Readers debate cost of living in the Central Business District
I went to their website and had problems with the “data” that they presented. They think that someone in stupid.
The P&I on my mortgage is $1,800. I have a large 5 br 3/3 bath home. My taxes are $2,500. I am not looking to downsize to a much, much smaller rental for a higher cost. This development does not solve my tax problem. It just gives me an expensive alternative. I think that I need a smaller house or townhouse, but not in Ridgewood.
BTW. How many parking spots do I get? We have two cars.
and ….
How about your cost for lawn maintenance, snow removal, repairs and the set-aside for major repairs (new roof, new AC etc., etc.) I know a former Ridgewood resident who had a house that is probably similar in size to yours. He and his wife are empty nesters and they decided to move to an apartment in Manhattan. They have a 2br, 2bath unit with a doorman and pay $6000/mo. When I commented that it appears that it would have been less expensive to simply stay put in Ridgewood he laid out the cost for me and guess what they totaled about $6000/mo. The Ridgewood developers are talking about $3000/mo for 2br/2br. Granted Ridgewood does not compare with the Big Apple but for the difference in rent a couple could easily afford to go into the city several times a month …..and still have a few bucks left over.
https://downtownridgewood.com/wp-content/uploads/2014/01/RidgewodRumorVsReality.pdf
if ur an empty nester paying $6k/month in rent in manhattan you aren’t going to want what you get for $3k/month in ridgewood…that is a vastly different quality of living
this empty nester argument is nonsense…families with kids are the target demographic of these projects
It is easy to own a small house in town with a $3000 month payment (including taxes)
Even if you are too lazy to rake leaves, cut grass, and shovel snow, you can still hire contractors for that at a reasonable number.
Living in this town isn’t exactly Palm Beach.
For $6000 a month you can live in any house in town VERY comfortably.
Comparing life Ridgewood to life in Manhattan is futile. People pay a premium to live in New York.
On the other hand, if my family was cramped in a 1 or 2 bedroom in Manhattan I would consider Ridgewood. It is after the children are born that people start moving out of the cities. How many families in Ridgewood came from New York and Hoboken?
Once the kids are grown you realize that Ridgewood taxes are too much for a couple with no kids in the school – and you can move anywhere you want!
I think that the developers expect to sell to families but is just is not wise for them to admit it.
Wait, what are the advantages of living in the CBD? I can’t think of any.
#4 You can count trains and smell the exhaust fans of the restaurants if thats your thing. Just saying.
No kids here. The taxes on a small house are less than a comparably sized condo in Ramsey (including monthly fees). We did the math, spent a few bucks more for the house than a ramsey condo, and the monthly taxes in Ridgwood (vs the condo fees and ramsey taxes) are the same. I’d expect the value of the Ridgewood home to increase more than the Ramsey condo (since they compete with lower condo taxes in Mahwah) Not all of us have kids in the school, but realize that the schools are a magnet for those new families from Hoboken and NYC when its time to sell.
There are NO deals in NJ on real estate taxes