
THE
5BD, 4BTH, walk-to-town in our price range is a mirage.
It's a foreclosure — one of 29 foreclosures out of an inventory of 180 homes in
Maplewood, New Jersey, according to
Trulia.com — and we estimate that it needs at least $70K worth of work to make it livable. So, we bid accordingly, but the bank won't budge. Neither will we.
We are not the starry eyed, first-time buyers of October '99, who followed the mid-town-direct to our
Charming 3BD, 1BTH, Steps-from-jitney-stop! starter home. Back then we pondered
points and the inherent menace in phrases like
closing costs and
PMI.
I discovered
MaplewoodTown thanks to my cousin, The Teacher. She had been scouting houses in New Jersey and did a thorough check of the place. Good schools, she said. I checked
The Times. The price of a three bedroom house easily beat the price of a studio apartment in our Brooklyn neighborhood.
I checked the train schedule.
The rest, as they say, is history — the unprecedented, never to be repeated, history of this unique decade of American real estate. In the time we lived there and had our daughter, the value of our small house had increased to three times it's original listing price. And we hadn't even added that second bathroom.
So, in March of 2007, against the protest of family and friends, we decided to sell (
freshly painted, new gutters and roof!).
Although we loved
Maplewood, we didn't love our house. The second floor was cold in the winter, hot in the summer; the pipes were old and the furnace was about to give. Plus, we knew that our house —
any house — would never appreciate by so much, so quickly, again. It seemed stupid not to sell.
We're looking pretty smart right about now. Truth is, we just got lucky. It certainly could have gone the other way.
The first time around we didn't have a down payment and we certainly didn't have a clue as to what owning a house was all about. Now, I'd like to think we're a little wiser. We know without a doubt that Maplewood / South Orange is where we want to live and raise our daughter. Not many suburban neighborhoods have as much heart and soul as these two towns.
We know what blocks we like and don't like, we know what school we'd prefer Alice attend. But it's still a scary and stressful process and there's the fear, as with any such large, life-changing purchase, of making a hasty and potentially disastrous financial decision.
Lisa Duggan is the print-publisher in exile of The MotherHood Magazine. You may send house listings to her directly at themotherhood@comcast.net.
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COMING SOON:
FATHER'S WEEK, Beginning Sunday, June 21
New research shows that fathers get some of the same cognitive and physical benefits from their own altered biochemistry, as mothers do, once the baby arrives.
We'll be asking a few Dads we know if they believe there is such a thing as a "Daddy Brain".
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To read more about The
MotherHood magazine, or to order back issues, go to http://
www.themotherhoodmagazine.com/, or contact us at themotherhood@comcast.net.