From the NYT:
EMILY De NICOLO has lived in Manhattan for the last 14 years. But as she and her husband, Jay Della Monica, prepare for the arrival of their first child, in August, city life is looking more and more like a thing of the past. In fact, the couple are anticipating a future in Port Washington, Ms. De Nicolo’s childhood home.
They will soon be closing on a five-bedroom three-bath split-level ranch, at the other end of the block from the house she grew up in, a custom contemporary for which her parents paid $76,000 in 1976. “You can add a zero to that,” she said of the price she and Mr. Della Monica are paying as a result of a bidding war with three other couples. “Port Washington is a little more diverse than other towns, and it is an ideal commute to the city,” she said. “It is more favorable for young families, and you have a great school district, especially with a baby on the way.”
…
Ms. De Nicolo, 37, and Mr. Della Monica, 42, are part of a small number of young adults who are moving back to the Island after spending their post-college years in the city. Notwithstanding the contentions of local planners and elected officials that a tide of young adults is moving away, some are bucking that trend, though perhaps after a longer hiatus than in previous generations who married, had children and moved to the suburbs sooner.Ryan Patrick Donnelly II, the president and managing partner of the Donnelly Group, a real estate firm in Garden City, said, “Pretty much 50 percent of the buyers coming into town either grew up here or have friends here.” Most moved to Manhattan after college, stayed for about a decade, married and started a family.
“They either move back right after the children are born or when the kids are nursery-school age,” he said, citing the high nursery-school tuition in the city as a motivating factor. And there is another important one: Instead of nannies, most people in the suburbs “have the grandparents to take care of the kids.”
Many would stay in the city if they could afford apartments large enough to accommodate their families, Mr. Donnelly said, “but rents are so high in Manhattan they are being forced out. With salary increases not keeping pace with rent hikes and interest rates so low, it makes sense” to return to the Island.
They aren’t, however, relying on the Bank of Mom and Dad to finance their purchase. The buying couples are in their mid- to late 30s and are “pretty much all self-sufficient,” Mr. Donnelly said. “They have been saving and living in small apartments” to be able to buy homes in the $600,000-to-$800,000 range.
…
Even their English bulldog “is exponentially happier out here than in the city.” Come October they will be renting a four-bedroom carriage house in Mill Neck for about $3,000 a month, with the possibility of improving the home and grounds in lieu of rent. Among their friends, Mr. DiPietro said, “we are a little ahead of the charge, but the ones who grew up out here seem envious of our move.”
Good Morning New Jersey
“They have been saving and living in small apartments” to be able to buy homes in the $600,000-to-$800,000 range.
The 600K to 800K range has a whole different meaning in 2012 than it did in 2005. If it was seven years ago, would we have said 800K to 1000K range? The salaries haven’t changed in the last seven years; they’ve been flat. Do you see my point? Do you see how sublime the housing bubble was and how easy it is to sway people en masse? So, is it fair to form a hypothesis and say that that range will be 475K to 675K in a few years? If you said no, then why is it plausible that house prices can double in the span of five years? That’s not a hypothesis because… it really happened.
#3 Fast: 37 and 42,are not exactly my idea if young, not old by many means, but certaunly not young.Where are all the 20 somethings and early 30 somethings, Like back in my day in the late 80’s?
Oh and she was a moron for getting into a bidding war. And at that price she should have bought in Garden City.
Oh and we raised our own kids, we did not have the Grandparents do it. Listen up if you have kids you take care of them. Your parents raised their kids already, they should not have to do it a second time.
3b [3],
I guess getting into a bidding war was worth the price of diversity. In the past, if I even got a glimpse of the phrase, “multiple offers,” I ran the other way. They tried that deal back in 2000 and I layed down the law. The realtor told me to keep bidding and I basically told her to keep walking. And yeah, having Pop-Pop and Grammy raising the kids… how quaint!
Did this strike anyone as an odd statement:”are in their mid- to late 30s and are ‘pretty much all self-sufficient,’ .”
U.S. public workers say organized labor at a turning point:
http://news.yahoo.com/u-public-workers-organized-labor-turning-point-045753602.html
“ain’t dead yet”
Come back next Tuesday.
Anyone else going to see Metallica tonight in AC? They’ll play Ride the Lightning in it’s entirety. Orion music festival. http://www.orionmusicandmore.com/map/
Shore 6 Yes caught my attention that also, I wonder.
WTF kill”that”
Dang….Modest Mouse or Arctic Monkeys…..
3b 3 I owned two by then and was by no means rolling in it. First one 30 second 36.
Essex 13 What you talking about Wilson?
You going to miss your connecting flight…FAA data center in NJ goes down.
http://www.washingtonpost.com/business/fire-at-nj-airport-tech-center-building-affecting-faa-traffic-flow-operations-nationwide/2012/06/22/gJQAJ74BwV_story.html
Gary 7
“Union leaders recognize that they need a swing in popular opinion. After the convention, members plan a steady campaign to tell their neighbors they have deep roots in their communities, provide essential services and pay taxes, too.”
Deep roots in my pocket you mean.
Went on a listing appointment in New Milford this week. Guy inherited the house in 2006. Turned down an offer of $440,000 and decided to rent the house instead. Now he is thinking about selling. Advised him to list at $259,000.
I’ll be telling this story to every seller who tells me, “I’m going to rent it out if I can’t get my price”.
#7 “”Their private sector counterparts have taken major pain as part of this economic downturn and they have for the most part not taken any,” Rattner said.
Duh! A Dem figured that out, simply astounding.
And yes I am aware that the pols from both sides short changed the contributions and promised them the world. You just got f**ked by a pol public union guys & gals, is this a shock? Sorry I can not afford to pay for what you let them do to you, take your medicine and buck up like the rest of us.
The caption under the picture in the article reads “HOME AGAIN Emily De Nicolo, who recently bought the split-level ranch in the background” LOL. I always got a kick out of that when I lived in Long Island. Everybody, including realtors, refers to a Bi-Level as a Split-Level. Maybe they don’t have any real Split-Levels, so they don’t know what one looks like?
$760K for that bi-level.I wonder what a Million looks like in that neighborhood.
It is strange that Zillow Zestimate this new built homes in my neighborhood , more than $70k greater than the same house that were built in 2006.Don’t get me wrong,people paid more for this houses from 2006.
Is it because the banks agreed to lend the buyers at this amount,so they appraised at this price? Same house from 2006.Strange!
Zestimate is the builders selling price
#6 – Shore
“Did this strike anyone as an odd statement:”are in their mid- to late 30s and are ‘pretty much all self-sufficient,’ .”
Yeah, pretty much self- sufficient? How old do they have to be to be completely self-sufficient?
Also, “young adults” at 37 and 42? I guess that means if your in college, you’re still considered a fetus.
Oh, and by the way, I’m sure her best friend from nursery school is just dying to chip in on raising her child while she’s working full time in pharmaceutical sales. Or, if that doesn’t work out, I’m sure all these retired parents want to replace nannies with 50 hours a week of babysitting………. Just what everyone wants to do after raising their own kids. Diapers and strollers when I’m in my 60’s! Fun times!
These pollyanna articles are useless page fillers.
Yeah, young adults at age 37 and 42 is pretty ridiculous. IMO, we should lower the age of adulthood to 16, instead of coddling babies into their 30’s. In my world, you’d hit age 16 and have the same rights as anyone else; vote, drink, drive, get a job, rent an apartment, run for office, all of it. I think it would mobilize a lot of voters on both sides of the generational gap(s) if a bunch of teenagers were making a bid at seizing power. Plus it would open up a lot more options for urban youth who are pretty much in a dangerous limbo in their mid teens.
The titanic will be pulling into port soon. Just saying.
http://articles.cnn.com/2012-04-30/asia/world_asia_australia-titanic_1_maiden-voyage-titanic-new-vessel?_s=PM:ASIA
Fast Eddie says:
June 22, 2012 at 10:56 pm
Fabius [131],
Let me know when you hear anything on those shovel ready jobs. I have a feeling we have a better chance of seeing the Titanic pulling into port. Oh, and I hear the Oblama campaign is spending more than they’re taking in (shocker!). I think the circus monkeys in Hollywood better pump up the volume.
Syria is feeling it’s damn oats and through the stinking Ruskies and red China is trying to start some crap with shooting down a Turkish plane that was minding it’s own damn business. If we didn’t have a damn invertebrate as the commander in chief, we be in the process of itch slapping the damn Syrians right now. By doing that, we take on Russia and China too and I’m just itching to have at all three of them plus Iran. What the Syrians just did is the equivalent of stomping on my damn toe and then trying to say that my damn foot was in the way. That’s bullspit and them’s fighting words.
Pretty much self-sufficient……WTF does that mean?
Well, the other couples in the story are younger. How did that appraise @ $700k? The double-line is my favorite feature.
This guy is my hero: http://www.youtube.com/watch?v=1CLhqjOzoyE&feature=player_embedded
Gary,
Any comment?
http://online.wsj.com/article/SB10001424052702303506404577448751320412974.html
For Middle-Aged Job Seekers, a Long Road Back
snip
Much of the attention during the prolonged U.S. employment crisis has been on high rates of joblessness among young people. Less noticed, but no less significant to many economists, has been the plight of the middle-aged. More than 3.5 million Americans between the ages of 45 and 64 were unemployed as of May, 39% of them for a year or more—a rate of long-term unemployment that is unprecedented in modern U.S. history, and far higher than among younger workers. Millions more have quit looking for work or, like Mr. Daniel, have taken part-time jobs to get by.
“I try not to think that this is the end and I’m just going to have to shut everything down,” Mr. Daniel says. “My mind doesn’t work that way. I think that if I can get up I’ll find something. I’ve got to keep moving.”
The two decades between 40 and 60 are meant to be workers’ prime years for earning and building wealth, the period when they buy homes, send children to college and save for retirement. Unemployment, especially for an extended period, can short-circuit that process. The effect can span generations, because middle-age workers are more likely to be supporting retired parents, sending their children to college or supporting adult children.
Part of what set the most recent recession apart from the milder downturns of the 1990s and early 2000s, argues Steven Davis, an economist at the University of Chicago, is that this recession didn’t primarily strike young workers, or those with erratic work histories. It also hit productive, steady workers in the prime of their careers—people who are ordinarily the backbone of the economy.
In the 1990s, the unemployment rate among 45- to 64-year-olds peaked at 5.7%. In the brutal downturn of the 1980s, that jobless rate barely topped 7%. This time, it topped out at 8.2%.
As of May, the unemployment rate for people ages 45 to 64 was 6%, some 10 points lower than for people under 25. But the lower rate disguises the fact that when middle-aged people lose their jobs, it’s much harder for them to find a new one. Those between 45 and 64 take almost a year on average to find a job, more than two months longer than workers between 25 and 44.
“Even when you do return to work, it’s a much worse job than before you were laid off,” says Sewin Chan, a New York University economist who has studied the impacts of late-in-life job loss. “No one’s going to reward you for skills that only apply to your old job.”
snip
When you see that muffin top on the boardwalk. Think empire decline.
When you see that young lady tatooed from head to toe. Think empire decline.
This society is f_cked up from head to toe. Dont fight it. Roll with it and laugh.
Dont raise your kids to participate in this madness. Educate them and profit.
On another note. Dont let your kids figth in any wars. They are all bullsh_t.
You want a real war? Get your buck knife out and I will list some targets.
The New Jersey Judiciary pries open Pandora’s Box a bit more.
http://www.leagle.com/xmlResult.aspx?xmldoc=In%20NJCO%2020120529315.xml&docbase=CSLWAR3-2007-CURR
And yes JJ, we know you pried open Pandora’s Box too.
Shore #31: The problem is not “old skills”. The problem is that no matter what you do to keep your “skills” up to date, when every job has a laundry list of 20 completely unrelated “skills” that no one person has (such as network administration technologies, 10 years of a programming language that’s only been in existence for 5), experience writing applications for a specific industry, graphic design and copywriting), there isn’t a person in the world who’ll fit that description. Then they can impart H-1Bs or outsource entirely.
Then there’s the problem of 25-year-old department heads who don’t want to work with their dad, which is what you look like if you’ve over 50. You can have the greatest skills in the world, but when 25-year-old Jake or Amber takes one look at you, you’re toast.
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