From the Suburban News:
Rough reception for new development rules
By ANNA BOGDANOWICZ
“After hearing overwhelming opposition from local residents, including numerous members of the real estate industry, the Planning Board last week unanimously recommended that the Town Council not move forward with a proposed ordinance designed to curb overdevelopment.”
“At a special meeting on May 18, the board also recommended that the council establish a special committee including local officials, residents and professionals with expertise in the area to further research the issue.”
“Though the spread of “McMansions” has been a hot topic in town for years, the residents who attended last week’s meeting said emphatically that the draft ordinance, which included changes to floor-area ratio (FAR), height and accessory structures, was a step in the wrong direction.”
“About 50 residents came to the meeting, including local architects and planners who said the proposed changes would adversely affect everything from homeowners’ rights to property taxes and building design.”
“Some residents argued it was unfair to criticize new construction when there are many large older homes in the community that could be considered McMansions. And others said Foerst’s committee had not adequately defined the issue it was trying to address.”
what a stupid town this is
the pimps for the real estate industry got their way
I used to live in Westfiled and it is crazy what they are putting up on .1 -.2 acre lots. Yes, some of the old houses might be large 4-5000sf but they are on .5-1 acre lots in an area with large houses, not put on a 50×100 lot next to a row of capes.
Soon the buildes will get hit in this town, you can only purchase 500k houses on 50×100 lots to tear down for so long, soon nobody will want that 900k ‘custom’ home taking up 65% of the land.
Andrew
“Yes, some of the old houses might be large 4-5000sf but they are on .5-1 acre lots in an area with large houses”
I bet they’re also more attractive than recent McMansions, which always smack of Tony Soprano’s house to me!
I will never understand that – someone did that in my town, which has similar lot sizes. Tore down a lovely old colonial to put up a Soprano special. It’s so big that it practically touches the borders of the land on each side and looks utterly ridiculous. There’s no accounting for taste I suppose.
So long to the quaint, architecturally consistent neighborhoods and historical charm that was the main attraction to living there in the first place. Those city planners are unbelivably clueless.
Off-Topic:
Please note, we have discussed this issue in the past….
Cheap Foreign Capital
Harks Back to ’90s Crisis
Some Economists Warn
Of Risk-Reward Imbalance
In Developing Countries
By MICHAEL M. PHILLIPS
May 30, 2006; Page A2
WASHINGTON — Developing nations are growing increasingly dependent on cheap foreign capital, a situation that some economists warn is reminiscent of the lead-up to the financial meltdown of the late 1990s.
In a report to be released today, the World Bank calculates that private investors plowed a record $491 billion into developing-country stocks, bonds, factories and other assets last year, up from $397 billion the previous year. At the same time, investors appear, in some economists’ views, to be making those purchases without adequately assessing just how risky the assets are.
While foreign capital can help finance investments that make poor countries richer, the worst-case scenario is that a sudden shock — anything from a major outbreak of bird flu to a slowdown in China to an unexpected rise in U.S. interest rates — could spook investors who suddenly decide the low returns on developing-world assets simply aren’t worth the risk. Such a pullback could leave developing nations with big debts at the same time they would face economies slowed by rising interest rates, falling stock prices and tumbling demand for their exports.
[edit]
An indicator of how eager U.S. and other foreign investors are to buy emerging-market assets is the record-low yields they demand for their money. J.P. Morgan calculates the difference between the return on a typical developing-world government bond and a comparable U.S. government security, a measure called the yield spread. A high spread indicates that investors consider emerging markets very risky.
[edit]
“Over the past couple of years, there has been no valuation for the risk in emerging markets,” says Kristin Forbes, an economist at the Massachusetts Institute of Technology and a former adviser to President Bush.
[edit]
If you don’t own it, don’t fall in love with it. That applies equally as well to neighborhoods, existing structures, open spaces, and even views.
grim
west-snob. i was looking there for a while until i spent some time in the north part where people look you up and down to see what you’re wearing and what baby stroller you’re pushing. does everyone there wear a net worth sign around their neck? why would any normal person want to subject themselves or their children to such snobbery>
“why would any normal person want to subject themselves or their children to such snobbery”
I had this same discussion with friends this weekend. Is there ANYWHERE around here where this is not an issue? We all agreed that our own hometown may be unlivable due to these types of people. I fear that everywhere has them though.
It’s all about consumerism and conspicuous consumption.
The value of a person is only in the things he or she owns, most importantly, those things that they can display, obviously, to others.
What do you get when you combine this with increasing debt, easy credit, and a negative savings rate?
Or in the case of the niche towns, it is invidious over conspicuous.
it is sad. while the the keeping up with the jones’es is a national phenomenon it’s definitely more permeated in the northeast, particularly around NYC. it seems you can’t live in a nice town with great schools without living amongst the arrogant schmucks.
“it seems you can’t live in a nice town with great schools without living amongst the arrogant schmucks.”
While a bit long, that would make for a great bumper sticker!
People would be rolling at the stoplights, even the arrogant schmucks!
And one good thing about Westfield, they’re the only Trader Joe’s between MA and VA that sells wine!
I’ll probably get shot down here, but I don’t see the appeal of living in a $900,000 cape cod.
to me, the plain fact is that the land in these posh towns is too valuable for much of the outdated housing stock.
While much new construction is ugly, not all of it is.
I also generally think it’s best not to try to control what your neighbors do with their own property.
Seems to me that many (though not all) people who are against McMansions are those who couldn’t afford to buy in their town today and who resent the influx of new wealth.
“Seems to me that many (though not all) people who are against McMansions are those who couldn’t afford to buy in their town today and who resent the influx of new wealth.”
Skep:
I completely disagree. They are an embarassing display of american exhibitionism. Thoughtless waste in a narcissistic wrapper. Further, I can’t even understand how an owner would enjoy living in one. It has to be the ultimate in “gotta have it” only to be followed with “G-d I don’t need this”.
“They are an embarassing display of american exhibitionism. Thoughtless waste in a narcissistic wrapper. Further, I can’t even understand how an owner would enjoy living in one.”
Totally agree. If I had 2 million dollars, I would NEVER buy one of those nightmares. There are plenty of older homes, with beautiful detail and charm, that I would rather have. I suppose it’s a matter of taste, or lack thereof.
If I had an extra two million lying around, the last thing I’d do with it was buy real estate.
CF, that is one of the best descriptions I’ve read yet.
grim
People in general in the US especially major metro areas have an issue with flaunting “fake wealth”. I just don’t get it, it can’t be a from around here thing.
I grew up here, my parents grew up here, and their parents grew up here. My parents also have done very well and have money along with 3 homes in nice areas summer(Cape May), winter(Palm Beach, FL), and NNJ(Bergen). But even given some of the nicer things they own they refuse to buy all the labels, waste money on extravagent things, have any personal debt. They even make fun of me for buying food at whole foods and buying expensive food.
This is what I don’t get what happened to grounded regular people. Even though my family has money they always made me work, never gave me extravagant things, paid for college and said go make it on your own. I guess if people taught their children the meaning of a dollar and a hard days work, people wouldn’t spend so much.
Both you, and your family, are a rare breed.
Have you ever read “The Millionaire Next Door”?
grim
I’ve never understood why people would choose to live in Westfield vs. say, Summit. Housing prices in both towns are comparable, and so are schools, but
— Summit has lower taxes than Westfield (IIRC)
— Summit has better rail service to NYC. [ For Westfield, you have to change at Newark]
— Westfield is on the wrong side of 22, in the middle of some very overcrowded, not so great towns. Summit is surrounded by good, less crowded, more upscale towns (Short Hills, New Providence, Mountainside) and the whole wealth belt of Morris, Somerset and Union county stretching along route 78.
Lots of parks and reservations near Summit as well.
Westfield does have a slightly better downtown, but Summit’s downtown is pretty nice as well.
I don’t believe any specific rules are necessary (beyond general zoning and setback) for stopping McMansions, especially in very small lots. Once the market cools down, we will see a nearly forgotten word “overimproved” come back into the lexicon :-). Being the most expensive house in the street will then be seen as a problem, not as a good thing.
Incidentally, I completely agree with a lot of the comments here about mindless consumerism. Our personal net income (DINKs) in the last 2 years combined was into 7 figures, yet we own only one 2001 car, no large screen TV etc. I feel no reason to upgrade my car because of what my neighbors might think.
Consumerism is the new religion.
People are leading empty lives and they need “stuff” around them in a desperate attempt to fill the void. Maybe investing [time & effort] in family and spirituality [in whatever palatable form] would help.
Naaahhh. That would take too much commitment and self-sacrifice. Instant gratification is where it’s at…………give the kids ice cream and coca-cola and plop them in front of the kids’ TV so you can enjoy the Plasma TV in your home theater.
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