Hoboken / Manhattan Real Estate Blog

With Age 50 Dubbed the New 35, Hard-Working Second and Third Home Owners Are Leveraging Their Assets to Travel More and for Longer Periods: It’s a Whole New Generation

HOBOKEN, N.J. May 16

HOBOKEN, N.J., May 16 /PRNewswire/ — America’s suburban families are growing up — and out. As baby boomers say good-bye to their adult children, this career-driven segment of society is rediscovering leisure time. The trend of swapping their city apartments (originally purchased as relief from killer commutes) with like-minded travel-bugs worldwide, has been on the rise, according to a recent member survey conducted by the website http://www.digsville.com/ . Helen Bergstein, founder of the Digsville Home Exchange Club says, “secondary/vacation home listings have been increasing every year and now comprise over 20% of the Digsville database.”

A Long Island couple, who bought their NYC apartment when they were still working, say they “get an exchange request almost every day.” In fact, they didn’t even purchase their city digs with vacation home exchange in mind, but because “hotels are far too expensive, and restrictive (ie., can’t sign in before 4 pm — must sign out by 11am). We have our place for 24 hours a day.”

Joyce, of Buck’s County, PA, says she and her husband spend a good bit of time in their NYC apartment, and appreciate its “doorman, 24-hour access to local restaurants, transportation, and a parking lot.” Because their city home “is filled almost constantly with friends,” they often swap their primary home or another in Spain, advocating the lifestyle because “it’s more interesting and we get to meet great people and see environments that are ‘real,’ not plasticized like in hotels.”

“The second home market is booming,” says Bergstein. “Expecting to double by 2009, which means a full two-thirds of residential real estate purchases will be vacation homes or investment properties. Second homes are viewed both a solid investment and lifestyle enhancement. They make even more financial sense when used in vacation swaps with substantial savings on hotel bills, car rentals and by taking advantage of destination-specific or other airfare specials.”

Founded in 1999, Digsville provides an alternate travel lifestyle, freeing travelers from hotel bills forever. The site offers a range of informative articles, tips and stories by first-time and veteran home exchangers.

Wednesday, May 10, 2006

By ZINNIA FARUQUE
HERALD NEWS

RUTHERFORD — A developer hoping to build what some fear would amount to a small city at the edge of town said Tuesday it would continue to pursue the project even though an advisory committee has rejected its proposal.

While Lincoln Equities Group LLC would not comment on whether it would modify its current proposal to build 3,400 residential units, the builder said it wanted “mixed use” for the vacant industrial site along Route 17 — implying that it would still try to build residential units.

“While we disagree strongly with the findings of the Visioning Committee, we respect their opinion and their right to express their views,” the company said in a statement released Tuesday. “We remain committed to seeing the Highland Cross site developed as a mixed-use community.”

On Monday night, all 16 members of the borough’s Visioning Committee — a diverse group of residents appointed by the mayor to design a vision for how Rutherford should look by 2025 — voted against allowing the developer to build the condos in addition to a hotel and stores on a 56-acre site.

This was the first major step that could lead to the demise of the proposal, which has compelled hundreds of residents to rally against it during a series of public hearings over the past three months.

Before the vote, James McCarthy, a Visioning Committee member, spoke on behalf of the committee, expressing concerns that the project for the area known as Highland Cross would alter the borough’s small-town charm and would strain schools, the fire department and other municipal services.

“My conclusion, folks, is that I do not believe this [proposal] is consistent with the Vision Statement,” McCarthy said to about 100 people who gathered for the meeting in Borough Hall.

The high-density residential development, which the developer estimates would increase the borough’s population by more than a third, does not fit the suburban character of this bedroom community, McCarthy said, likening the proposal to “urban renewable projects in areas like Hoboken.”

Furthermore, a preliminary analysis that showed the borough would gain $6.6 million in tax revenue from the project may not prove accurate, said McCarthy. If so, the project could result in higher taxes, he said.

In a 15-1 vote, the committee also approved a motion to reject building any residential development on the other side of Route 17.

Larry Mango, the Visioning Committee member who voted against the motion, said he opposed the high density of the current proposal, but did not think the borough should completely dismiss the idea of building residential units. After the meeting, Mango explained that assisted living medical facilities or senior housing, for example, could be built.

Mayor Bernadette McPherson said that she would reject the proposal when it comes time for a council vote, based on the committee’s recommendation.

Lincoln Equities would not directly comment on whether it would continue to pursue the project if the mayor and council reject its approval, said Andrea Harvey, a spokeswoman.