Starting a family and moving to Ridgewood/Glen Rock (Fair Lawn: real estate, day care)

[mdog5]

Hello everyone -
My wife and I are looking to start a family and move from NYC to the suburbs... We really like the feel and look of the Ridgewood and Glen Rock areas (and the location puts us just far enough away from the in-laws, but not too far).

Our salary is about 190K before bonus (not really counting on that right now), and and we think we can afford about a 750K house. Both of us will have to commute to NYC for work.

Few questions:
1) How is the market in those areas holding up? Does anyone feel there will be bargains next spring (after the finance community learns about the bonuses they won't get?)?
2) How far will 750K go (including taxes)?
3) Is it possible to have 2 parents commute to NYC and raise kids? How flexible is daycare? What does a private nanny cost there?
4) Any other towns in Bergen we should consider?

Thanks!

[Spincycle]

Originally Posted by mdog5

My wife and I are looking to start a family and move from NYC to the suburbs...

I wish a new sub-forum would be created under New Jersey titled "moving from NYC to the suburbs". That way all these specific posts could be neatly kept in one place (and easier to search and reference). Just being helpful not sarcastic. It would be a GREAT idea IMO. Comments?

Originally Posted by mdog5

We really like the feel and look of the Ridgewood and Glen Rock areas (and the location puts us just far enough away from the in-laws, but not too far)..

Great areas, nice downtowns, nice county park w/trail going to Rochelle Park, and EXCELLENT train service to HOB/NYC daily. I believe you may get more for your $$$ in Glen Rock (i assume the schools are about as good/better as Ridgewood, not any significant differences +/-, and taxes/real estate may be a few pennies less). Can anyone verify?

Originally Posted by mdog5

Our salary is about 190K before bonus (not really counting on that right now), and and we think we can afford about a 750K house. Both of us will have to commute to NYC for work.

Again EXCELLENT & frequent train service from either town (e.g. locals, expresses, off-peak, weekends).

Originally Posted by mdog5

1) How is the market in those areas holding up? Does anyone feel there will be bargains next spring (after the finance community learns about the bonuses they won't get?)?
3) Is it possible to have 2 parents commute to NYC and raise kids? How flexible is daycare? What does a private nanny cost there?
4) Any other towns in Bergen we should consider?

#1. It seems many sellers (in nearby more blue collar towns such as Lodi, Wallington, Elmwood Park, Saddle Brook, Rochelle Park, and Fair Lawn) are trying to do/doing FSBO since values came down and they do not want to pay agent/broker fees. I assume situation may be slightly similar (not exactly similar) to GR/Ridgewood. But I am only assuming.

#2. I'd have to ask my brother. He and his wife have similar arrangement. It seems to work well for them.

#3. For Bergen basis of comparison (GR/Ridgewood) maybe toss in Ramsey, Allendale, Oradell, and Hillsdale into the mix.

[EANJ]

Originally Posted by mdog5

Hello everyone -
My wife and I are looking to start a family and move from NYC to the suburbs... We really like the feel and look of the Ridgewood and Glen Rock areas (and the location puts us just far enough away from the in-laws, but not too far).

Our salary is about 190K before bonus (not really counting on that right now), and and we think we can afford about a 750K house. Both of us will have to commute to NYC for work.

Few questions:
1) How is the market in those areas holding up? Does anyone feel there will be bargains next spring (after the finance community learns about the bonuses they won't get?)?
2) How far will 750K go (including taxes)?
3) Is it possible to have 2 parents commute to NYC and raise kids? How flexible is daycare? What does a private nanny cost there?
4) Any other towns in Bergen we should consider?

Thanks!

Both nice towns, different, but both nice. Personally, location aside, I would prefer Ridgewood. It has an incredible "downtown" part of town that people from all over Bergen County travel to.

The commute to NYC is . . . well, it is what it is. Glen Rock is a tad closer, but the same for the most part. Mass transportation offeres numerous options. I would say that depending on what time you leave, what time you need to be at work, and where in NYC you are going to -- count anywhere between 40 minutes and an hour or more. Again, a lot of variables go into that. Leave very early, or late and those #'s can come down perhaps.

The market in these areas, in the marketplace you are talking about, is like everywhere else -- down, declining, slow, more supply than demand, etc. As far as next spring, who knows. Personally, from all the data, reports, etc. I am seeing and looking at, and all the qualified, expert opinions, etc. -- I don't think we are going to see any real change, improvement, turn-around, etc., any time soon . . . but again, who knows.

Regarding "how much" you can get for $750k -- I would suggest you go to NJMLS.com or Bergencountymls.com

They are both "open to the public websites. Look around -- high to low -- and you'll see what's out there, what you might get, etc.

Question # 3 -- you are on your own, LOL. On the "other towns" -- there are tons of great towns in Bergen County, although Ridgewood might be considered, by some, a bit unique. Look around, talk to friends, read a lot, look at the NJ mags, spend some time out there. I think it's a good idea to spend a weekend, an entire day, looking around, driving, walking, checking out as much as you can. Good luck!

[cari2]

Few questions:
1) How is the market in those areas holding up? Does anyone feel there will be bargains next spring (after the finance community learns about the bonuses they won't get?)? Market is holding up ok, good houses priced right still move quickly, but the junk takes longer to sell/reach the right price. I think you will do well in spring, although I'm not sure about a "bargain". If any bargains abound, I almost expect them to be in the higher priced homes as those are the people who stretched more and depended on big bonuses that may not be there.

2) How far will 750K go (including taxes)? Taxes are high in both towns. on a 750K house you could easily be looking at 12-15K in taxes. You could probably get a bigger house on the east side, 4 bfdr/2bath is feasible. You might get a little less on the west side but it really depends.

3) Is it possible to have 2 parents commute to NYC and raise kids? How flexible is daycare? What does a private nanny cost there? Figure an hour door to door depending on time you leave and where you work. Both towns are pretty similar re: commute time. GR is one stop closer but more express trains leave from Ridgewood (and bypass GR) I sah so am not sure how much a nanny would cost, but many of the preschools/public schools have extended care options.

4) Any other towns in Bergen we should consider? Ramsey, Allendale, Wyckoff, Hohokus are similar towns but all have worse commutes.

Feel free to pm with specific questions.

[stevemorse]

ho ho kus, is holding out great, ridgewood has come down a bit due to all the inventory, but not alot, glen rock is so so. I was suprised to see that prices in Ho Ho Kus seem like they are still going up!!

[EEEPNJ]

Take a few things into account too. What type of community do you like? What kind of schools would you like your children in? Obviously "good" for both, but what about "keeping up with the joneses" and some complain of excessive pressure, both academically and socially, put on kids in some of these towns. We have some recent threads regarding this... use the search option on Ridgewood and they will definately show up.

Some of the other towns mentioned here are very nice as well, but yes, they will add a little to your commute.

Another area I think is nice is the River Dell area (Oradell/River Edge). Oradell in particular is a very nice little town. I don't think you get as much out of town "traffic" in Oradell (as compared to Ridgewood) and that's a good thing in my book.

[kristin1]

Ridgewood and Glen Rock are filled with families who moved out of the city when they decided to start a family. However, most people I know have their first child while they are still living in the city and then move out.

The reason? You never know how you are going to feel about the whole 2 working parents think once your child comes along. I know people who have sworn they could never stay home with their children, and two months after their child is born they change their mind. Conversely, I know many moms who planned on staying home and were climbing the walls to get back to work. You never know how you will feel until you actually have children.

Unless you are absolutely positive that you will always be a dual income family, I'd hold off on buying a home. That may change what you are comfortably able to afford. Also keep in mind that this area is the land of stay at home moms. Of course it varies by neighborhood, but I remember telling people I worked and hearing a collective gasp among the moms at the playground on a Saturday.

Both parents commuting into the city would be extremely difficult. I did know a couple that brought their kids into the city for daycare, but that makes a long day for everyone. Unless you have a close friend or family member who can be relied on to pick up a child at daycare in the event of illness/emergency (which happened with my kids about once a month), it would be very difficult to be so far away.

Good luck with your choice. It's a nice area to live if you can tolerate all the "keeping up with the Jones".

[HalfFull]

kristin1 makes very important points above. I would highly recommend budgeting for a house based on 1 income or 1 plus a part time income. The full-time day care is challenging and frankly, it only gets harde as the kids get older and are in school and start to have after school activities or sports. And the "gasp" from the moms at the playground sounds funny, but it really does happen, depending on the town.

Good Luck!!

[EEEPNJ]

+1 Kristin1