.12.09, 03:47 PM [ Flag | link to this post ]
[+] I own a building in Brooklyn, one store with 2 apts. My real estate tax went up 200... 1 reply
Talk : : February 12, 2009
I own a building in Brooklyn, one store with 2 apts. My real estate tax went up 200% last year. This year it went up again. I am thinking about hiring an attorney to see if the increase is justified. Where can I get names of lawyers that specialize in real estate tax? TIA
1 reply [ Reply | Watch | Options ]02.12.09, 12:08 PM [ Flag ]Go to the website for the NYC Bar Association. There is a referral service; you write a brief para about your problem and a lawyer in that speciality will contact you I believe w/in 24 hrs by phone or email your choice.
[ Reply | Options ]02.12.09, 12:26 PM [ Flag | link to this post ]
[+] Just moved here from Boulder, what is the skinny on the good public schools in NYC. ... 8 replies
- and they also dont really have any familiarity with them. my dc goes to private but we toured the publics. its just like anywhere---the better the neighborhood/real estate the better the schools...
Talk : : February 12, 2009
Just moved here from Boulder, what is the skinny on the good public schools in NYC. I went to a site called inside schools and saw there are many schools that got good ratings - why does it seem like people are scared of public in NY?
8 replies [ Reply | Watch | Options ]02.12.09, 08:30 AM [ Flag ]that site talks the schools up too much.
[ Reply | Options ]02.12.09, 08:31 AM [ Flag | link to this post ]The overall system is huge, unwieldy and needs a lot of improvement. There are 1.1 million kids in NYC public schools. There is a high school drop out rate of around 50%. Quality of school in NYC depends, for the most part, on where you live and how much you can afford for housing in a good school district or zone.
[ Reply | Options ]02.12.09, 08:35 AM [ Flag | link to this post ]people are snobs......and they also dont really have any familiarity with them. my dc goes to private but we toured the publics. its just like anywhere---the better the neighborhood/real estate the better the schools
[ Reply | Options ]02.12.09, 08:39 AM [ Flag | link to this post ]What district do you live in?
[ Reply | Options ]02.12.09, 08:46 AM [ Flag | link to this post ]Well, there are loads of bad schools. But a lot of good neighborhoods have good schools.
[ Reply | Options ]02.12.09, 08:49 AM [ Flag | link to this post ]Welcome to New York. There is tremendous bias and snobbery against publics in the city. I send my dcs to an excellent public school in Forest Hills, Queens, that is ranked one of the highest in the whole city for academic scores, and it has enrichment in dance, art, computers. Parent involvement--we are having an in-class valentine's party today that I sent in little treats for.
[ Reply | Options ]02.12.09, 08:49 AM [ Flag | link to this post ]Because they are clueless. There are failing schools in poor neighborhoods. There are also fine schools in middle class and upper middle class neighborhoods. If you only know people with kids in private who are "scared" of public, you run in a very exclusive crowd of people who can afford $30,000/year/child tuition. Most middle class parents can't, and they have committed themselves to building fine public schools in their neighborhood. They are similar to publics in many places, except that you have the advantage of being in NYC. In my ds' school, his grade did a program at the Guggenheim (multi-week at the museum and here), they dined at Gramery Tavern in a food study program, and every kid from 3rd grade on has 2 day/week (part of school day) learning a stringed instrument. The academics aren't like private school, but it's far from "scary".
[ Reply | Options ]02.12.09, 08:52 AM [ Flag | link to this post ]^^^ school day) learning a stringe instrument. The academics aren't like private school, but it's far from "scary".
[ Reply | Options ]02.12.09, 08:54 AM [ Flag | link to this post ]
[+] finance moms or moms with husbands in finance...on a %age basis how much down from la... 22 replies
- I really have nothing against people who make a lot of money, but they make real estate prices and rents go up and I'm looking forward to the downward trend in that. Makes it easier for me who grew up here to buy a home. And I lived through the 70s...
Talk : : February 12, 2009
finance moms or moms with husbands in finance...on a %age basis how much down from last year and HHI, pls. ty.
22 replies [ Reply | Watch | Options ]02.12.09, 07:21 AM [ Flag ]$1.2 amazingly enough they stuck to his contract - but next year who knows, he wants out, maybe trade for himself
[ Reply | Options ]02.12.09, 07:24 AM [ Flag | link to this post ]I hate people who had contracts
[ Reply | Options ]02.12.09, 07:26 AM [ Flag | link to this post ]why would you say that? he did his job, he didn't fuck up, he is extremely dedicated and hard working for his company....he certainly doesn't expect one this year though, a lot of decisions to make
[ Reply | Options ]02.12.09, 07:37 AM [ Flag | link to this post ]b/c I do. I did exactly the same thing, have been a proven loyal employee for 10 yrs, far exceeded plan and got s*&%^$G! I know this is the way of the world, but I am entitled to be angry.
[ Reply | Options ]02.12.09, 07:40 AM [ Flag | link to this post ]you are, i agree, he realizes how fortunate he is
[ Reply | Options ]02.12.09, 07:59 AM [ Flag | link to this post ]
op- well done. down 50% here, 450K this year...and grateful.
[ Reply | Options ]02.12.09, 07:27 AM [ Flag | link to this post ]You both did MUCH better than I did.
[ Reply | Options ]02.12.09, 07:38 AM [ Flag | link to this post ]
My income down about 70%, my bonus was pretty close to $0 (not even stock). DH works but after taxes and nanny, not much of his paycheck left. It is very scary.
[ Reply | Options ]02.12.09, 07:25 AM [ Flag | link to this post ]well we are seriously thinking of vacating the city, the tax implications are enough reason and they are only going up...everyone flames about Wall Street and IBers...however, that is a part of NYC, personally i find it quite sad to think that it is gone forever, it is part of what made NY what it is, just bc some people did bad things doesn't mean everyone did and now it's just gone.....this city is in for some major changes, especially without those tax dollars
[ Reply | Options ]02.12.09, 07:40 AM [ Flag | link to this post ]ITA, I am kind of in a support role in an IB, but not back office. I never really participated in the upside, but boy am I sharing in downside! My salary was low, never got a raise b/c I was supposed to rely upon bonus for comp increase. Now this yr $0 bonus and my salary is crazy low. I am not sure that moving will drastically decrease our costs. I live a pretty low-key non-IBanking life style, but I have really had to rethink EVERYTHING. It is so scary.
[ Reply | Options ]02.12.09, 07:44 AM [ Flag | link to this post ]I really have nothing against people who make a lot of money, but they make real estate prices and rents go up and I'm looking forward to the downward trend in that. Makes it easier for me who grew up here to buy a home. And I lived through the 70s. I
[ Reply | Options ]02.12.09, 07:48 AM [ Flag | link to this post ]Just realize with less income there is less tax revenue and fewer services, which does not help anyone's quality of life.
[ Reply | Options ]02.12.09, 08:06 AM [ Flag | link to this post ]I realize that, but things have been too crazy in the housing market. Things will stabilize at a lower level. Wall Street is responsible for 25% of tax revenue. That means 75% is from other sources. Also not all Wall Street money is going away in the long run. I believe there will still be Wall Street jobs. Just not as many. There are tons of people living outside of Manhattan who will jump at the chance to move back here. People move to NY from other parts of the country and have always done so. NY is a special place like London and Paris. It may not do great but I will always want to live here.
[ Reply | Options ]02.12.09, 08:18 AM [ Flag | link to this post ]
Rent control and stabilization decrease the number of units available at market rent, which leads to higher rents.
[ Reply | Options ]02.12.09, 01:03 PM [ Flag | link to this post ]
$900k, dh bonus down 25 per cent, both our salaries frozen
[ Reply | Options ]02.12.09, 07:43 AM [ Flag | link to this post ]$1.6MIL last year. This year $350K.
[ Reply | Options ]02.12.09, 08:13 AM [ Flag | link to this post ]ouch...did you know or was it a surprise...how do you feel about it?
[ Reply | Options ]02.12.09, 09:20 AM [ Flag | link to this post ]
My bonus last year was $1 million, this year only $300,000. Base has been stuck at $100,000 for the past few years. My husband is in pretty much the same situation.
[ Reply | Options ]02.12.09, 08:17 AM [ Flag | link to this post ]Total comp was down about 30% - last year 1.1M, this year 750K. Base is 150K. Our HHI is his salary plus my about 100K.
[ Reply | Options ]02.12.09, 12:42 PM [ Flag | link to this post ]My income is down 100% as I lost my job.
[ Reply | Options ]02.12.09, 12:57 PM [ Flag | link to this post ]I'm a SAHM. Dh in IB (non-bailout bank). 1mm last year, 700k this year (300k of that paid out in 100k installments in each of the next three coming years).
[ Reply | Options ]02.12.09, 01:00 PM [ Flag | link to this post ]Down 50% - DH lost his job last yr. Got a new one, but no bone till 2010.
[ Reply | Options ]02.12.09, 03:41 PM [ Flag | link to this post ]
[+] I posted yesterday and wanted to point out one last thing re:myths of burbs. If you ... 19 replies
- op-name a town. now compare the price of real estate in that town that is away from the train, with more land or water etc. even if you are near town you need two cars after acertain period of time b/c as kids get older...
Talk : : February 12, 2009
I posted yesterday and wanted to point out one last thing re:myths of burbs. If you are very wealthy meaning you afforded to buy a cute 2 brm for that $1.25mi, and now are trading it in to buy a nice 4000 sq. ft home in burbs - you will be sitting pretty. You will move into an area that has homes in the your range and 3-4x the value of your house - so basically there is no "roof" to how much your investment can appreciate. If you buy a home @ $500-$750K - you are buying into a neighborhood that tops out below $1mi (million dollar homes, unless someone has overbuilt their house for neighborhood, never are in areas of homes below a million). So you will NEVER get more than a couple of $100K over life of house and will realistically need to invest to keep it updated to hold the value. So with all the expenses of living in suburbs you will never really see a real investment upside. Only for folks nutty enough to spend $70k on 2 tuitions combined for dc's school see this as value - but these folks are those folks buying million dollar homes...the whole "value" of burbs is really nonsense for your average family making under $350K a year.
19 replies [ Reply | Watch | Options ]02.12.09, 06:44 AM [ Flag ]you will when it comes to private school costs with 3 kids
[ Reply | Options ]02.12.09, 06:47 AM [ Flag | link to this post ]op-privates are utterly UNNECESSARY. I went to Columbia University, graduated with top honors and went to a mdeiocre public school. My best friend who was in Columbia Law grew up in Harlem going to a public school - his sister became a crack head - he became an Ivy educated lawyer (and worked all through school). Kids do not need to be coddled - they need to be humbled, and know that working hard, facing difficulties and surmounting them, in a big big world where people have it far harder then them (who only dream of going to school)is the path to success - not living in some fantasy land of public schools and nannies. Public schools in many many districts are perfectly fine. Also in NY you can send your child out of your zone if it is a failing school.
[ Reply | Options ]02.12.09, 07:03 AM [ Flag | link to this post ]
"and will realistically need to invest to keep it updated to hold the value." You still have to keep an apt. updated too. Who wants to buy an apt. with stinky carpet and a kitchen from 1970? And you pay maintenance on an apt., just as you pay to maintain the house. I agree if someone buys a huge house with big utility bills and a huge yard to maintain and then decides they "need" two new cars, yes, 'burbs are going to cost. But if you choose a town where you can walk to train to commute or use an older, fully paid for car to park at the train, there's big savings right there. And what about the people whose kids don't get into private school, or does everyone get in somewhere?
[ Reply | Options ]02.12.09, 06:58 AM [ Flag | link to this post ]You simply can not compare cost of maintaining a house with an apt. In an apt. you will never have to fix your roof, you siding, your driveway, your boiler, pay to upkeep your yard, and much much more. ANy place near towns is also less valuable in suburbs - you want either to have lots of acreage or be near water - either exist near town. Buying a used car, still requires insurance and gas - and you will still need 2 cars if you have more then 1 child - over long term, you will be forced to then spend on cabs. I have a very modest house and my utilities this year - gas&electric were $6500.
[ Reply | Options ]02.12.09, 07:08 AM [ Flag | link to this post ]You do pay for all of those things in an apartment, but its spread out in your maintenance or carrying costs.
[ Reply | Options ]02.12.09, 07:11 AM [ Flag | link to this post ]op-how much is that yearly?
[ Reply | Options ]02.12.09, 07:17 AM [ Flag | link to this post ]
NP: Being close to town and train is a convenience some people are willing to pay a premium for. It
[ Reply | Options ]02.12.09, 07:44 AM [ Flag | link to this post ]^^^It's just one of a number of variables that factor into price (including lot size, house size, condition, property taxes, etc., etc.) but it's not true that a house near town is ALWAYS less valuable in the suburbs.
[ Reply | Options ]02.12.09, 07:46 AM [ Flag | link to this post ]op-name a town. now compare the price of real estate in that town that is away from the train, with more land or water etc. even if you are near town you need two cars after acertain period of time b/c as kids get older both parents shalep them to different activities on weekends etc. Or dad needs to go to gym, mom needs shopping, son has soccer, daughter has play date etc etc etc.
[ Reply | Options ]02.12.09, 08:07 AM [ Flag | link to this post ]
Our town, I think like a lot of older suburbs with mixed housing stock, DOES have homes selling for $500-750K side-by-side in the same neighborhood as $1m+ houses (huge, older Victorians or Colonials on larger lots, mixed in with small Craftsman and Cape Cod-style homes). All your posts on this topic seems to be built around an incredibly flawed set of assumptions about what is true for everyone everywhere in "the suburbs".
[ Reply | Options ]02.12.09, 07:02 AM [ Flag | link to this post ]I can guarantee that those $1mi homes had invested at least $200K + to update and restore. NOBODY will buy a 100yr old house plus unless all electric, plumbing, windows, insulation,floors, kitchen and appliances etc have been updated and restored. Otherwise they are totally money pits.
[ Reply | Options ]02.12.09, 07:11 AM [ Flag | link to this post ]And the same is true of the smaller, older home on the next street. That doesn't change the fact that there can be a price spread within a neighborhood greater than what you claim.
[ Reply | Options ]02.12.09, 07:48 AM [ Flag | link to this post ]op-yes you can have price spreads- but when you price your house to sell the agent will always use comps for your home that are based on similar homes in your hood..you will never be comped with that million dollar house - it is a million dollar house b/c it has either more land, hundreds of thousands worth in updates, or is in a town that has the better public school.
[ Reply | Options ]02.12.09, 08:05 AM [ Flag | link to this post ]
30 years ago, suburbs as desireable as greenwich, darien, short hills, etc. had homes selling for $100K, maybe even less. this notion that home values "top out" at a certain price is kind of silly, seeing that today's "moderately priced home" in those areas is still very very expensive. HOWEVZER, a home is NOT an investment and that's one of the mistakes that people made in the last 15 years of unprecendented RE appreciation - thinking that homes appreciate in value significantly year after year. RE generally slightly outpaces inflation. we are going to have to see more declines and years of flat in order to bring the las 15 years in line with historica norms.
[ Reply | Options ]02.12.09, 07:10 AM [ Flag | link to this post ]op-agreed. My parents bought a house that cost $300K in 1984 - they could have sold it if market did not tank for maybe $1mi - but they had to spend over life of house enormous amt to upkeep + dad commuting for 25yrs + they had to renovate after 15 yrs and spent about $200K in all. So how much did they really make, if they sold it? I have neighbors that bought for $85K 30 yrs ago - in an OK market they could have sold it for $700K - but they work locally, and did almost NOTHING to the house, all original, except for very very modest kitchen update. So they will come out a bit prettier then my folks - they had less fancy house, and spent almost nothing on it, and did not commute and really did not upkeep. If you can live like this - then its OK.
[ Reply | Options ]02.12.09, 07:15 AM [ Flag | link to this post ]but everything is a matter of lifestyle choice - that's why i said a house isn't an investment. you upkeep a house bc you have to live there and you care about what it looks like and how it functions and NOT because you think that you'll get more $$ when you sell it. Now sure, some improvements will help with re-sale, but putting a $50K kitchen in a $300K house in some pdunk area is never going to increase the value of the house by that much you know. Commuting is a choice, not one that I make, but for many people it's not a big deal. Just like extensive work related travel or SAH or having 4 kids is a choice I don't make. I agree that the suburbs are not for everyone, myself included and that they are not cheaper unless you factor in private vs. public school,.
[ Reply | Options ]02.12.09, 07:21 AM [ Flag | link to this post ]op-i agree on everything you said. i guess i am writing this b/c a lot of people told us, and i still hear people saying, that the suburbs are such a deal. what people fail to mention is that it is only a deal for some. re: commuting as choice - its not...my dh works in a field that simply revolves around NYC - he is 50 and can not change careers - 95% of people I know where i live, have a spouse that commutes...its a choice for very very very few people.
[ Reply | Options ]02.12.09, 07:46 AM [ Flag | link to this post ]no, i meant choosing to live in the burbs when you have to commute to the city. one could live w less in the city or choose to live say in queens or jersey city where commute would be less. although, honestly most people i know travel 30+ minutes to work even IN the city.
[ Reply | Options ]02.12.09, 07:52 AM [ Flag | link to this post ]You chose to create a lifestyle in the suburbs that wasn't any cheaper than your lifestyle in the city, and now have some weird obsession with making your choices apply to everyone.
[ Reply | Options ]02.12.09, 07:53 AM [ Flag | link to this post ]
[+] Just heard from a real estate broker friend in the burbs that she's incredibly busy s... 6 replies
Talk : : February 12, 2009
Just heard from a real estate broker friend in the burbs that she's incredibly busy showing houses to people who can't afford to stay in the city.
6 replies [ Reply | Watch | Options ]02.12.09, 05:14 AM [ Flag ]Are they showing shacks?
[ Reply | Options ]02.12.09, 05:14 AM [ Flag | link to this post ]not at all.
[ Reply | Options ]02.12.09, 05:16 AM [ Flag | link to this post ]
of course. totally logical.
[ Reply | Options ]02.12.09, 06:04 AM [ Flag | link to this post ]who are those folks going to sell their city place to?
[ Reply | Options ]02.12.09, 06:12 AM [ Flag | link to this post ]maybe they rent. Maybe taking a loss on a coop and buying a house with a depressed price and using the public schools makes sense.
[ Reply | Options ]02.12.09, 06:27 AM [ Flag | link to this post ]
Doesn't mean it will translate to sales. Many people are looking to consider other options but usually change their minds!
[ Reply | Options ]02.12.09, 06:15 AM [ Flag | link to this post ]
[+] Posts on OctoMom are so tired. Like it or not her many kids are here - donate towards... 26 replies
- Jim Bob Duggar has fairly significant real estate holdings, actually. They get NO govt money....
Talk : : February 11, 2009
Posts on OctoMom are so tired. Like it or not her many kids are here - donate towards her kids or zip it.
26 replies [ Reply | Watch | Options ]02.11.09, 05:38 PM [ Flag ]I think it should be examined and maybe this will prompt the ivf medical field to start self-regulating a little stricter. There needs to be some checks and balances.
[ Reply | Options ]02.11.09, 05:40 PM [ Flag | link to this post ]On UB? I think lessons have been learned.
[ Reply | Options ]02.11.09, 05:44 PM [ Flag | link to this post ]sure. it's just another social outlet for expressing thoughts, view, etc. were you around when the election was going on. there were a lot of political hashing, etc. it's good and healthy to do that, including doing that on ub.
[ Reply | Options ]02.11.09, 05:47 PM [ Flag | link to this post ]
Those kids should be adopted out into families who can properly take care of them.
[ Reply | Options ]02.11.09, 05:42 PM [ Flag | link to this post ]I suppose ther aren't horror stories about maltreated adopted kids.
[ Reply | Options ]02.11.09, 05:44 PM [ Flag | link to this post ]Sorry, but a person with NO income other than dole money and parents of modest means can't possibly care for 14 children. Fact.
[ Reply | Options ]02.11.09, 05:47 PM [ Flag | link to this post ]And that whatisthecouples name that have 13 kids and still going are better parents?
[ Reply | Options ]02.11.09, 05:48 PM [ Flag | link to this post ]The Duggars? Yes they are better parents.
[ Reply | Options ]02.11.09, 05:52 PM [ Flag | link to this post ]having 13 dcs is child abuse. no matter how much money they have.
[ Reply | Options ]02.11.09, 06:16 PM [ Flag | link to this post ]They have 18 kids, actually. A few are over 18. No IVF. Would I do this? No. But I have a hell of a lot more respect for them than I do for Nadya Suleman.
[ Reply | Options ]02.11.09, 06:20 PM [ Flag | link to this post ]itda. why should i respect someone for not knowing when to stop i know someone who was one of fourteen and he claims it was tantamount to child abuse. he wrote a book about it actually. i see the duggers and nadya suleman in the same light.
[ Reply | Options ]02.11.09, 06:31 PM [ Flag | link to this post ]
Jim Bob Duggar has fairly significant real estate holdings, actually. They get NO govt money.
[ Reply | Options ]02.11.09, 05:57 PM [ Flag | link to this post ]They did at one point. Someone dug it up from one of those cable news shows. Not that I'm holding it against them, but they are not all that pristine themselves.
[ Reply | Options ]02.11.09, 06:22 PM [ Flag | link to this post ]they also pay NO taxes.
[ Reply | Options ]02.11.09, 06:32 PM [ Flag | link to this post ]
LOL. I gave (and will continue to give) when I send my big tax checks. So I'll comment if I like, thanks.
[ Reply | Options ]02.11.09, 05:46 PM [ Flag | link to this post ]exactly!
[ Reply | Options ]02.11.09, 05:47 PM [ Flag | link to this post ]Ah so you begrudge her a few food stamps???
[ Reply | Options ]02.11.09, 05:47 PM [ Flag | link to this post ]np: as well as the disability payments made for her kids suffering from disabilities.
[ Reply | Options ]02.11.09, 05:56 PM [ Flag | link to this post ]Yes. Yes I do. Nothing short of a total abdication of responsibility to purposely get pregnant seven times over when you have NO means of supporting yourself and your children. Her attitude toward the autistic one is gross (seems thrilled that he needs her SO much). The woman belongs in a mental hospital and her kids should be placed for adoption.
[ Reply | Options ]02.11.09, 05:59 PM [ Flag | link to this post ]
Don't forget about the $50,000 grand of debt she's in and guess who will pay off that debt.
[ Reply | Options ]02.11.09, 06:26 PM [ Flag | link to this post ]I do. Don't forget her <cough, cough> student loans and disability checks she gets. For one kid with ADHD and another with a speech delay. Give me a damn break.
[ Reply | Options ]02.11.09, 06:33 PM [ Flag | link to this post ]
You do realize that you've just contributed to giving her more attention, right?
[ Reply | Options ]02.11.09, 06:07 PM [ Flag | link to this post ]When she gets on TV and allows cameras into the hospital so everyone can gawk at her much too small babies, I'll talk about her all I want. I can't stand these high order multiple parents and their begging.
[ Reply | Options ]02.11.09, 06:13 PM [ Flag | link to this post ]I think it should be noted that weird as we may think it - we was just "using up" the embryos from past IVF attempts. Apparently she had used 6 embryos on each of her past attempts and all but one had resulted in a single live birth (one set of twins) so it was not off the mark for her to expect one child out of this.
[ Reply | Options ]02.11.09, 06:27 PM [ Flag | link to this post ]Only a quack of an MD would go along with that request. In any case, given that she's poor with no income, one would *think* six kids would be more than enough.
[ Reply | Options ]02.11.09, 06:31 PM [ Flag | link to this post ]Her doctor was a quack. She should have had no more than 2 embryos implanted during each IVF for her age range. At the most 3 if she wanted to be pushy. An irresponsible quack doctor treating a crazy ass bitch for infertility. Recipe for disaster. But fertility treatments are so unregulated in this country, it's pretty much a free-for-all.
[ Reply | Options ]02.11.09, 06:32 PM [ Flag | link to this post ]
[+] Please don't flame. want honest opinions on these towns. thinking about moving to bur... 37 replies
- Rye Brook is one of the more expensive towns for real estate in all of westchster. I have been looking for over a year. 1 million dollars buys you a crappy split level house on .10 acres. It has great school district. Purchase has lovely real estate but then you have to send your kids to private school (at least for high school)....
Talk : : February 11, 2009
Please don't flame. want honest opinions on these towns. thinking about moving to burbs. have $3-3.5million to spend on a house. would like a nice, jewish (but not just jewish) community. Would you choose Greenwich, Scarsdale/Mamaroneck, Armonk/Bedford, or Short Hills, and why? trying to figure out where to focus.
37 replies [ Reply | Watch | Options ]02.11.09, 05:21 PM [ Flag ]Why are you leaving the city?
[ Reply | Options ]02.11.09, 05:22 PM [ Flag | link to this post ]want a nice backyard for DC.
[ Reply | Options ]02.11.09, 05:33 PM [ Flag | link to this post ]so buy a country house
[ Reply | Options ]02.11.09, 05:45 PM [ Flag | link to this post ]honestly, I love the city but I grew up in the burbs, had a great experience and really want that for my kids.
[ Reply | Options ]02.11.09, 05:48 PM [ Flag | link to this post ]We did this, and we're back in NYC. The suburbs today do not resemble the suburbs of my youth at all. Kids don't play pick-up kickball games in the street, or meet at the park for some touch football. No more leaving the house on your bike at 8am on a Saturday and not coming home til dinner. Everything is scheduled, kids are overloaded with structured stuff, and the ones who aren't are playing video games (or studying). Comparing notes with other moms, this is almost universally true in NYC suburbs. There are exceptions, but they're few and far between.
[ Reply | Options ]02.12.09, 06:09 AM [ Flag | link to this post ]That must be your demographic, I have several friends in Westchester and this is not the case for them.
[ Reply | Options ]02.12.09, 06:26 AM [ Flag | link to this post ]neither does the city. ALL kids play video games and have activities scheduled. But when you live in the burbs you also have a back yard, more freedom to walk around and bike around at a younger age.
[ Reply | Options ]02.12.09, 06:29 AM [ Flag | link to this post ]And city kids are not overloaded with structured stuff? Come on, this is universal, if you are talking about UMC families anyway.
[ Reply | Options ]02.12.09, 06:30 AM [ Flag | link to this post ]Sure it's universal. But if the *reason* you're leaving NYC for the burbs is because you're remembering the burbs of your youth, I'm saying they don't look like that anymore -- or they didn't where we were living anyway. If we'd found what other posters here are describing, we might have stayed.
[ Reply | Options ]02.12.09, 06:57 AM [ Flag | link to this post ]I think a lot of things are still easier to do in the burbs, like play sports for example. And I have friends in burbs where kids can walk over to friends down the street (or ride a bike down) and play. Obviously, if you buy a mansion on a huge lot this will not happen.
[ Reply | Options ]02.12.09, 06:59 AM [ Flag | link to this post ]
I don't think you can generalize suburbs. they can differ greatly, not just by town, but also by street. my kids DO play kickball (and baseball, ride bikes, etc) in the street on every nice day. we live on a cul-de-sac. the kids also run from backyard to backyard having a ball. I think it's a great way to grow up. we didn't have this in the city.
[ Reply | Options ]02.12.09, 06:31 AM [ Flag | link to this post ]
that is a different life style choice entirely.
[ Reply | Options ]02.12.09, 05:48 AM [ Flag | link to this post ]
central park is nice.
[ Reply | Options ]02.11.09, 05:46 PM [ Flag | link to this post ]
if commuting to east side, scarsdale or rye. if west side, short hills.
[ Reply | Options ]02.11.09, 05:23 PM [ Flag | link to this post ]DH's office is smack in midtown and I don't work. so really could do either.
[ Reply | Options ]02.11.09, 05:34 PM [ Flag | link to this post ]fwiw, one is likely more convenient than the other. 8th avenue midtown or park avenue midtown? penn station is 34th and 8th (tough to midtown) while grand central is park and 42. unless he's 37 and 6th, likely one is much more convenient than the other.
[ Reply | Options ]02.12.09, 05:44 AM [ Flag | link to this post ]
Bedford, because it's a great place to live and that money will get you a lot.
[ Reply | Options ]02.11.09, 05:24 PM [ Flag | link to this post ]not op, but not a very jewish community.
[ Reply | Options ]02.11.09, 05:29 PM [ Flag | link to this post ]Also pretty far out. If her DH has to commute daily, I would pick a closer burb, Scarsdale is much more manageable for daily commute than Bedford.
[ Reply | Options ]02.12.09, 06:28 AM [ Flag | link to this post ]
Bedford is too far, imo.
[ Reply | Options ]02.12.09, 06:41 AM [ Flag | link to this post ]
greenwich has great public (and private) schools and solid jewish community. lots of inventory right now in your price range
[ Reply | Options ]02.11.09, 05:24 PM [ Flag | link to this post ]OMG. If we had that kind of $ to spend, we would stay here
[ Reply | Options ]02.11.09, 05:35 PM [ Flag | link to this post ]ita. wait a few more months and that money will get you an amazing manhattan apartment.
[ Reply | Options ]02.11.09, 05:49 PM [ Flag | link to this post ]we have a nice apartment. but thanks. we really just want to move out of the city.
[ Reply | Options ]02.11.09, 05:53 PM [ Flag | link to this post ]
It really depends. Where are you coming from ? You've chosen all towns known for being a little more intense (socially) than I personally would like. We went from the UWS to Larchmont and found it to be a good fit. Its diverse, Jewish enough, but not status conscious.
[ Reply | Options ]02.12.09, 05:47 AM [ Flag | link to this post ]Rye Brook. Great School disrict. Primarily Jewish. Very expensive properties but with 3-3.5 you should be able to get something really nice.
[ Reply | Options ]02.12.09, 06:02 AM [ Flag | link to this post ]Rye Brook is not that expensive. 3 -3.5 is the range of Purchase. Rye Brook is just upscale Port Chester.
[ Reply | Options ]02.12.09, 06:43 AM [ Flag | link to this post ]Rye Brook is one of the more expensive towns for real estate in all of westchster. I have been looking for over a year. 1 million dollars buys you a crappy split level house on .10 acres. It has great school district. Purchase has lovely real estate but then you have to send your kids to private school (at least for high school).
[ Reply | Options ]02.12.09, 10:00 AM [ Flag | link to this post ]
Take a good look at Scarsdale/Edgemont. If dh is willing to commute a bit farther, then consider Chappaqua. If you want a smaller town feel that still has a solid jewish community, consider Irvington/Dobbs/Hastings/Ardsley. Each of these Westchester towns has a different feel and attracts a different kind of resident, but all worth considering to see where you may fit. Good luck!
[ Reply | Options ]02.12.09, 06:31 AM [ Flag | link to this post ]ITA, SCardale/Edgemont or if you are willing to live a bit further out try chappaqua. I would not live in armonk bedford. The people there (IME)are generally awful!!
[ Reply | Options ]02.12.09, 06:36 AM [ Flag | link to this post ]
You should be able to get a nice house in Greenwich for that with all the hedgies selling. Scarsdale is nice, too. Both have good schools, good commute times to the city, nice communities. I'd maybe pick Scarsdale over Greenwich because I tend to like the people from there a little better, but its a toss up.
[ Reply | Options ]02.12.09, 06:42 AM [ Flag | link to this post ]I grew up in Rye and I would go to Rye or Larchmont.
[ Reply | Options ]02.12.09, 06:43 AM [ Flag | link to this post ]Would it have been okay to post this same question with different towns and saying "would like a nice, WASPy community"?
[ Reply | Options ]02.12.09, 06:45 AM [ Flag | link to this post ]No and here is why. White christians are the majority. You don't need to be careful about making sure someone in a given town shares your faith or culture. Jews are a small small minority and there are towns with literally no jewish population. So its OK for a minority (jewish, black, muslim, hispanic) to want to be sure they will feel comfortable and that their kids will have friends sharing in their traditions. When a WASP looks for a town with only other wasps they are trying to avoid diversity .
[ Reply | Options ]02.12.09, 07:09 AM [ Flag | link to this post ]can't you say the same thing about looking for a mostly jewish town--that you obviously aren't looking for diversity either--
[ Reply | Options ]02.12.09, 10:03 AM [ Flag | link to this post ]
Based on the towns you are thinking of and your budget, I think you might like Chappaqua. I think of Scarsdale, Short Hills, Greenwich as a little too intense flashy and competitive. I prefer Larchmont/Mamaroneck (for a great commute with a little town) and Katonah for a more rural feel. Chappaqua is in between. I have Jewish friends in all of these places (and I am Jewish).
[ Reply | Options ]02.12.09, 07:34 AM [ Flag | link to this post ]We live in a suburb AND we can walk to several parks, the bakery, local hamburger joint, dry cleaner, ice cream... Close to the city (not NYC). Great schools. Diverse. Love it.
[ Reply | Options ]02.12.09, 10:05 AM [ Flag | link to this post ]
[+] Would like to share something with city folk migrating to burbs. My electric and gas... 39 replies
- ITA. We did those calculations and realized that to move to a burb with the kind of school we wanted, our increase in expenses (from real estate taxes to car insurance) was just about equal to the cost of one private school tuition. If we had more than one dc, it would make sense. With one dc, we decided to stay...
Talk : : February 11, 2009
Would like to share something with city folk migrating to burbs. My electric and gas bill for the year combined is $6k, 2 modest car leases $6.5K/yr, commuting cost $4500/yr, gas - who knows, $5K/year, basic upkeap of home about $3K/yr + unexpected cost of camp for 2 dc's b/c ALL THE NEIGHBORS GO TO CAMP $4500 combined. Preschool $6500...so let's see I got $20K back on my taxes - but spent, $29,500...in addition to of course the monthly mortgage of $4k. Only reason I am posting this is that there is a real myth about how cheap burbs are...its such a farce unless you are buying a cheap cheap house for $300K, have no mortgage, use one car, and keep you house warmed and lit by candle light and live near where you work.
39 replies [ Reply | Watch | Options ]02.11.09, 04:42 PM [ Flag ]It depends where in the burbs.
[ Reply | Options ]02.11.09, 04:46 PM [ Flag | link to this post ]op-bologna...I live in a neighborhood that has houses from $600K-$850K, and only the folks that have lived here for ages are sitting pretty with their low low mortgages. It is irrelevant where you live - you need 1)2 cars 2)upkeep your house 3)pay your mortgage 4) commute 5)heat and keep you house lit 6)for those of us millions of other folks - pay of school loans and credit card on top of it. These are non-negotiatiable. In the city, if you do public, there are less items to pay for (see above)
[ Reply | Options ]02.11.09, 04:49 PM [ Flag | link to this post ]why do you NEED two cars?
[ Reply | Options ]02.11.09, 05:20 PM [ Flag | link to this post ]NP: Being stuck at home all day w/o a car is a little dull and makes it hard to grocery shop, take kids to classes etc.
[ Reply | Options ]02.11.09, 05:28 PM [ Flag | link to this post ]op-b/c if you have a spouse who takes the train they need a car daily to make it to the station usually before your kids are awake and gets home as you are putting them to sleep (life in the burbs). Taking cabs daily will run about $100-125/week (avg.7-10/rid each way) unless you live right near station (irrelevant 7 mths out of year when it's too cold to walk anyway). And what do you do when you have one spouse who needs to run errands while mom is shlepping kids by car to their activities. VERY very difficult without 2 cars.
[ Reply | Options ]02.11.09, 05:33 PM [ Flag | link to this post ]NP: Honestly, you're just chosing to live in a very expensive way. Not everyone makes the same choices. We own two cars, but we actually OWN both of them, so the incremental cost of 1 vs. 2 isn't that high. And we could easily get by with just one. And I walk to the station every single day - rain, snow, cold, whatever. WTF is this about it being too cold SEVEN MONTHS out of the year?
[ Reply | Options ]02.12.09, 06:42 AM [ Flag | link to this post ]op-we spend on nothing. we never go out. but we live 10 mts from train by car - so walking is not an option and it is very cold from End of Oct-end of March...so yes 5 ths not 7 my mistake. Most people in burbs do not live near train..walkable is a 3/4mi radius - there is a whole lot of house in burbs farther away from those few trains stations...agree?
[ Reply | Options ]02.12.09, 08:35 AM [ Flag | link to this post ]It is not too cold to walk from late October to late March!!! That's just the most incredibly ridiculous statement of the many ridiculous statements you've made on this thread. People in NYC walk around the city year-round and people in the suburbs that have walking lifestyles walk year-round as well.
[ Reply | Options ]02.12.09, 08:42 AM [ Flag | link to this post ]when you live 3/4 of a mile, commuted for 60-90 mts, have a briefcase w/crap ....it is exhausting ...especially if you got up at 5:30 to make a 6:15 train, and got off that train at no earlier than 7:30 which is what most commuters in the burbs do. Strolling through NYC to you place casually or jumping on subway for 15 mts when you just got off work DOES NOT equate.
[ Reply | Options ]02.12.09, 11:12 AM [ Flag | link to this post ]
You realize that you are not a typical suburbanite, right?
[ Reply | Options ]02.12.09, 05:02 AM [ Flag | link to this post ]
Which burb are you in?
[ Reply | Options ]02.11.09, 04:49 PM [ Flag | link to this post ]how big is your house?
[ Reply | Options ]02.11.09, 04:49 PM [ Flag | link to this post ]op-1200sq ft first floor, 2nd floor 800 sq ft, basement- one open space 400 sq ft on .25 ares.
[ Reply | Options ]02.11.09, 04:52 PM [ Flag | link to this post ]
if you got 20K back on your taxes, then you are a moron and I can't take seriously any financial advice you're doling out. thanks!
[ Reply | Options ]02.11.09, 04:53 PM [ Flag | link to this post ]op-why am I moron - how do you know what I can and can't claim ?
[ Reply | Options ]02.11.09, 04:56 PM [ Flag | link to this post ]np: though I don't agree with the or, most finance types will recommend owing taxes not getting a refund. otherwise you are essentially "loaning" that tax money to the govt for a year.
[ Reply | Options ]02.11.09, 04:57 PM [ Flag | link to this post ]Owing the govt money does not sound like sound advice. listen - even if i did not get that refund, it does not change anything the expenses here are outrageous and I think this nonsense about it being cheaper only applies to people spending $33K a year on private school, living in a super pricey space, eating out all the time, and going to the hamptons in the summer...for the rest of us - the lifestyle is no bargain AT ALL
[ Reply | Options ]02.11.09, 05:03 PM [ Flag | link to this post ]I agree that the burbs are much more expensive than people realize, but so is owning a home in nyc. the burbs aren't a deal, agreed. but the taxes thing - if the govt is going to give you an interest free loan for a year, yes take it! that's why they start making you pay quarterly once you owe a lot b/c they too realize the value of the interest that could be accumulating.
[ Reply | Options ]02.11.09, 05:07 PM [ Flag | link to this post ]op-unless you can afford to buy a house that will make you more $$$ as you hold the investment, over say buy a cheap house in the country and having it appreciate ..while you rent in the city, it is irrelevant. For e.g - buy a house upstate for $200K and in 5 yrs its worth $400K, same as buying house in burbs that is a middle class home for $600K that will NEVER be worth more than $800K b/c its not in that neighborhood that warrants higher prices. Meanwhile your cost of living in burbs is higher w/ lifestyle for any commuter is more exhausting (which is 99% of the time the case).
[ Reply | Options ]02.11.09, 05:12 PM [ Flag | link to this post ]I'm confused as to how this is relevant to my comment above yours. What part of my post are you responding to?
[ Reply | Options ]02.11.09, 05:15 PM [ Flag | link to this post ]
Hard to take advice from someone who spends that much on car leases.
[ Reply | Options ]02.11.09, 04:59 PM [ Flag | link to this post ]op-honey my car lease is $300/mo - I have 2 dc's and need safe reliable middle of the road car...do you own a car? have any idea on new car lease or the fact that you have to put down $3k on each one unless of course you can buy 2 cars outright...still $$$$
[ Reply | Options ]02.11.09, 05:06 PM [ Flag | link to this post ]op-PS, cars depreciate in value with each ride - unless you have a collectors car, its a stupid investment. I can leave 2 cars for 10 years and spend as much money as it would cost for me to buy 1 OK car for $60k that would after 2 yrs have zero value anyway...meanwhile, I can trade in a leased car for a newer model. duhhhhhh
[ Reply | Options ]02.11.09, 05:08 PM [ Flag | link to this post ]or I bought my 2006 Toyota Sienna minivan for 15K in 2008. Will last 10 yrs. Don't need brand new for schlepping to station.
[ Reply | Options ]02.11.09, 09:58 PM [ Flag | link to this post ]op-and you still need another car..if you do the same thing - you spent $30K, which is still not including insurance or gas (Gas 2cars - minimum $600/mo=another $7200 year)
[ Reply | Options ]02.12.09, 04:20 AM [ Flag | link to this post ]
ITA. We did those calculations and realized that to move to a burb with the kind of school we wanted, our increase in expenses (from real estate taxes to car insurance) was just about equal to the cost of one private school tuition. If we had more than one dc, it would make sense. With one dc, we decided to stay and do private school.
[ Reply | Options ]02.11.09, 05:11 PM [ Flag | link to this post ]Agree. It's the 2 dc, and especially if you have 3dc that absolutely necessitate moving out if you are calculating against private school. Esp as you start needing 4 bdr - then renting is astronomical in the city. There's some huge jump from 3 to 4bdr in rent.
[ Reply | Options ]02.11.09, 05:17 PM [ Flag | link to this post ]op-i think its really no biggy to have kids share a place for a few years...not an issue until they are 10 or so. If you look at the global perspective - kids sleep on floors in dirt and in acomadations far worst then living in a 2brm high rise in NYC sharing a room...
[ Reply | Options ]02.11.09, 05:29 PM [ Flag | link to this post ]i agree with or above and have no idea how you think this is a direct response to my comments either.
[ Reply | Options ]02.11.09, 07:25 PM [ Flag | link to this post ]
Who rents a 4BR for 3 children in NYC? Most people stick with a 2BR for a while and *may* be trading up to a 3BR. Kids can share a room, you know?
[ Reply | Options ]02.12.09, 06:28 AM [ Flag | link to this post ]
In what universe is a 300k house 'cheap, cheap'?
[ Reply | Options ]02.12.09, 05:01 AM [ Flag | link to this post ]pretty much any universe, and especially around NYC.
[ Reply | Options ]02.12.09, 05:10 AM [ Flag | link to this post ]It is possibly deserving of one 'cheap', and then only in a few suburbs.
[ Reply | Options ]02.12.09, 05:14 AM [ Flag | link to this post ]around new york you'd be hard pressed to even find a house to look at for that . IN fact, I just looked online and found 1.
[ Reply | Options ]02.12.09, 05:15 AM [ Flag | link to this post ]Occupied or bank owned?
[ Reply | Options ]02.12.09, 05:18 AM [ Flag | link to this post ]Can't tell from the website. But seriously. 300K?
[ Reply | Options ]02.12.09, 05:20 AM [ Flag | link to this post ]
My experience is different. I traded a 2000 SF condo in NYC, for a 4000 sf house . Took 2 kids out of private school (70K) and now pay 40K for property taxes. My monthly costs roughly match what I used to pay in maintenance on the condo. My car insurance for 2 cars is less than it was for 1 in the city. Your kids in the city would have gone to camp too, but the difference is here I have a town camp that costs $600 for the entire summer.
[ Reply | Options ]02.12.09, 05:09 AM [ Flag | link to this post ]Let me guess - $40K in taxes/4000 sq. ft house - you traded from 2000 sq ft condo - you have home valued at min. of $1.25mi, in an area that see's homes twice that price -meaning your home can appreciate w/nearly no "roof." Your equity can double/triple etc. In a home that is purchased at $600K in a neighborhood that tops out at lets say $900K (for the biggest most updated homes) - you will need to invest money into home to get value out of it-so you will never make more than $150K or so over life of living in house. Now - you sent kids to private school - $70K..which is $120K of net salary..so sure, a free school is nice for you - but if you can get into a great G&T, and it's free, you would have saved that money. In short....suburbs are "value" for those on the low end economically or very high end - not the middle.
[ Reply | Options ]02.12.09, 06:34 AM [ Flag | link to this post ]PS-One last point. Your cost of living in suburbs might be same as a person living in that $600K house - but that person is not getting back as much on taxes, nor is that person ever going to see as much equity in their home.
[ Reply | Options ]02.12.09, 06:37 AM [ Flag | link to this post ]
[+] anyone have perspective on real estate in burbs? thinking short hills, nj in particu... 26 replies
Talk : : February 11, 2009
anyone have perspective on real estate in burbs? thinking short hills, nj in particular? anyone, anyone?
26 replies [ Reply | Watch | Options ]02.11.09, 11:17 AM [ Flag ]will you or DH be commuting?
[ Reply | Options ]02.11.09, 11:19 AM [ Flag | link to this post ]yes, one of us will be commuting. Thoughts? Are the schools really "that fabulous"?
[ Reply | Options ]02.11.09, 11:21 AM [ Flag | link to this post ]It's a town that will take a hit b/c so many Wall Street types there. That said, it is also not a fun commute. There are so many other places you could go.
[ Reply | Options ]02.11.09, 11:25 AM [ Flag | link to this post ]really, I thought the commute was easy? Where else do you have in mind?
[ Reply | Options ]02.11.09, 11:26 AM [ Flag | link to this post ]Chatham, Madison, Montclair, Westfield and Bergen County generally = NJ/ Westchester & So. CT are also options
[ Reply | Options ]02.11.09, 11:29 AM [ Flag | link to this post ]will you be commuting to east side or west side. if east and you want nj, consider the ferry commute from highlands area. otherwise, i would do westchester to east side, nj to west side.
[ Reply | Options ]02.11.09, 11:33 AM [ Flag | link to this post ]
I don't know about the schools aside from their strong reputation, but I don't understand this poster? Aren't Chatham and Madison further out on the same train line? For NJ Millburn has a great commute, you can walk to the train from that section with *cheaper* homes.
[ Reply | Options ]02.11.09, 11:51 AM [ Flag | link to this post ]
I have a friend who moved there she is not thrilled with it. The schools supposedly are good. Kind of princessy nabe.
[ Reply | Options ]02.11.09, 11:36 AM [ Flag | link to this post ]
What about Westfield?
[ Reply | Options ]02.11.09, 11:26 AM [ Flag | link to this post ]how are the schools? and I've heard that the commute is awful?
[ Reply | Options ]02.11.09, 11:27 AM [ Flag | link to this post ]Look on NJ transit site- they give you schedueled times of departures and arrivals.......
[ Reply | Options ]02.11.09, 11:31 AM [ Flag | link to this post ]
dh's whole family lives there. we looked extensively. it is the best commute from a great school. very jewish school community. I forget the source anymore, but this and scarsdale were ranked highest in some testing for public schools (nonmagnet). homes were ridiculously overpriced, but are really coming down now.
[ Reply | Options ]02.11.09, 11:27 AM [ Flag | link to this post ]we are not rich, in fact we are poor by UB standards -- our house budget will be no more than 700K so my guess is we'll be living in a dilapidated shack if we choose this area!
[ Reply | Options ]02.11.09, 11:28 AM [ Flag | link to this post ]Hello. We would maybe be able to pay 700K for a home if we leave NY also. Take a look at Westport and Wilton CT. The former is ridiculous but you can find things sometimes and the schools there are great. Maybe more in Wilton in our price range adn also good schools. GL!
[ Reply | Options ]02.11.09, 11:30 AM [ Flag | link to this post ]yeah, prices are ridiculous. but I do think you have some hope with the economy. in that range thoughI might look at maplewood with great elementary and reasonably good hs. plus a better commute.
[ Reply | Options ]02.11.09, 11:31 AM [ Flag | link to this post ]maplewood does not have great elementary...
[ Reply | Options ]02.11.09, 11:35 AM [ Flag | link to this post ]I disagree. some are very good. but agree that it is much more diverse and you have to be comfortable with a racial gap.
[ Reply | Options ]02.11.09, 11:48 AM [ Flag | link to this post ]np. i would never pay the outrageous property taxes to live in maplewood considering what the schools are like there.
[ Reply | Options ]02.11.09, 12:36 PM [ Flag | link to this post ]All the property taxes are high in any of the towns mentioned so far, except for Conn., but the commute from there takes forever. And the schools in maplewood are excellent: there were 93 AP scholars in the HS last year.
[ Reply | Options ]02.14.09, 04:37 AM [ Flag | link to this post ]
Careful with maplewood- surrounded by some neighborhoods that are pretty scary!
[ Reply | Options ]02.11.09, 11:36 AM [ Flag | link to this post ]You mean millburn, south orange, and union are scary, b/c that is 90% of mpwd's borders. Yes, a small part borders irvington and newark: but the big, new police station is now in that location.
[ Reply | Options ]02.14.09, 04:39 AM [ Flag | link to this post ]
Take a look at Metuchen, if you want to be in NJ. You can get a nice house for $700K. Direct train to NYC. Schools aren't the "best" in NYC, but people in town are generally happy with the.
[ Reply | Options ]02.11.09, 12:40 PM [ Flag | link to this post ]I'd prefer a starter house with good schools!
[ Reply | Options ]02.11.09, 12:42 PM [ Flag | link to this post ]They're good schools, just not as highly rated as some of the other districts mentioned here.
[ Reply | Options ]02.11.09, 12:45 PM [ Flag | link to this post ]
try New Providence, NJ. It is just past Summit (next station on the line after Millburn/ Short Hills) and instead of transferring trains you can park at the Summit train station (only a 5 min drive) the schools are in the top 10% of NJ and you can get a pretty great house for under 700k. It is not considered 'princessey' and not very Wall Street.
[ Reply | Options ]02.11.09, 12:53 PM [ Flag | link to this post ]np: Westfield is a great place. Really down-to-earth, you can get a good-size house for $700k, lots of family events, cute town, great schools. New Providence is nice, but I have 2 friends who live there, and both are looking to move out. They complain about having to drive to neighboring towns to go shopping, and they feel there's no sense of community. It does have good schools, and it's cute, but I'm just passing along the info.
[ Reply | Options ]02.14.09, 04:49 AM [ Flag | link to this post ]
[+] what's the deal with real estate in millburn/short hills? any movement down?
Talk : : February 11, 2009
[+] Any thoughts on Millburn/Short Hills? Are the elementary schools still really good? ...
Talk : : February 11, 2009
[+] I am so bored! I wish I could find a job!! Not that i need the income, just from shea... 15 replies
- .just finished real estate course, maybe another course would be good...
Talk : : February 11, 2009
I am so bored! I wish I could find a job!! Not that i need the income, just from shear boredom. Kids are in school (1 dc kinder, other 3days preschool) and i need something to keep me busy. i volunteer as it is, but it's not enough
15 replies [ Reply | Watch | Options ]02.11.09, 09:35 AM [ Flag ]sounds like a high class problem.
[ Reply | Options ]02.11.09, 09:38 AM [ Flag | link to this post ]hardly. we just don't have any debt so we can still afford one income. but, i've been a sahm for 5 years and i'm over it!
[ Reply | Options ]02.11.09, 09:41 AM [ Flag | link to this post ]^^^also, i don't have the money to go to lunch & the spa/salon or shop all day!
[ Reply | Options ]02.11.09, 09:46 AM [ Flag | link to this post ]
what volunteering do you do?
[ Reply | Options ]02.11.09, 09:41 AM [ Flag | link to this post ]help at dc's school. probably about 5 hrs a week. leaves me with too much time on my hands only to do laundry/clean house
[ Reply | Options ]02.11.09, 09:42 AM [ Flag | link to this post ]there are many more volunteer opportunities. or you can take a class, or teach yourself something. if i were you i'd cook all the time.
[ Reply | Options ]02.11.09, 09:47 AM [ Flag | link to this post ]and get fat? no thanks! besides, cooking is solo - i need more stimulation and interaction with people. taking a class might be an option, but knowing me it'll probably not fit into my schedule
[ Reply | Options ]02.11.09, 09:48 AM [ Flag | link to this post ]i didn't say bake, i said cook. you don't need to make high fat foods. and you will never know if a class can work for you unless you look around.
[ Reply | Options ]02.11.09, 09:50 AM [ Flag | link to this post ]i'll look around. cooking is something i was into before and the novelty has worn off
[ Reply | Options ]02.11.09, 09:50 AM [ Flag | link to this post ]
If you're bored, you're boring. What do you love to do?
[ Reply | Options ]02.11.09, 09:48 AM [ Flag | link to this post ]i keep myself busy, but it's hard finding a job after being out of work for so long. plus, can't do full-time yet
[ Reply | Options ]02.11.09, 09:50 AM [ Flag | link to this post ]maybe not even work. take a class, attend lectures, other volunteer opportunities available doing something you love.
[ Reply | Options ]02.11.09, 09:52 AM [ Flag | link to this post ]
i am in the same boat as you, lost my job in june, haven't looked for a new one bc starting ivf next month, dh doesn't really want me to work, i would love to hear some volunteer options....just finished real estate course, maybe another course would be good...suggestions welcome...
[ Reply | Options ]02.11.09, 09:53 AM [ Flag | link to this post ]Have you ever tried any of the interest or personality inventories. This is an online like the Myers Briggs. http://www.humanmetrics.com/cgi-win/JTypes2.asp
[ Reply | Options ]02.11.09, 10:00 AM [ Flag | link to this post ]Thanks!
[ Reply | Options ]02.11.09, 10:08 AM [ Flag | link to this post ]
[+] Finance people: how does what we're going through compare to Japan's problems, what?,... 3 replies
- Unclear. Japan had a worse real estate bubble and had a massive stock market bubble too. Didn't have the stupid subprime loans and didn't have the international impact. My bets will be on somewhat worse than Japan, but that will depend on how far housing prices fall and whether people who are underwater start walking away from mortgages in large numbers....
Talk : : February 11, 2009
Finance people: how does what we're going through compare to Japan's problems, what?, a decade ago?
3 replies [ Reply | Watch | Options ]02.11.09, 08:44 AM [ Flag ]It's much, much worse.
[ Reply | Options ]02.11.09, 08:46 AM [ Flag | link to this post ]expound?
[ Reply | Options ]02.11.09, 08:47 AM [ Flag | link to this post ]
Unclear. Japan had a worse real estate bubble and had a massive stock market bubble too. Didn't have the stupid subprime loans and didn't have the international impact. My bets will be on somewhat worse than Japan, but that will depend on how far housing prices fall and whether people who are underwater start walking away from mortgages in large numbers.
[ Reply | Options ]02.11.09, 09:02 AM [ Flag | link to this post ]
[+] Obama, Obama, and now what? You voted for him and we are going into depression. 60 replies
- at the changes in GNP. A depression is any economic downturn where real GDP declines by more than 10 percent. A recession is an...now so popular in Washington leads to a 50% fall in NYC real estate prices, when unemployment which is 7.6% rises to 10.6% (as...t get financing or credit, when their retirement account values shrivel, when real estate comps trade at half of what they mentally have benchmarked against in summer 2007, when neighborhood small businesses fail,...
Talk : : February 10, 2009
Obama, Obama, and now what? You voted for him and we are going into depression.
60 replies [ Reply | Watch | Options ]02.10.09, 02:45 PM [ Flag ]no it's not - a severe recession maybe, but not a depression - So how can we tell the difference between a recession and a depression? A good rule of thumb for determining the difference between a recession and a depression is to look at the changes in GNP. A depression is any economic downturn where real GDP declines by more than 10 percent. A recession is an economic downturn that is less severe
[ Reply | Options ]02.10.09, 02:47 PM [ Flag | link to this post ]A recession is when your neighbor is out of work; a depression is when you are out of work.
[ Reply | Options ]02.10.09, 06:20 PM [ Flag | link to this post ]By the time this "recession" is over, the GDP will unfortunately probably have declined by more than 10% (although I really don't think it will be as bad as the Great Depression).
[ Reply | Options ]02.10.09, 07:19 PM [ Flag | link to this post ]
Do you think McCain would have fixed it already? Come on people! This problem started a LONG time ago.
[ Reply | Options ]02.10.09, 02:47 PM [ Flag | link to this post ]accepting your premise, how woudl things be better with mccain? or clinton, or anyone else who ran?
[ Reply | Options ]02.10.09, 02:47 PM [ Flag | link to this post ]np Would be better with McCain (without Palin--he was a total idiot to choose her and lost the election on account of her, imo). "Yes We Can" turned into the politics of fear (and, eventually, unprecedented inflation) inside, what, two weeks.
[ Reply | Options ]02.10.09, 02:50 PM [ Flag | link to this post ]what do you think Mccain would have done that would have worked?
[ Reply | Options ]02.10.09, 03:04 PM [ Flag | link to this post ]
depressions are really protracted versions of recessions. In February 2008, the unemployment rate in the U.S. was 4.8 percent [source: Bureau of Labor Statistics]. But it wasn't until March 2008 that economists began to seriously consider that the economy was entering a recession. By contrast, during the Great Depression unemployment grew from 3 percent before the stock market crash of 1929 to 25 percent in 1933 [source: Bernanke]. In that same period, the U. S. gross domestic product fell by nearly half, from $103.8 billion to $55.7 billion
[ Reply | Options ]02.10.09, 02:50 PM [ Flag | link to this post ]I agree, particularly with these NYC zealots. When people in NYC realize that Obama/Geithner are clueless, that Pelosi/Reid have gone hog-wild on useless spending, when treasury yields spike because people lose confidence in the US government, when bashing the banks and bankers now so popular in Washington leads to a 50% fall in NYC real estate prices, when unemployment which is 7.6% rises to 10.6% (as predicted in the Tristate area by UBS last week), when NYC budget deficits return the city to the reduced services, white flight, crime, and crushing tax burdens--then, and only then, will people realize that Obama has made things much much worse than they were under Bush.
[ Reply | Options ]02.10.09, 03:05 PM [ Flag | link to this post ]frightening, but true.
[ Reply | Options ]02.10.09, 03:07 PM [ Flag | link to this post ]ITA. It's scary now--can't imagine the nightmare that will be the next several years. The emperor will eventually be shown to have no clothes, and the damage will have been done.
[ Reply | Options ]02.10.09, 03:08 PM [ Flag | link to this post ]will only be four years, he is clueless.
[ Reply | Options ]02.10.09, 03:33 PM [ Flag | link to this post ]Hope you're right. Hope the reps come up with a good, strong candidate (no way an independent can win) who doesn't pull nonsense like choosing someone with an IQ of 90 for a running mate.
[ Reply | Options ]02.10.09, 03:39 PM [ Flag | link to this post ]
Dont forget: when equity markets in 2009 perform like 2008 (ie down 35%); when high yield defaults top 25% with historically unprecedented near-zero recoveries in restrucutring due to the leverage put on in 2005-2007 on various deals; when GE loses its AAA rating, and unable to roll its 7 day commercial paper, suddenly becomes at risk of pulling a Lehman/Bear; when GM, Ford, Chrysler, and the rest of the auto supply industry file for chapter 11 but because of a lack of DIP financing end up as liquidating chapter 7s; etc.
[ Reply | Options ]02.10.09, 03:13 PM [ Flag | link to this post ]What's really frightening is that I truly believe some of his supporters will never acknowledge any faults he displays. They'll just continue the "oh, NYC wasn't that bad in the 70's, who needs the bankers" rationalizations. And I'm not Republican, btw.
[ Reply | Options ]02.10.09, 03:26 PM [ Flag | link to this post ]ITA. I'm not a rep, either.
[ Reply | Options ]02.10.09, 03:30 PM [ Flag | link to this post ]The teflon will wear off when people lose their jobs, are forced to take pay cuts, when they can't get financing or credit, when their retirement account values shrivel, when real estate comps trade at half of what they mentally have benchmarked against in summer 2007, when neighborhood small businesses fail, when Fashion Week gets cancelled, when trendy restaurants are empty on a Friday night, etc. When all of this happens--and it will, mark my words--the teflon will wear off. Ronald Reagan won a second term by asking the American people "Are you better off than you were 4 years ago?" If Obama can't answer that question affirmatively, he will be widely recognized as a failure.
[ Reply | Options ]02.10.09, 03:39 PM [ Flag | link to this post ]He'll just say "It was GWB's fault" and make a good speech (he's good at those, but not so great at Q and A) and they'll vote for him again. Even if they're wearing barrels and living under the 59th St Bridge.
[ Reply | Options ]02.10.09, 03:46 PM [ Flag | link to this post ]Or he'll depend on that $5 billion gift to ACORN in the porkululs package to deliver a second term.
[ Reply | Options ]02.10.09, 03:47 PM [ Flag | link to this post ]
NP: People, it is February! Obama just got into office! Why would he be expected to solve all the problems in just a few short weeks, esp when it took Bush 8 years to run the country into the ground?
[ Reply | Options ]02.10.09, 03:27 PM [ Flag | link to this post ]Clinton and Carter gave him a lot of help in that regard.
[ Reply | Options ]02.10.09, 03:31 PM [ Flag | link to this post ]Carter? That's a stretch. How about JFK or FDR, since we're looting the past for Democrats to blame?
[ Reply | Options ]02.10.09, 03:41 PM [ Flag | link to this post ]LOL. Of course, there are those who are saying that FDR prolonged the depression with his policies. I think it's ridiculous how people totally buy into the party politics. While deregulation and the banking tools used to create this crisis were on Clinton's watch, Bush sure as hell took the reins and rode that horse off the cliff. There's blame enough all around and I don't see how Obama's policies thus far are so much worse than what Bush tried to do with TARP 1.
[ Reply | Options ]02.10.09, 03:49 PM [ Flag | link to this post ]
He is expected to make decisions that will have a positive effect on citizens. Releasing terrorists, funding foreign abortions and now forcing a social welfare package, that is in no way a stimulus, on this country. And this is just for starters, what the hell is next? Putting our private medical records in government database, oh wait... that is included in our "stimulus" package. Where the hell is the ACLU, if Bush even attempted to do this there would have been criticism galore. But where is the civil liberties union, are they only working for foreign born terrorists?
[ Reply | Options ]02.10.09, 03:37 PM [ Flag | link to this post ]You're right. He can do no wrong in the eyes of so many.
[ Reply | Options ]02.10.09, 03:38 PM [ Flag | link to this post ]You mean the frisbee golf course, butterfly garden, and dog park aren't going to stimulate anything?
[ Reply | Options ]02.10.09, 03:45 PM [ Flag | link to this post ]I think that dog park is an excellent use of public funds. Dogs need a place to shit and run off-leash, and why shouldn't our dwindling tax funds pay for such places?!!
[ Reply | Options ]02.10.09, 03:47 PM [ Flag | link to this post ]
He's not releasing terrorists.
[ Reply | Options ]02.11.09, 04:56 AM [ Flag | link to this post ]
np: Agree. Obama just started. But people expect miracles. There are no miracles, just hard work then results.
[ Reply | Options ]02.10.09, 03:40 PM [ Flag | link to this post ]The result here will be out of control inflation.
[ Reply | Options ]02.10.09, 03:44 PM [ Flag | link to this post ]
CAUSED by REPUBLICAN policies from the past eight years. LOSER.
[ Reply | Options ]02.10.09, 03:40 PM [ Flag | link to this post ]Mortgage deregulation was Clinton's baby, actually.
[ Reply | Options ]02.10.09, 03:44 PM [ Flag | link to this post ]gotta agree. this is indisputable.
[ Reply | Options ]02.10.09, 03:47 PM [ Flag | link to this post ]While the Bush Administration and Republican dominated congress sat on their hands for eight years?
[ Reply | Options ]02.10.09, 03:47 PM [ Flag | link to this post ]
plenty of blame to go around, both republican and democrats. bush's "ownership society" was a failure--let's face it, some people should be renters. but let's also face the fact that democratic outreach to poor/minority for various "affordable housing" initiatives, was also a major problem. dems through FHA, and GSEs like fannie/freddie, pushed home ownership for minority purchases, which was the direct but-for causation of the subprime lending crisis.
[ Reply | Options ]02.10.09, 03:45 PM [ Flag | link to this post ]::applause::
[ Reply | Options ]02.10.09, 03:46 PM [ Flag | link to this post ]ditto
[ Reply | Options ]02.10.09, 03:48 PM [ Flag | link to this post ]Most of those people who took those loans don't know what the heck they are doing except that someone told them to take the money and built ponzi schemes with homes.
[ Reply | Options ]02.10.09, 03:48 PM [ Flag | link to this post ]Perhaps this is true. Still, there has to be some personal accountability! I mean, if you couldn't afford a trailer home a few years back, your income hasn't materially changed and all of the sudden you can buy one of those McMansions like you see on Super Nanny, you KNOW there's something up.
[ Reply | Options ]02.10.09, 03:51 PM [ Flag | link to this post ]actually, most of the people who took those loans were irresponsible. they wanted something they couldn't afford and leaped at the opportunity to get it. i know many very frugal families with low incomes who never bought because they KNEW it wasn't fiscally responsible to do so in their positions.
[ Reply | Options ]02.10.09, 03:52 PM [ Flag | link to this post ]While I agree that they were irresponsible, I don't buy that everyone taking out subprime loans were buying McMansions. Housing prices rose considerably in the last ten years and many people were priced out of middle class neighborhoods. Not excusing their decisions, but people do need a place to live.
[ Reply | Options ]02.10.09, 03:59 PM [ Flag | link to this post ]They need a place to live that's within their income bracket, even if they wish that income bracket were higher.
[ Reply | Options ]02.10.09, 04:03 PM [ Flag | link to this post ]ITA
[ Reply | Options ]02.10.09, 04:11 PM [ Flag | link to this post ]
okay, not to sound all touchy-feely here but trying to make home ownership a reality for people who've worked hard and have contributed to society is not such a bad thing (though methods were faulty.) And let's face it, up until last year the banks were getting rich from the securities based on subprime lending and to say that they were innocent victims of that is not to acknowledge their role in the debacle. They encouraged it. The more loans, the more securities, the more money. Never mind that the risk management models were wrong or that they didn't want to see that there is something inherently suspicious in making money from bad debt. The people trading the CDS's CDO's etc. were supposed to be the experts who were driven by their own greed.
[ Reply | Options ]02.10.09, 03:55 PM [ Flag | link to this post ]blah blah blah, typical liberal response. blame the banks for everything; blame the irresponsible people for nothing. not saying AT ALL that banks aren't to blame, they definitely are; but i'd say it's 50/50 on the homeowners too
[ Reply | Options ]02.10.09, 07:15 PM [ Flag | link to this post ]but the government bears no culpability in forcing them to lend?
[ Reply | Options ]02.10.09, 07:17 PM [ Flag | link to this post ]
omg! he has only been in office since January 20! Bush the baboon in company got us into this mess and idiots like you think Obama can get it out it three weeks. Write a letter to Bush, ask him what to do to unfix what he has broken!
[ Reply | Options ]02.10.09, 03:55 PM [ Flag | link to this post ]The problem started long before Bush was elected.
[ Reply | Options ]02.10.09, 04:02 PM [ Flag | link to this post ]It started when Bush senior was in office...there was a movement afloat, to encourage homeownership in poverty areas and/or areas less economically viable. believed that it would inspire fiscal responsibility....John McCain spoke at a Young Republican's meeting of some kind, where he was a proponent of this idea.
[ Reply | Options ]02.10.09, 04:46 PM [ Flag | link to this post ]
unfix?
[ Reply | Options ]02.10.09, 04:09 PM [ Flag | link to this post ]fix!
[ Reply | Options ]02.10.09, 04:47 PM [ Flag | link to this post ]
yes, and our new decider has decided to reverse himself on offshore drilling (again) and job outsourcing
[ Reply | Options ]02.10.09, 04:49 PM [ Flag | link to this post ]Are you seriously that dense? Anyone taking oath on January 20 (dem or rep) was going to stand in front on a massive truck on its way to a major collision. The economy was already in a major tailspin.
[ Reply | Options ]02.10.09, 07:17 PM [ Flag | link to this post ]np: No one's saying he has to be able to snap his fingers and fix everything. I'm just annoyed at his methods - trying to sneak in pork barrel projects into an already HUMONGOUS bailout, making ridiculous claims ("Reducing government spending means we won't have any teachers or police officers!" "It's all the banks' fault that innocent people were forced to buy a house and then abandon it!"), his controversial appointment of Geithner because he claimed no one else could do it (yeah, that worked out well. anybody understand what that dude was SAYING in today's news conference?), and just... I don't know. I voted for Obama, I wanted to punish the Republicans, and now I'm almost sorry I did
[ Reply | Options ]02.10.09, 07:25 PM [ Flag | link to this post ]
This is a ridiculous comment. this had nothing to do with obama. this was a long time coming (thanks in part to W, thanks buddy). obama just gets to come in and clean up this horrible mess. not worth all the commentary here.
[ Reply | Options ]02.10.09, 10:28 PM [ Flag | link to this post ]you're an idiot
[ Reply | Options ]02.11.09, 04:54 AM [ Flag | link to this post ]DUDE, he inherited this mess !!! did you think he could really fix it in 2 weeks? Please.
[ Reply | Options ]02.11.09, 04:55 AM [ Flag | link to this post ]have you been sleeping? We have been heading into depression BECAUSE of the failed policies of ignorant, arrogant, smirking Bush! In case you have forgotten Obama was inaugurated in Janury!
[ Reply | Options ]02.11.09, 04:57 AM [ Flag | link to this post ]The problem is Obama has NO idea how to fix the problem. Throwing money at social problems will not fix the economy. He should have gone at the major problem which is that the housing market faces foreclosures at ALARMING rate every day. We don't need our medical records digitalized, the banking system needs support on their portfolios which contain debts that are never going to be collected. We are going into a depression because this man is pushing through his social policies and billing it as a "stimulus" package.
[ Reply | Options ]02.15.09, 03:32 AM [ Flag | link to this post ]Before I started reading Urban Baby I had no idea how many morons surrounded me.
[ Reply | Options ]02.15.09, 05:53 AM [ Flag | link to this post ]
[+] What are good real estate websites? I knnow corcoran, citihabitats - what else? TIA 3 replies
Talk : : February 10, 2009
What are good real estate websites? I knnow corcoran, citihabitats - what else? TIA
3 replies [ Reply | Watch | Options ]02.10.09, 11:17 AM [ Flag ]brown harris stevens, nytimes,,
[ Reply | Options ]02.10.09, 11:18 AM [ Flag | link to this post ]streeteasy, property shark, nytimes, prudential elliman, halstead
[ Reply | Options ]02.10.09, 11:19 AM [ Flag | link to this post ]streeteasy
[ Reply | Options ]02.10.09, 11:20 AM [ Flag | link to this post ]
[+] i need an au pair. but we have no extra room in our apt. thoughts? 23 replies
- I thought that it was illegal for real estate brokers to advertise a room as a proper bedroom if it didn't have a closet. But I have no professional expertise and as I said above, it doesn't seem important in either case....
Talk : : February 10, 2009
i need an au pair. but we have no extra room in our apt. thoughts?
23 replies [ Reply | Watch | Options ]02.10.09, 07:56 AM [ Flag ]king size bed?
[ Reply | Options ]02.10.09, 07:56 AM [ Flag | link to this post ]lol.
[ Reply | Options ]02.10.09, 07:57 AM [ Flag | link to this post ]
You can't have an au pair.
[ Reply | Options ]02.10.09, 08:00 AM [ Flag | link to this post ]murphy bed?
[ Reply | Options ]02.10.09, 08:04 AM [ Flag | link to this post ]Standard regulation on Au Pairs requires a single room. So you will have to think of another option.
[ Reply | Options ]02.10.09, 08:07 AM [ Flag | link to this post ]got to at least have a maid's room, though we gave ours a bedroom and put the baby in the maid's room. Either way, they won't let you have one if you don't have a room with a door for her
[ Reply | Options ]02.10.09, 08:07 AM [ Flag | link to this post ]does it need a window?
[ Reply | Options ]02.10.09, 08:24 AM [ Flag | link to this post ]heeee! are you going to convert a closet?
[ Reply | Options ]02.10.09, 08:29 AM [ Flag | link to this post ]i was thinking of converting a dining area...
[ Reply | Options ]02.10.09, 08:29 AM [ Flag | link to this post ]NYC Code requires an above grade window in every bedroom.
[ Reply | Options ]02.10.09, 08:31 AM [ Flag | link to this post ]what does "above grade" mean? does that mean it has to open to the outside and not say to the living room?
[ Reply | Options ]02.10.09, 08:46 AM [ Flag | link to this post ]np: yes, for example, if a fire started, and your au pair couldn't get out through the living room, she would be trapped because there's no window. There needs to be a way OUTSIDE from the bedroom.
[ Reply | Options ]02.10.09, 09:12 AM [ Flag | link to this post ]so a windowed dining area would be okay...
[ Reply | Options ]02.10.09, 09:14 AM [ Flag | link to this post ]Well, I wouldn't guarantee it, but does sound possible. You really need an architect to tell you. Technically, I think a bedroom needs a closet to qualify as a bedroom, but if it meets a bedroom code in every other way it does not seem unreasonable to use it as a bedroom with a wardrobe instead of a closet.
[ Reply | Options ]02.10.09, 09:17 AM [ Flag | link to this post ]there is no requirement for a closet
[ Reply | Options ]02.10.09, 09:34 AM [ Flag | link to this post ]ita. i looked at many a pre-war apt where 2nd br had no closet and maids rooms don't always have closets
[ Reply | Options ]02.10.09, 09:41 AM [ Flag | link to this post ]I thought that it was illegal for real estate brokers to advertise a room as a proper bedroom if it didn't have a closet. But I have no professional expertise and as I said above, it doesn't seem important in either case.
[ Reply | Options ]02.10.09, 10:00 AM [ Flag | link to this post ]
I think above grade means it has to be at least 3/4 above ground level. So a room in the basement with a casement window doesn't count. The window has to be to the outside. (Air shaft counts as outside. To the living room does not.)
[ Reply | Options ]02.10.09, 09:26 AM [ Flag | link to this post ]above grade means not below street level...basically, you can't stick her in a basement with no light or way out...but that should be obvious
[ Reply | Options ]02.10.09, 09:32 AM [ Flag | link to this post ]
Why would you want an au pair if you didn't have the space? Imagine living on top of a stranger like that. How uncomfortable for you both!
[ Reply | Options ]02.10.09, 08:34 AM [ Flag | link to this post ]WHY an au pair?
[ Reply | Options ]02.10.09, 08:39 AM [ Flag | link to this post ]np: As a former au pair, please don't hire one if you don't have the space. It's hard enough living abroad, living w/employers, and dealing w/everyday life. So, to have no privacy on top of all that would make it very hard for your au pair.
[ Reply | Options ]02.10.09, 08:42 AM [ Flag | link to this post ]1. Get a new apartment with an extra bedroom 2. Don't get an au pair and hire a live-out nanny instead. I'm not sure why you posted this. If you don't have room for live-in help, you don't have live-in help.
[ Reply | Options ]02.10.09, 08:53 AM [ Flag | link to this post ]
[+] When is housing market going to hit the bottom? Come on - this is more intersting tha... 48 replies
- the real estate price gains of the last 6 years will...
- When do you think NY'ers will get real and deal with the fact that prices are...were cut in half. i had a *respected* real estate broker tell me that could never be...
- I googled to find real numbers. This is funny: anyone's still reading...sitting longer and patient sellers. Does anyone have real links to historical data of r.e. declines in...
Talk : : February 09, 2009
When is housing market going to hit the bottom? Come on - this is more intersting that talking about SCHOOLS NON-STOP!? Specifically in Westchester and Ct.
48 replies [ Reply | Watch | Options ]02.09.09, 01:40 PM [ Flag ]not for a few more years i bet
[ Reply | Options ]02.09.09, 01:40 PM [ Flag | link to this post ]Really? Why say you this?
[ Reply | Options ]02.09.09, 01:42 PM [ Flag | link to this post ]bec. prices still haven't come down much and people just are not putting anything on the market. i think this economy will take a few years to recover at all. that's my thinking.
[ Reply | Options ]02.09.09, 01:47 PM [ Flag | link to this post ]np: plus incomes are falling. No way the market can even stabilise until that stops. I have a feeling some parts of NY that may have recently gentrified, may now un-gentrify again. The ground's a long way down, I think.
[ Reply | Options ]02.09.09, 01:50 PM [ Flag | link to this post ]ITA
[ Reply | Options ]02.09.09, 02:20 PM [ Flag | link to this post ]
Someone told me when they have fallen 40% in Manhattan. I guess the cost of rent = mortgage+maint for comparable buildings is the point at which the prices should settle. Right now, its much more economical to rent.
[ Reply | Options ]02.09.09, 01:42 PM [ Flag | link to this post ]the real estate price gains of the last 6 years will be wiped away
[ Reply | Options ]02.09.09, 01:44 PM [ Flag | link to this post ]When do you think NY'ers will get real and deal with the fact that prices are coming WAY down - how long is THAT going to take?
[ Reply | Options ]02.09.09, 01:49 PM [ Flag | link to this post ]Goldman Sachs predicted 44%
[ Reply | Options ]02.09.09, 06:01 PM [ Flag | link to this post ]
Case-Shiller index futures are saying late 2010.
[ Reply | Options ]02.09.09, 01:54 PM [ Flag | link to this post ]not in nyc. won't fall as far and will bounce back faster.
[ Reply | Options ]02.09.09, 02:22 PM [ Flag | link to this post ]says RE broker mom
[ Reply | Options ]02.09.09, 02:23 PM [ Flag | link to this post ]because?? new york was less overvalued? laff laff, or because incomes are stable here? laff laff, or people like to live with rats and filth?
[ Reply | Options ]02.09.09, 02:25 PM [ Flag | link to this post ]"Rats and filth". I thought we flushed most of the IBers out of the city!
[ Reply | Options ]02.09.09, 02:30 PM [ Flag | link to this post ]if only
[ Reply | Options ]02.09.09, 02:33 PM [ Flag | link to this post ]Wait till they take their tax $ with them then see how you feel.
[ Reply | Options ]02.09.09, 02:35 PM [ Flag | link to this post ]I'm sooooooooooo scared. I'm born and raised true blue New Yorker and have weathered worse economic storms than this current one. IBers are not the only ones who pay taxes nor do they pay the majority of New York State and City taxes.
[ Reply | Options ]02.09.09, 02:37 PM [ Flag | link to this post ]HELLO! Thank you. Hundreds of other cities and towns in the nation manage just fine with public services without the "benefit" of obscene Wall Street money.
[ Reply | Options ]02.09.09, 02:39 PM [ Flag | link to this post ]you were around in the depression? if not, i think this is probably the worst nyc is about to see since then. hold on to your seat
[ Reply | Options ]02.09.09, 02:50 PM [ Flag | link to this post ]Give me a fucking break. You have NO idea just how bad it USED to be around here. Garbage and graffiti everwhere. Muggings right out on the street in broad daylight in Midtown. Nonstop shootings. "Normal" people wouldn't even think of taking the subway. Please. You lilly-white double-stroller pushing latte-sipping overprivileged pussies have NO idea just how BAD it really can be.
[ Reply | Options ]02.09.09, 03:27 PM [ Flag | link to this post ]Oh please.
[ Reply | Options ]02.09.09, 03:34 PM [ Flag | link to this post ]sweetie, that is about as bad as it is going to get again without the IB tax dollars. unless bloomberg donates his net worth + some, nyc is in trouble. many homeless shelters have already closed. who is going to pay for the 2nd avenue subway now? what about the tourist revenue? how many people from omaha are going to come here to see broadway shows (the ones that are left) when they are laid off and upside down on their mortgages? you are naive to think that nyc can't go right back to the way it was in the 70s
[ Reply | Options ]02.09.09, 03:40 PM [ Flag | link to this post ]I say bring back the '70s! Maybe it'll scare out all these "families".
[ Reply | Options ]02.09.09, 03:55 PM [ Flag | link to this post ]While I won't see bring on the 70s, I will say that many men and women managed to survive, have good lives, build nest eggs, send their kids to college during the dire 70s and 80s. Not everyone went running from the 5 boroughs and managed to have good lives. So if IBers want to leave and brag out how it's our loss. Really the loss is yours as those who truly care about the city know how to make it here.
[ Reply | Options ]02.09.09, 04:05 PM [ Flag | link to this post ]Riiiiiight.
[ Reply | Options ]02.09.09, 07:53 PM [ Flag | link to this post ]exactly! improbable as this will sound, my sister and BIL from OMAHA just canceled a trip to the city, where they did have plans to see a show. cost was main factor, BIL's ethanol company is tanking.
[ Reply | Options ]02.09.09, 09:28 PM [ Flag | link to this post ]
Potty mouth.
[ Reply | Options ]02.09.09, 04:08 PM [ Flag | link to this post ]You might want to talk to a professional - you seem to have a lot of rage...
[ Reply | Options ]02.09.09, 04:11 PM [ Flag | link to this post ]
WHAT tax $? Most of them are tax cheats, anyway.
[ Reply | Options ]02.09.09, 02:37 PM [ Flag | link to this post ]if anyone's still reading this: I am pretty sure I read recently that 25% of NYC tax revenue comes from Wall Street (not sure if that meant corporate or individual, but I think both). If I am correct, that is a huge decrease in tax $$. Doesn't matter what other cities do--we need that money, and we need the companies and bankers that contribute in order to run the city.
[ Reply | Options ]02.09.09, 03:34 PM [ Flag | link to this post ]They'll whine then the Whole Foods closes, when they can't venture into Central Park after sunset, when their precious TT schools have to start allowing the rabble in to stay afloat...
[ Reply | Options ]02.09.09, 06:00 PM [ Flag | link to this post ]
They keep threatening to leave but they aren't going anywhere.
[ Reply | Options ]02.09.09, 02:36 PM [ Flag | link to this post ]*sigh*
[ Reply | Options ]02.09.09, 02:38 PM [ Flag | link to this post ]
Wow! Don't you think you need help? Do you call anyone doing better than you in life rats and filth?
[ Reply | Options ]02.09.09, 07:55 PM [ Flag | link to this post ]
absolute nonsense. the NY market is headed for one of the biggest falls which is only just beginning. expect at least a 40% price drop or a roll back to where prices were back in 2001
[ Reply | Options ]02.09.09, 02:46 PM [ Flag | link to this post ]right? the last fall in the early 90s lasted several years and prices were cut in half. i had a *respected* real estate broker tell me that could never be replicated, now she is very worried
[ Reply | Options ]02.09.09, 02:52 PM [ Flag | link to this post ]A birdy told me that at a meeting of a group of RE execs, the consensus was a 40% decline for Manhattan.
[ Reply | Options ]02.09.09, 02:54 PM [ Flag | link to this post ]interesting, thanks
[ Reply | Options ]02.09.09, 03:44 PM [ Flag | link to this post ]
np: I agree with above. The reason is one of simple economics. The supply of housing is really low. Granted, demand has dropped but it will not drop so much as to overcome the floor that the static supply will set. And I think this is compounded by the fact that so many owners can cover their costs by renting. I can rent both parts of my two family for way more than the monthly cost of my 30 year fixed. That makes it really easy to weather any downturn.
[ Reply | Options ]02.09.09, 02:56 PM [ Flag | link to this post ]The supply of housing was really low in NYC in 1993, too.
[ Reply | Options ]02.09.09, 03:16 PM [ Flag | link to this post ]I googled to find real numbers. This is funny: http://query.nytimes.com/gst/fullpage.html?res=950DEEDF1F3EF937A25751C1A96F948260
[ Reply | Options ]02.09.09, 03:34 PM [ Flag | link to this post ]
This post is infinitely more interesting and informative than all the others put together.
[ Reply | Options ]02.09.09, 07:47 PM [ Flag | link to this post ]I keep hearing about prices falling 40-50% in nyc and burbs, but just haven't seen anything close to this yet (looking to buy), just things sitting longer and patient sellers. Does anyone have real links to historical data of r.e. declines in manhattan and actual sales data to find out what prior recession drops have actually been?
[ Reply | Options ]02.09.09, 09:43 PM [ Flag | link to this post ]I don't, but one formula is that an apartment should sell for 11 times its annual rent. Last year when we looked that made most apartments on the UES overvalued by 30%. However, rents are dropping and incomes are dropping, so my guess is that stuff will drop 35% from the peak. No one really knows. There is also a possibility of inflation in the US, which might make interest rates go up but then salaries go up.
[ Reply | Options ]02.10.09, 05:11 AM [ Flag | link to this post ]Check streeteasy.com for an informal survey of your own. Search for apartments that you're interested in and you'll see how long they've been on the market and how the asking prices have changed (if at all). I've seen serious drops in the apartments I'm "watching."
[ Reply | Options ]02.10.09, 07:00 AM [ Flag | link to this post ]It's not like the prices will immediately fall 40% - 50% but that they could stay flat for years which is what has happened in the past. A drop of 20% in a year coupled with flat prices for several years will mean that the inflation adjusted prices could equal that (sorry if I'm not explaining it right). This can easily happen and has happened in the past.
[ Reply | Options ]02.10.09, 07:31 AM [ Flag | link to this post ]
NYC will hit bottom at 45% of summer 2007 sales prices. Time-wise, this will happen sometime in late 2010 or early 2011.
[ Reply | Options ]02.10.09, 03:46 PM [ Flag | link to this post ]I do not think we can know right now. You cannot use historical trending date because there has never been an economic crisis of this proportion before/sub-prime issue. That being said, the uber rich market will not change because those people are not affected by the economy, they can lose $10 million and laugh. There are areas in CT and upper-NY like this, and of course UES in NYC. But for the other 99.9% of us, by definition the bottom is only defined when the rebound has occurred so it will be hindsight.
[ Reply | Options ]02.12.09, 11:47 AM [ Flag | link to this post ]
[+] What are Wilton, Weston and Westport CT like? Trying to figure out which area to move... 6 replies
- Westport real estate is substantially more expensive and I don't think they have 2-acre zoning like Wilton has. While Wilton is generally lauded for its public...post office is). Wilton has more of a town area and has some corporate headquarter real estate. All have good school systems. My preference would be in this order: Weston,...
Talk : : February 09, 2009
What are Wilton, Weston and Westport CT like? Trying to figure out which area to move to from NYC.
6 replies [ Reply | Watch | Options ]02.09.09, 11:07 AM [ Flag ]They are pretty similar. Westport is closer to the beach, but you can access the westport beach if you are a weston resident. Wilton is nice, they have good amenities, nice rec center.
[ Reply | Options ]02.09.09, 11:22 AM [ Flag | link to this post ]I'll say this much. They all start with W. (PS: If you flip a "W" over, it looks like an "M.") (I learned that from Sesame Street).
[ Reply | Options ]02.09.09, 11:24 AM [ Flag | link to this post ]
Westport real estate is substantially more expensive and I don't think they have 2-acre zoning like Wilton has. While Wilton is generally lauded for its public school system, I think Wilton High ranks 2nd in the state to Staples High (which is in Westport). Wilton (where I live) is scenic but it's a dry town (i.e., it's illegal to sell alcohol), which has taken away a source of municipal revenue and prevented the town from having any kind of vibrant restaurant or cafe culture. It's also a reflection on the town being terribly uptight.
[ Reply | Options ]02.09.09, 11:28 AM [ Flag | link to this post ]np: i think you're right about high schools, but i believe that wilton is lauded for its elementary school in particular. the parts of wilton that are close to westport give you the best of both - you can commute from westport and go out there, but live in less expensive wilton with more land.
[ Reply | Options ]02.09.09, 12:09 PM [ Flag | link to this post ]
Get more for your money in Wilton and Weston, but it's a longer commute. Weston doesn't have a train station. Wilton does but it's not on the main line. You can get nearly direct trains from Westport to NYC and they run frequently. Weston feels more rural and country. Wilton feels like an extension of Westport. Weston has no commercial center (other than a little grocery, hardware, etc., where the post office is). Wilton has more of a town area and has some corporate headquarter real estate. All have good school systems. My preference would be in this order: Weston, Westport, Wilton. If the commute time is really important: then Westport, Weston, Wilton.
[ Reply | Options ]02.09.09, 12:06 PM [ Flag | link to this post ]I also live in Wilton and like it very much though it's hard to fit in if you're not the cable-knit type. Westport is much larger and has more diverse population, economically and religiously. Weston is a bit more rural and has virtually no shopping--reliant on Westport.
[ Reply | Options ]02.09.09, 12:07 PM [ Flag | link to this post ]
[+] NY Times Real Estate deal of the week made me want to cry: $1.075 for 3 br/2 ba in pr... 19 replies
- There are some real witches here who will flame you for this....
Talk : : February 09, 2009
NY Times Real Estate deal of the week made me want to cry: $1.075 for 3 br/2 ba in pre-war doorman building on Riverside and 82nd, renovated kitchen, only the bathrms need updating. We bought at the height of the market, expanded and renovated twice. I wonder if we will ever make our money back. =(
19 replies [ Reply | Watch | Options ]02.09.09, 10:28 AM [ Flag ]There are some real witches here who will flame you for this.
[ Reply | Options ]02.09.09, 10:30 AM [ Flag | link to this post ]Ok but - you have to admit $1.075 for the WSD, RSD is pretty damn cheap any way you slice it.
[ Reply | Options ]02.09.09, 10:32 AM [ Flag | link to this post ]
no, win some lose some. But you have a nice place at least.
[ Reply | Options ]02.09.09, 10:30 AM [ Flag | link to this post ]We do. We accrued over 10 years. Easier to add on a studio or 1 BR than to buy a true 3 bedroom.
[ Reply | Options ]02.09.09, 10:31 AM [ Flag | link to this post ]
my friend used to live in that building,it's a nondoorman, nonservice shithole.
[ Reply | Options ]02.09.09, 10:33 AM [ Flag | link to this post ]I thought it was a doorman? How do you know it's the same building? Other units in the building are going for like $2mm and up.
[ Reply | Options ]02.09.09, 10:33 AM [ Flag | link to this post ]here's the answer; its apt 1d! GROUND FLOOR! Next to the park from deathwish. http://www.nytimes.com/slideshow/2009/02/06/realestate/0208-buy_index.html?scp=1&sq=buy+of+the+week&st=m
[ Reply | Options ]02.09.09, 10:45 AM [ Flag | link to this post ]The small bedroom overlooks the building's garbage area. Can you imagine the bugs and rodents--not to mention the stink in July and August?!?!
[ Reply | Options ]02.09.09, 10:48 AM [ Flag | link to this post ]
Yeah, but if you put it in the stock market you would be the rare individual not down 25-45% by now! We're all down!
[ Reply | Options ]02.09.09, 10:38 AM [ Flag | link to this post ]There is always a reason- no services in the building, no light, tiny bedrooms- it probably looks like a small 2 bed 2 bath that was divided- the square footage is most likely 1200 - 1300- the size of a 2 bed.
[ Reply | Options ]02.09.09, 10:38 AM [ Flag | link to this post ]Bathrooms not nice but the rest looks really nice.
[ Reply | Options ]02.09.09, 10:46 AM [ Flag | link to this post ]http://www.nytimes.com/slideshow/2009/02/06/realestate/0208-buy_index.html
[ Reply | Options ]02.09.09, 10:46 AM [ Flag | link to this post ]or: I need to see a floorplan- the only thing they showed was 1 bathroom and the entry/living room area- there is a reason for that- I'm telling you
[ Reply | Options ]02.09.09, 10:48 AM [ Flag | link to this post ]Totally agree. The selective photography (is there a pic of this reno-d kitchen?) is the dead giveaway.
[ Reply | Options ]02.09.09, 10:50 AM [ Flag | link to this post ]
Looks like a rental.
[ Reply | Options ]02.09.09, 10:49 AM [ Flag | link to this post ]
1.075 is still overpriced for a pos like that. prices need to come down another 30% from where they are before this market rebounds. if you purchased over the past 7-9 years you will be under water
[ Reply | Options ]02.09.09, 10:47 AM [ Flag | link to this post ]Not really. Washington Heights here. We bought in 2006 and just re-assessed for a refi. Value went up 10%.
[ Reply | Options ]02.09.09, 10:49 AM [ Flag | link to this post ]Not always true. We bought 4 years ago, 6 1/2 rooms, 1800 sq.ft., 4 bathrooms, small, non-doorman bldg, $1.125. While it is now worth less than at the height of the market, it is still worth around $1.5 million ($861 sq. ft.)
[ Reply | Options ]02.09.09, 10:58 AM [ Flag | link to this post ]
it is a really a 2 bedroom with a maid's room and it's on the first floor
[ Reply | Options ]02.09.09, 10:56 AM [ Flag | link to this post ]
[+] Need suburb advice...choosing between great house that is not walk to town/train and ... 37 replies
- ^^ one other thought. My mother had a good friend who was in the real estate business her entire life. I remember her talking about the "just right" house is one that can work your entire life if you want or need to stay in it your entire life. Big enough for a family...
Talk : : February 09, 2009
Need suburb advice...choosing between great house that is not walk to town/train and a good (but not as big or as nice) house that is walk to town/train in Larchmont. So many poeple tell me that once I move I will be in the car all the time and it doesnt matter, but somehow I think I would walk to town with the kids (age 3 and 1) and enjoy the non-car aspect. Any advice please?
37 replies [ Reply | Watch | Options ]02.09.09, 06:40 AM [ Flag ]i live in a westchester surburb and i never walk to town. they barely have sidewalks anywhere, so it just doesn't feel safe.
[ Reply | Options ]02.09.09, 06:42 AM [ Flag | link to this post ]this area does have sidewalks and that is something that i like. totally agree that it seems dangerous otherwise. how far are you from town?
[ Reply | Options ]02.09.09, 06:45 AM [ Flag | link to this post ]I live in a westchester suburb, too. It depends on husband, too. If it makes sense for him to walk to the train station then, go for the house next to train. If not, I agree that it's not much advantage to live near the town.
[ Reply | Options ]02.09.09, 06:47 AM [ Flag | link to this post ]Indeed. This is why everyone in America is so darn fat.
[ Reply | Options ]02.09.09, 10:23 AM [ Flag | link to this post ]larchmont has sidewalks
[ Reply | Options ]02.09.09, 10:36 AM [ Flag | link to this post ]
If you or DH will commute to the city, you definitely want to be walking distance from the train. I commute M-F and it was an absolute requirement for us when we bought our house. I'm not familiar with Larchmont, but parking is a PITA in most station towns (I'm in NJ and the waitlist for a spot in our town is 2+ years).
[ Reply | Options ]02.09.09, 06:45 AM [ Flag | link to this post ]^^^And we do walk downtown all the time with DC - coffee shops, ice cream store, breakfast on the weekend, and DS just likes to sit and watch the trains at the station.
[ Reply | Options ]02.09.09, 06:46 AM [ Flag | link to this post ]NP. Where do you live?
[ Reply | Options ]02.09.09, 06:49 AM [ Flag | link to this post ]Metuchen
[ Reply | Options ]02.09.09, 06:50 AM [ Flag | link to this post ]LOL. I have friends there & they also walk to Brewed Awakening, the park, etc. I've recommended Metuchen on here to people. It's very cute and relatively affordable.
[ Reply | Options ]02.09.09, 07:01 AM [ Flag | link to this post ]
np: I love walking, and I walk as much as possible w/my 2 kids (ages 3 and 1). We live in a suburb, and anytime I can ditch the car, I do. SO, if walking is important to you, I'd keep taking it into consideration.
[ Reply | Options ]02.09.09, 06:46 AM [ Flag | link to this post ]It is important to me, I love to walk. I just worry becuause everyone tells me I wont even bother walking and I am paying to much for something I wont use. But I guess I have to go with my gut...
[ Reply | Options ]02.09.09, 06:53 AM [ Flag | link to this post ]
I would want to walk to town/train as well
[ Reply | Options ]02.09.09, 06:46 AM [ Flag | link to this post ]I can't vote but agree that that is tough. My two friends moved from walk to town Larchmont to huge homes in New Rochelle and Mamaroneck. They did DEFINITELY walk to town and they also liked that b/c of the small plots they knew the neighbors. THey miss it but then decided they wanted space after all.
[ Reply | Options ]02.09.09, 06:47 AM [ Flag | link to this post ]-- but I love walking in the city. If I could have both I might prefer the smaller house. Also, by the way, my friend said she is at the least desireable elementary in Mamaroneck and LOVES LOVES LOVES it.
[ Reply | Options ]02.09.09, 06:48 AM [ Flag | link to this post ]Helpful too, thanks! Funny how a bit of diversity in the school translates into the least desirable. Glad she is happy there.
[ Reply | Options ]02.09.09, 06:55 AM [ Flag | link to this post ]
This is helpful, thanks. The bigger and beautiful house just looks like you wouldnt know your neighboors and it seems lonley. (i am in the city now and used to seeing a lot of poeple). Did your friend really like the town of larchmont?
[ Reply | Options ]02.09.09, 06:52 AM [ Flag | link to this post ]One friend grew up there in a walk to town house. When I visited her during and after college we always walked to town with her family but sometimes they drove to Mamaroneck, etc. It was the best of both. She loved it but wanted a bigger house and moved to New Rochelle. She will do private for HS if she isn't happy with it. The other doesn't know the neighbors in the new place b/c it is on a busy road, BUT has made so many friends in the town. She had a really, really little house and it was expensive. She was always cleaning out closets like she lived in the city. They both made so many friends through the newcomer club.
[ Reply | Options ]02.09.09, 06:59 AM [ Flag | link to this post ]I know people who have made this decision too, but they are the exception.
[ Reply | Options ]02.09.09, 10:44 AM [ Flag | link to this post ]
are you a sahm?
[ Reply | Options ]02.09.09, 07:12 AM [ Flag | link to this post ]^^^never mind. my advice would be to disregard the walk to town. even if you are a sahm now and will be walking to town, by the time your kids are 6 and 4 (or even 5 and 3) you'll only be going to town b/c you need something, not b/c it'll be a nice walk for the kids.
[ Reply | Options ]02.09.09, 07:19 AM [ Flag | link to this post ]
I would take the house closer to town. You can improve the house (make it nicer) but you can't change the location. I'm sort of anti-Big house unless you have a huge family. Bigger houses are more expensive to upgrade, maintain, heat, furnish, etc.
[ Reply | Options ]02.09.09, 07:16 AM [ Flag | link to this post ]^^ one other thought. My mother had a good friend who was in the real estate business her entire life. I remember her talking about the "just right" house is one that can work your entire life if you want or need to stay in it your entire life. Big enough for a family, but not so big you'll feel the need to downsize in retirement either for financial reasons or logistical reasons.
[ Reply | Options ]02.09.09, 07:20 AM [ Flag | link to this post ]
I'm in a NJ suburb and had to make the same choice. It's great for us to be able to walk to town/train. We walked a lot when DD was younger. Busier now so not as much but we still do walk to library from time to time. Also nice to walk to drop off car for repair and walk to pick it up. DD is five now and cannot walk alone but I am looking forward to when she is older and can go to town with friends for ice cream or library by herself, and walk to and from school and friends houses without having to be driven all the time. I say smaller house/close to town. If you keep clutter to a minimum and are ruthless about moving stuff out when the kids are done, the smaller house won't feel small and cluttered.
[ Reply | Options ]02.09.09, 10:20 AM [ Flag | link to this post ]Having lived in Larchmont, I'd take the walking house, if only because the parking is so bad. And yes, they have lots of sidewalks.
[ Reply | Options ]02.09.09, 10:22 AM [ Flag | link to this post ]moved to suburb and thought same as you - this walking idea disappears within a month or so. get the most spacious house you can - in th eburbs you are in your house SO MUCH MORE THAN YOU HAVE EVER EXPERIENCED IN THE CITY. we are moving b/cw cought super charming house in super duper area - but this charming house in nice are is feeling so claustrophonic now - i would trade my amazing area for space in one heart beat. trust me, GET SPACE!!!!
[ Reply | Options ]02.09.09, 10:26 AM [ Flag | link to this post ]I would trade my 4000 sf house for something smaller that is closer to my neighbors in a town I can walk to
[ Reply | Options ]02.09.09, 10:37 AM [ Flag | link to this post ]
Houses near trains in suburbs are ALWAYS less valuable also...
[ Reply | Options ]02.09.09, 10:28 AM [ Flag | link to this post ]She didn't say that the house shakes when the train goes by.
[ Reply | Options ]02.09.09, 10:35 AM [ Flag | link to this post ]
I'm in a suburb in upper westchester that is walk-to-town/train. We walk into town all the time for ice cream, pizza, bookstore, library, whatever. We almost bought a non-walkable house in larchmont (way north of the train station) and opted for a big house in a nice village further up north. Am now very glad we did, since we have it all and the train trip is 10 minutes longer than to larchmont.
[ Reply | Options ]02.09.09, 10:34 AM [ Flag | link to this post ]NP. Where is this?
[ Reply | Options ]02.09.09, 10:34 AM [ Flag | link to this post ]pleasantville. I love the village, love the schools.
[ Reply | Options ]02.09.09, 10:38 AM [ Flag | link to this post ]Oh, I don't know much about it there. This sounds awesome.
[ Reply | Options ]02.09.09, 10:44 AM [ Flag | link to this post ]
the burb really matters. Larchmont is GREAT and if you are in town you will walk. Not everywhere, not to the grovery store, but you WILL walk . You can't change location , but you can improve a house.
[ Reply | Options ]02.09.09, 10:36 AM [ Flag | link to this post ]yes but the lots in larchmont are tiny lots, like an eighth of an acre. not much you can do to make a tiny house on a tiny lot big enough for a family, imho. It's just not worth the trouble.
[ Reply | Options ]02.09.09, 10:39 AM [ Flag | link to this post ]I have over a half acre in larchmont. But yes, its a trade off. Its close to the city and for the money you get less house than in bedford. But I can walk .
[ Reply | Options ]02.09.09, 10:41 AM [ Flag | link to this post ]
I happen to like walk to town houses, but my friend found it was cheaper and easier to move to a bigger house than add on to her little Larchmont house.
[ Reply | Options ]02.09.09, 10:43 AM [ Flag | link to this post ]
[+] re my lead in house post that i'm just getting back to: tub has exposed lead...enamel... 28 replies
- The lead disclosure is not a joke. Any real estate professional will tell you that property built before the 1970s is filled with lead. Its hard to understand why you are running around using a hardware lead test when you could have avoided the...
Talk : : August 16, 2008
re my lead in house post that i'm just getting back to: tub has exposed lead...enamel worn off, old sink in kitchen- same deal, chipping interior paint which is exposing old lead paint in various spots which we are taking care of as best as possible, chipping leaded exterior doors- also taking care of, chipping leaded wood steps that lead to the basement- will be painting over, probably lead paint on wood on exterior of house which has been aluminum sided but could fall through??? we are stressed and weren't aware of the extent of all of this when we bought and inspector didn't even mention.
28 replies [ Reply | Watch | Options ]08.16.08, 08:49 PM [ Flag ]As a a Realtor I have to ask where was your representation? What state are you in that such conditions were not properly disclosed to you? Deleading a house costs tens of thousands of dollars not including new windows throughout.
[ Reply | Options ]08.16.08, 08:51 PM [ Flag | link to this post ]How old is the house? I think it is the law to have lead paint disclosures on all sales of home. Ask your closing attorney about it. What state are you in? The inspector should have covered this. I so not know if lead paint was used in enamel for tubs or in stain for wood.
[ Reply | Options ]08.16.08, 08:53 PM [ Flag | link to this post ]OP:1935. the lead paint disclosures are basically a joke. it's only if someone can PROVE that you had knowledge that you need to disclose. lead is in enamel of tubs and sinks and i swabed them and they came up VERY positive for lead. we are having them refinished and i hope that solves the problem but it does cost money. evidently lead was used in wood stains but i had no idea. does anyone know how much of a problem that can be?
[ Reply | Options ]08.16.08, 08:56 PM [ Flag | link to this post ]you can buy a lead testing kit yourself at home depot.....it looks like a piece of chalk or crayon. If the paint is visiby peeling and you can test one of the leada layers then you have a case. If lead is below "safe" top coat then lead paint will not be detected through safe coat
[ Reply | Options ]08.16.08, 08:58 PM [ Flag | link to this post ]have a case? what does this mean?
[ Reply | Options ]08.16.08, 08:59 PM [ Flag | link to this post ]maybe that was the wrong word to use but it seems to me that somebody dropped the ball on testing for lead paint in an old home with obvious surface condition problems. Can you sue the inspector? I doubt it. But honeslty SOMEBODY should have mentioned it to you in the home purchase process. Did you only realize this after you bought the house?!?
[ Reply | Options ]08.16.08, 09:01 PM [ Flag | link to this post ]the windows are replaced and the molding is exposed wood so i guess i assumed there was much less risk than i now know there is.
[ Reply | Options ]08.16.08, 09:03 PM [ Flag | link to this post ]and no, the ONLY thing the inspector said was that exposed wood in the old days did sometimes contain some lead which shocked me.
[ Reply | Options ]08.16.08, 09:04 PM [ Flag | link to this post ]inspector was a joke
[ Reply | Options ]08.16.08, 09:08 PM [ Flag | link to this post ]did your agent recommend the inspector? never use an inspector reccommended by an agent
[ Reply | Options ]08.16.08, 09:09 PM [ Flag | link to this post ]It is illegal to refer one inspector to a client.
[ Reply | Options ]08.16.08, 09:11 PM [ Flag | link to this post ]yes and i believe that was a huge mistake.
[ Reply | Options ]08.16.08, 09:12 PM [ Flag | link to this post ]he was even the one to call him and set it up.
[ Reply | Options ]08.16.08, 09:13 PM [ Flag | link to this post ]
The lead disclosure is not a joke. Any real estate professional will tell you that property built before the 1970s is filled with lead. Its hard to understand why you are running around using a hardware lead test when you could have avoided the whole issue before buying the house.
[ Reply | Options ]08.16.08, 08:58 PM [ Flag | link to this post ]you mean by not buying it? so, if every house built before the 70's is filled with lead then this is not such a big deal and many people successfully raise children in lead filled homes and avoid lead poisoning in their kids----right?
[ Reply | Options ]08.16.08, 09:00 PM [ Flag | link to this post ]But if the paint is peeling/chipping then you know that you cannot just slap a coat of "safe" paint over it, right? This is obvious from just looking at the condition of the paint job. If it clearly needs to be sanded or scraped THEN you have a lead paint issue and abatement would be necessary. You should have asked for an "adjustment" at closing after getting a quote on abatement.
[ Reply | Options ]08.16.08, 09:04 PM [ Flag | link to this post ]That is false. No Seller on earth would agree to a lead paint test so you could never prove the presence of lead let alone ask for an "adjustment".
[ Reply | Options ]08.16.08, 09:06 PM [ Flag | link to this post ]great. well, too late for that.
[ Reply | Options ]08.16.08, 09:07 PM [ Flag | link to this post ]the buyer can do a lead paint test, but I believe you are responsible for fixing any issues, not the seller.
[ Reply | Options ]08.16.08, 09:08 PM [ Flag | link to this post ]
I was raised in a pre 70s house as most of us were. But you are not describing typical conditions.
[ Reply | Options ]08.16.08, 09:05 PM [ Flag | link to this post ]really? are you sure? i think sanding and painting was done around me in old homes when i was a child. probably not good. and who knows if there enamel tubs were exposing lead? who knew they even did that then?
[ Reply | Options ]08.16.08, 09:11 PM [ Flag | link to this post ]
lead paint is NOT a problem in homes as long as it is not chipping or flaking...repeat...NOT a problem it is true
[ Reply | Options ]08.16.08, 09:05 PM [ Flag | link to this post ]
I am not sure what you mean about paint "falling through" aluminum siding. The interior is what I would focus on.
[ Reply | Options ]08.16.08, 08:56 PM [ Flag | link to this post ]well, what if it somewhat invisibly is finding ways through the aluminum siding and kids are out playing---that type of thing.
[ Reply | Options ]08.16.08, 08:57 PM [ Flag | link to this post ]only a problem if the lead paint chips and child ingests it by eating dirt or bark chips etc.....
[ Reply | Options ]08.16.08, 08:59 PM [ Flag | link to this post ]right, like every kids does. that's all they do at a certain age- eat and ingest everything.
[ Reply | Options ]08.16.08, 09:01 PM [ Flag | link to this post ]
The dangers of lead to young children are significant and can lead to long term neurological impairment. You did not say how old your children are but if you have actual peeling paint you should leave the property until it is deleaded. DH and I are both Drs. and sold our 1926 cottage well before I got pregnant.
[ Reply | Options ]08.16.08, 09:03 PM [ Flag | link to this post ]Blah blah blah. Calm down already.
[ Reply | Options ]08.16.08, 10:54 PM [ Flag | link to this post ]
[+] Is the NYC economy with the disaster on Wall Street going to decrease fall applicatio... 50 replies
- Real estate continues to well, trade, art, new media, advertising...
- Real estate? I'd characterize it in New York as "hanging in there". You don't...
Talk : : August 16, 2008
Is the NYC economy with the disaster on Wall Street going to decrease fall applications for 2009? Will people be leaving NYC now or is this such a tiny hiccup in NYC, nobody will blink.
50 replies [ Reply | Watch | Options ]08.16.08, 03:21 PM [ Flag ]^^ I'm talking about preschools, by the way.
[ Reply | Options ]08.16.08, 03:26 PM [ Flag | link to this post ]Nope - we're wall street. Still applying and buying new apt. Sorry.
[ Reply | Options ]08.19.08, 05:10 PM [ Flag | link to this post ]
This is the biggest "hiccup" that the financial markets have seen in 30 years.
[ Reply | Options ]08.16.08, 03:27 PM [ Flag | link to this post ]hopefully NYC housing prices will finally come down a little because of it. i don't give two shits about the assholes on wall street.
[ Reply | Options ]08.16.08, 03:34 PM [ Flag | link to this post ]Many of them donate big bucks to these museums, cultural institutions and schools you're probably pretty keen on and help make NYC what it is. But I know you don't want to hear that.
[ Reply | Options ]08.16.08, 03:39 PM [ Flag | link to this post ]you have your agenda....
[ Reply | Options ]08.16.08, 03:40 PM [ Flag | link to this post ]keep voting republican and see what happens!
[ Reply | Options ]08.16.08, 03:40 PM [ Flag | link to this post ]Not to mention big taxes to help pay for police, FDNY, sanitation, etc.
[ Reply | Options ]08.16.08, 07:29 PM [ Flag | link to this post ]I'll bet many don't do that. And of course many not on Wall Street also donate the big bucks.
[ Reply | Options ]08.16.08, 08:44 PM [ Flag | link to this post ]as if there were no museums before there were hedge funds. Give me a break!
[ Reply | Options ]08.18.08, 08:30 AM [ Flag | link to this post ]Museums collections are, for the most part, donated or funded by financiers/Wall Street people. Have been since they opened.
[ Reply | Options ]08.18.08, 08:39 AM [ Flag | link to this post ]The largest are from private foundations
[ Reply | Options ]08.18.08, 08:43 AM [ Flag | link to this post ]
I really don't think preschool applications will decrease at all due to Wall Street. Sorry.
[ Reply | Options ]08.16.08, 03:48 PM [ Flag | link to this post ]^meant to reply to OP.
[ Reply | Options ]08.16.08, 03:49 PM [ Flag | link to this post ]
ITA. I loathe them
[ Reply | Options ]08.16.08, 05:53 PM [ Flag | link to this post ]Wow - do you know any?
[ Reply | Options ]08.16.08, 06:06 PM [ Flag | link to this post ]
Well, the economist & MSNBC seem to think prices are flattening right now. The remaining trouble (& this is mostly in CA) are people who got option ARM loans - as flattening prices still means they are paying more for something valued less.
[ Reply | Options ]08.16.08, 07:32 PM [ Flag | link to this post ]Like the admins who are trying to feed their families? Yeah! Screw them. How dare they work on Wall Street just because the salary is a bit higher than working in another sector!
[ Reply | Options ]08.16.08, 07:37 PM [ Flag | link to this post ]
There is a lot more money besides the financial sector and plenty of other markets are doing very well - hence the lack of official recession
[ Reply | Options ]08.16.08, 04:21 PM [ Flag | link to this post ]What other markets are doing very well?
[ Reply | Options ]08.16.08, 05:02 PM [ Flag | link to this post ]Real estate continues to well, trade, art, new media, advertising...
[ Reply | Options ]08.16.08, 05:10 PM [ Flag | link to this post ]Real estate? I'd characterize it in New York as "hanging in there". You don't want to see what happens to art when wall street takes a hit, as its doing now. And advertising also is taking a hit, as more industries (particularly auto industry) gets slammed.
[ Reply | Options ]08.16.08, 06:35 PM [ Flag | link to this post ]Wow are you actually hoping the city goes down?
[ Reply | Options ]08.16.08, 08:41 PM [ Flag | link to this post ]Absolutely not! I own here.
[ Reply | Options ]08.17.08, 07:17 AM [ Flag | link to this post ]
are you kidding me? crazy hard to get a job in advertising right now. New media - in some cases OK, but there are cuts to budgets across the board.
[ Reply | Options ]08.18.08, 08:31 AM [ Flag | link to this post ]advertising? you have no idea what you are talking about.
[ Reply | Options ]08.18.08, 08:31 AM [ Flag | link to this post ]
no kidding, my bonus this year is going to be huge. Big law is doing fantastic.
[ Reply | Options ]08.16.08, 05:14 PM [ Flag | link to this post ]Bankruptcy law?
[ Reply | Options ]08.16.08, 07:30 PM [ Flag | link to this post ]You're fine as long as you're in bankruptcy law or litigitation. But big law firms are slowing down their staffing and cutting associates....especially in the Wall Street divisions.
[ Reply | Options ]08.17.08, 06:32 AM [ Flag | link to this post ]I agree. I work in-house at an IB. Our lawyers are VERY busy. Some straight transactional lawyers we once used are no longer being used, but in all, I'd guess our legal spend has increased this past year. Some Biglaw associates and partners are going to get big bonuses this year.
[ Reply | Options ]08.17.08, 06:45 AM [ Flag | link to this post ]"legal spend"? LOL! Lose the jargon lady.
[ Reply | Options ]08.17.08, 07:23 AM [ Flag | link to this post ]NP... what's wrong with jargon? there are so many obnoxious people on UB. you all complain when someone posts an honest, brief (hence jargon is useful) response. then someone jumps all that person. and then everyone wonders why there are so few people on this site.
[ Reply | Options ]08.17.08, 08:12 AM [ Flag | link to this post ]For crying out loud crazy lady. Can you not figure out what legal spend means?
[ Reply | Options ]08.17.08, 08:39 AM [ Flag | link to this post ]
I don't think you will see any decline. Wall Street headcount is still not at its pre-9/11 levels. Most of the "pain" was felt years ago. Besides, remember the 1982 recession when everyone was screaming that the sky was falling? In retrospect it wasn't nearly that bad and those that lost their jobs faced only temporary set backs.
[ Reply | Options ]08.16.08, 07:36 PM [ Flag | link to this post ]I agree
[ Reply | Options ]08.16.08, 08:42 PM [ Flag | link to this post ]ita
[ Reply | Options ]08.16.08, 08:45 PM [ Flag | link to this post ]
I doubt preschool apps will change much this year. It takes awhile for corrections to occur. Every Wall Street job produces 2 more jobs in NYC. NYC State and City are projecting much more severe budget shortfalls. This directly results from the securities firms that had had such big losses. When you have losses you don't have to pay taxes to the city and state. Mayor Bloomberg announced a freeze in hiring and has cut spending. Financial firms in NY generate 23% of personal income for NYers. So for those of you who "LOATHE THEM"... (them being the Wall Street a$$holes as you like to refer to them) , you have no idea how much they are supporting you... directly or indirectly.
[ Reply | Options ]08.17.08, 06:28 AM [ Flag | link to this post ]ITTTTTTA. These idiots think the "assholes" make their money in a vacuum.
[ Reply | Options ]08.17.08, 08:28 AM [ Flag | link to this post ]I lot of the men I work with on Wall Street won't tell their wives how bad it is. They don'
[ Reply | Options ]08.17.08, 08:34 AM [ Flag | link to this post ]sorry.. just cut off accidentally.. They don't want to worry their wives but at the same time they are praying their wives tighten their budgets and stop shopping, etc. When one of my colleagues tries to lightly inform his wife that there is a low, but better than a non zero, chance of getting laid off... she starts spouting her lectures about "Are you kissing up to your boss? What better approach can you take regarding office politics? etc" He can't bear hearing this, so he doesn't want to share how horrible the job outlook really is....
[ Reply | Options ]08.17.08, 08:38 AM [ Flag | link to this post ]Guess they have some dumb wives, then. My dh is in finance. He's told me his bonus will be significantly lower than last year (I'm not much of a shopper, though, so no cutbacks necessary--I'm all about outlet stores and Target!), but I could have figured this out by reading the business section of the paper.
[ Reply | Options ]08.17.08, 08:42 AM [ Flag | link to this post ]some of their wives ARE dumb. but a lot of them are just used to certain levels of spending for many many years and are having a hard grasping the fact that we're in a down cycle
[ Reply | Options ]08.17.08, 08:52 AM [ Flag | link to this post ]Well, there will likely be a lot of mark-downs on 5th Avenue and 57th St this year, so with a little belt tightening, they should survive;) Either that, or they can drive out to Riverhead or Woodbury Commons outlets...
[ Reply | Options ]08.17.08, 08:55 AM [ Flag | link to this post ]If they're going to keep relying on their finance husbands they're going to be hoofing out to Woodbury for the next few years at least. This is going to be a long one.
[ Reply | Options ]08.17.08, 09:21 AM [ Flag | link to this post ]
Ditto. It's sad/funny. It's sad how much pressure a lot of my (male) colleagues feel, even in good times, but this year has been bad. And it isn't shocking to me in the slightest that a lot of them feel entitled to their something on the side.
[ Reply | Options ]08.17.08, 09:42 AM [ Flag | link to this post ]there were already several last minute spots opening up over the summer because of lost jobs on wall street and families moving.
[ Reply | Options ]08.18.08, 08:09 AM [ Flag | link to this post ]it doesn't make sense - there is no where outside of NYC area for those families to move to...they just have to wait it out
[ Reply | Options ]08.18.08, 08:31 AM [ Flag | link to this post ]why do you say that? there are finance sector jobs many other places. or maybe they move to someplace cheaper adn rely on the otehr parent's income.
[ Reply | Options ]08.18.08, 08:43 AM [ Flag | link to this post ]yeah - but they won't make the big $ they did in NY - btdt
[ Reply | Options ]08.18.08, 08:44 AM [ Flag | link to this post ]
I am a wall street wife and I know how bad it is, but we're fine. Sorry to burst your bubble. You can think whatever you want, but it won't help your kid get in anywhere.
[ Reply | Options ]08.19.08, 05:13 PM [ Flag | link to this post ]
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