Why are real estate fines growing?

Steve Welles, Founder

October 08, 2015

Why are real estate fines growing?

Gail Reiken Tuzman grew up in Canarsie, Brooklyn, but spent most of her adult life in Montclair, N.J. That’s where she and her husband reared their two sons, in a three-story four-bedroom colonial-style house.

She was widowed five years ago. Last spring, newly retired from her job in technology at Rutgers University, she prepared to downsize and move to Manhattan.

The Montclair house was in great condition and along the Fourth of July parade route — “a very big deal in Montclair,” Ms. Tuzman said. She received several offers. A contract was signed in two days, for $841,000.

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Ms. Tuzman, 62, wanted to rent rather than buy, “because I didn’t know how I would like it,” she said.

Her wish list included a quiet location, a living room that was large enough for a dining table and enough sun so that she would not need to turn the lights on during the day. She would have liked a two-bedroom to make it easier to put up her sons when they visited, but the monthly rent for a two-bedroom would be in the high $3,000s or low $4,000s. Her budget was in the low $3,000s per month, so a one-bedroom would have to do.