Sunday, May 06, 2007
It's not just sky high home prices and bidding wars that are causing many Glen Ridgers and Montclairians to downsize their real estate moves down the hill to "less fashionable" towns like Bloomfield.
From USA Today:
GLEN RIDGE, N.J. — In towns such as this, where highly rated public schools are supported by even higher property taxes, many parents faced with college bills are selling the empty nest while it's still warm.
By moving only as far as the next town, they can cut their local taxes in half. As a result, Graduation Day and Moving Day are getting closer and closer. In the weeks before high school ends, "you'll see the for-sale signs going up," says Ros Schulman, whose son is college-bound.
Once their kids graduate, parents don't need a big house or good schools; they need money for tuition. So some move to a smaller house in a less fashionable community that has less prestigious schools and less oppressive taxes....