Archive for April, 2010

Reader question about the Light Rail

Reader question about my 4/29 column, “Exploring Beyond Hoboken Via the Light Rail.”

Q. Hi, Kathy, thanks for sharing! This was good reading. Quick question, I know you have a car too.  I got so lazy now that I have one, even though I live on 4th and Jefferson close to the 2nd street light rail, I just always hop into the car to go to the Liberty Science center.  How do you convince yourself to use the light rail instead?  Is there some benefit as opposed to just hopping into the car?

A. Hi, glad you liked the column! I have to admit, it took me a while to regularly use the Light Rail. There were several things that helped spur me along:

  1. Time. I ran into a neighbor at Liberty Science Center who took the light rail there several times a week, and after leaving together we arrived home at the exact same time (we drove, they took the light rail).
  2. Traveling with other families. Taking two cars doesn’t work well when you have a large group, so the light rail is much more fun and convenient.
  3. Cost. Parking at Liberty Science Center is $7 plus gas & tolls, one light rail ticket is $1.90 (going up to $2.10 on Saturday) and the kids ride for free.
  4. Walks. Since the weather has gotten nice I have been walking everywhere, and at the end of a long day out, it’s a nice change of pace to hop on the light rail and arrive home quickly & easily. My kids LOVE it, so all I have to do to get them in the stroller is tell them we’re going to take the dinosaur train (what they call it).

Hope this helps!

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Money/career vs. family planning

My husband and I have been together for 15 years, married for 10. We have a 3.5 year old and a 2 y.o. The math is very simple; we didn’t feel ready to start a family until our early thirties.

We have both always wanted children very much; it was one of the things that led to us getting married when my husband was 23 (I can’t believe how young we were, but it seemed so right at the time). So what held us back? It wasn’t money, although waiting such a long time made it easier for us to save enough money to give us many options when we became parents. It wasn’t career either, although that was definitely a huge factor in the wait. Another major delay was life goals; it helped that my husband almost won fencing National Championships a few months before I became pregnant with our daughter.

It was more that whenever the topic came up approximately every six months, we would look at each other, say “Now?” and then simultaneously freak out at the idea of having a baby right then. We knew that our life would end when we became parents, and it did. But we have no regrets. We were extraordinarily lucky not to encounter any fertility issues, so our first child was born at the perfect time for us.

Becoming parents caused a titanic upheaval in our relationship dynamics. Our previously smooth, easy life became fraught with disruptions caused by a small, demanding, unpredictable family member who could not be reasoned with. All the things we took for granted, like free time, going out to dinner or to fencing practice, visiting bookstores, showering, talking, watching TV, suddenly became luxuries. Our expenses increased dramatically while our income was halved. And all that was before we had our second child when our daughter was 18 months old.

In retrospect, it’s a good thing we waited as long as we did to start our family because otherwise we might have resented our kids for the complete lifestyle change they caused. And yet we adore our children, and like them more and more as they grow older and become complete little people. You can actually hold conversations with both of them (my 2 y.o. too, it’s really incredible!) and reason with the older one (although sometimes when you ask her to clean up her toys, she tells you to go do it instead).

The real lesson that I learned was that when things get tough, when both parents are sleep-deprived and stressed, is that you take it out on each other, not on the kids. Everyone I know goes through this, no matter how much money they have. Unless you have enough money to hire round-the-clock child care, ultimately you and your spouse are the rear brigade. Hell, you are the front and center brigade. You are it, and it can be overwhelming. And even having family members assist only helps temporarily and can cause more strain than assistance since they can easily get in the way in a small living space.

The single greatest side benefit to my being home is that I can manage the kids very easily under any circumstances. My husband calls it “Mommy Magic.” I can get the kids calmed down and fed/bathed/hair combed, or whatever need they have been fighting my husband or mother about. There are two reasons for this: 1) I know their cues very well and can tell exactly what they need before they start showing signs of distress, and 2) they are used to being around me continually so they automatically fall into a smooth, calm routine when I take charge.

The kids play happily with each other because they have a familiar routine. They are not separated at all during the day except for a couple of dropoff classes, and they are used to interacting smoothly with me at all times. I am very happy to be home with them, and their contentment and growth is my greatest reward. Having children and staying home with them is not for everyone, but it has fulfilled me in a way I didn’t know I was missing before they were born.

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Fun family activities via the Light Rail to JC & Manhattan

New column about how I take the light rail with my kids and stroller to museums and other kid activities in Jersey City and Manhattan. http://patch.com/buAMp

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Light Rail fare increase effective 5/1

Hudson Bergen light rail passes are increasing $0.20 to $2.10 effective 5/1, and the 10-trip discount is being discontinued. Single trip passes never expire, so I bought 150 today from the teller at the Lackawanna station.

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Column about fun and unusual kid activities in Hoboken

Warning: firetrucks & fencing heavily featured. http://patch.com/btaOL

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Let’s talk about strategic defaults

Whenever I catch myself saying, “That could never happen to me,” I do a doubletake and force myself to examine the matter more carefully. One example is strategic default on a mortgage.

According to the WSJ, homeowners are more likely to walk away from their properties when they are more than 20% underwater on their mortgages. We have seen a drop of about 6% from the peak of the Hoboken market. Foreclosures are rare although there are a ton of short sales, especially in investor-heavy buildings like the Sky Club.

The NYTimes recently reported on a Boston non-profit that specializes in buying homes in foreclosure and reselling them to the defaulted homeowner at the current market price. It’s an interesting concept, but how do we know when it should kick in? 10% underwater? 15%? And how do you evaluate hardship? One person might have to move for a job, another might have used home equity to finance vacations and new cars. How do you draw the line between bad luck and poor judgment?

When my husband and I bought all our apartments, we put down a minimum of 20%.  We could easily have put more down when we bought our two-bedroom condo in southwest Hoboken but opted to keep our cash free for investments. However, our strategy differed radically when we bought our four-bedroom. We scraped up as much cash as possible to put down 30%. Why? Because we have no intention of moving anytime soon, and we knew there was no way we were ever going to be able to better the 4.5% interest rate we are currently paying on our mortgage.

The plan was to put down as much as possible to keep the monthly payments low, and then not to prepay the principal, thus giving us the opportunity to rebuild our savings. So far that plan is working out as anticipated. However, what if my husband experiences prolonged unemployment or Hoboken property values plunge? It would be very hard to remain sanguine if we lost our entire down payment.

First of all, you have to live somewhere. Our four-bedroom was the best of the available options last year when we needed more space for our family. I can’t constantly reevaluate the decision as if we were going to move today. If and when a life change is imminent that forces us to reevaluate our real estate situation, then I will worry about how much of a loss, if any, we would take on the sale of our condo.

As long as my husband remains employed in his industry, we should not have any problems making mortgage payments, nor will we have to move unexpectedly. And the odds are low of our condo devaluing significantly since four-bedroom properties constitute only 1% of the Hoboken market.

Do I think there are some funky, oddly-shaped walkup units far from the PATH that won’t sell and are going to wind up in the hands of the bank? Yes, I do. However, barring some sort of natural catastrophe like Hurricane Katrina, I think the odds are low of strategic defaults becoming the norm in Hoboken. We may not experience huge appreciation like the heady days of a couple of years ago, but chances are we also won’t see drastic price drops either. Whatever happens, we will be able to see it coming from far away.

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Kathy Zucker’s Guide to Hoboken Produce & Public Restrooms

We’ve all been there; on a nice walk around town when our kid has a diaper blowout or an adult desperately needs a restroom. I keep a mental list of Hoboken public restrooms and also of stores where I can pick up fruit/vegetables to make dinner. Here is my list!

Restroom List

Near Pier A
Lackawanna Train Station: Observer Highway & Sinatra Drive. Open 7 days a week, you have to walk past all the fast food options to the main waiting area across from all the NJ Transit trains. Restrooms are located on the wall opposite the entrance doors, pretty clean and with multiple stalls.

Citibank: 1st & River. Open during branch hours (Mon-Fri 9-5, Thurs until 6, Sat 9-3). Walk past the tellers all the way to the far wall, the bathroom is to the right. Single bathroom is kept unlocked, large enough to bring stroller inside & very clean.

Near Church Square Park
Hoboken Public Library: Across from Church Square Park, the bathroom is located on the first floor all the way at the back. Very large, nice & clean, not easy stroller access since there are stairs in the front and the elevator is around the corner. Weekend hours vary but basically open Monday-Saturday.

Near Maxwell/Elysian Parks
Starbucks: 12th & Hudson, restroom is located to the left of the entrance. Open 7 days a week.

Fresh Produce

Farmers Market: Pricey but very fresh. The two markets run July-October and are located on Washington & Newark and Hudson & 12th St.

New Hoboken Farm: Basic produce selection but great prices, about half what I have seen elsewhere.

Garden of Eden: Priced a bit higher than average but incredible selection & quality.

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Reader question about 4/20 Hoboken board of ed election

Kathy, you have two kids and one will be in Abbott preschool this year.  Same as mine, only mine is behind a year.  I need to ask you advice on the board of education vote on April 20th.  Did you study the options/people?  I didn’t but would like to vote.  What’s a good option for us, families with small children?  I know it’s a very lazy question, but I didn’t do any research, and would still like to vote, so thought that it’s better than not voting….  Please forgive me if you find my request offending, I mean nothing by it, just want to help our kids and didn’t have the time this time…

——————–

My response:
No, it’s okay, I am struggling with the same issue! I am definitely voting for three of the four Kids First slate members (Irene Sobolov, Rose Marie Markle & Jean Marie Mitchell). Not sure about Leon Gold since he is a newcomer, but unless I come up with a good alternative, I will vote for him.

The reason why I am voting for them is b/c they cut $4 million from the budget this year without taking any teachers out of the classrooms and I know there are extensive union contracts in place. Used to deal w/union negotiations when I was a hospital marketing director, and their contracts are ironclad. I just don’t believe Maureen Sullivan when she & her people keep saying there is tons more $ to cut. Life is rarely that simple or that fast since it has only been a year since the new board took over a year ago.

That’s it in a nutshell.

Kathy

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Having a second child in a Hoboken apartment

It involves squeezing people & gear in like a jenga puzzle. Cost analysis in new column at http://patch.com/bnePZ

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Living in Hoboken, hitting economic policy sweet spot

I am a third-generation Brooklynite. Leaving that borough to come to Hoboken was one of the hardest things I have ever had to do. However, the math was simple. I could either work full-time to pay the mortgage on a large new construction property in Brooklyn, or I could buy a comparable property for half the price in Hoboken and stay home. The decision was a no-brainer.

After the passing of  the recent healthcare reform bill, I am doubly glad we made that decision eight years ago. The bill taxes people earning more than $250k/year, and I think that the tax load on that group is only going to increase over time as the strains of the huge Baby Boomer generation retiring and drawing on Social Security on Medicare put the federal budget severely into the red.

If my husband and I both worked full-time, we would almost certainly exceed that $250k ceiling at some point in our careers. In effect, we would be working hard and rarely seeing our kids to bring home less money.  One of the reasons why I stayed home when I became pregnant with our daughter was because I am a very good shopper. For example, I recently purchased an 8′x10′ hand-tufted wool Oriental rug and waterproof, machine-washable kid-friendly protective rug for $260 including shipping.

My goal is to maintain a good standard of living for my family while working less. Work smart, not hard. If we were living in Brooklyn, I would be facing extremely limited school choices (you either have to pay a premium to live in a school district zoned for a good kindergarten, with no guarantee there will be enough spots for your child, or else pay $25k+ for private kindergarten). It’s similar to a dartboard approach; you throw a dart at the board and hope it sticks. If your child does not do well at the school where you place him/her, then you are out of luck. Whereas in Hoboken I have about eight different viable kindergarten choices, with spots opening up throughout the year as kids move away (pretty transient population).

I didn’t move to Hoboken because of the schools, but the more I learn, the more I like. Raising a family in Hoboken is not for everyone; if you like having a lot of walkable nearby parks, restaurants and kid activities and are not bothered by small living quarters with a lot of neighbors, then Hoboken is ideal. Judging by the number of kids at the parks and families I see out on weekends now that the weather is nice, I would say that a lot of people feel the same way as I do.

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