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This article was prepared for the October 13, 2004
issue of U.S. 1 Newspaper. All rights reserved.
Between the Lines
If you want to get a broad overview of the central New Jersey residential real estate market, this issue of U.S. 1, with its biannual residential real estate survey, will give you a good start. The issue includes nearly 200 residential listings, sorted by municipality and by price range.
If you are looking for a modestly priced house in Princeton Borough or Township, we may not be helpful at all. As Marty Stockton of Stockton Real Estate noted in her listing submission, the market for Princeton houses is top heavy, with very little between $300,000 and $800,000. "Of 121 houses on the Princeton market," she wrote, "65 of them cost more than $1 million, and 29 cost more than $2 million." More than half the housing stock costs $1 million plus.
Stockton’s statistics match our survey. Of the 20 listings we received for Princeton Borough or Township, 11 of them cost more than $1 million, two of them were between $800,000 and $1 million, and just seven fell in the range from $300,000 to $800,000.
Stockton also pointed out that many more houses are for rent than is usual for this time of year. Again, our files agree – we have 32 rental listings, more than double the number sent last spring (see page 58). So we asked Bob Hillier, a Princeton native and founder of the fourth largest architectural firm in the country, what can be done for "affordable" small house in Princeton? Hillier’s views on how to deal with Princeton’s housing crisis – and how to buy an older home – start on page 12. The listings start on page 13.
As of Friday, October 1 (the first day of the 2005 fiscal year), there were enough cap-subject H-1B petitions in the pipeline to meet the entire fiscal year 2005 cap, the U.S. Citizenship and Immigration Service announced. No further cap-subject petitions will be accepted until April 1, 2005 for fiscal year 2006 (for a start work date on or after October 1, 2005). This means there will be no H-1B visa numbers available for one full year.
Without access to H-1B visas, U.S. employers will be unable to hire professionals with cutting-edge knowledge and skills – including recent graduates from top U.S. universities with advanced degrees in math and science – to develop new products, engage in groundbreaking research, create new jobs, and compete in the global marketplace. This problem is exacerbated by the insufficient number of U.S. students with advanced degrees to fill specialized positions in math and science.
U.S. employers’ inability to hire essential professional workers will put our nation at a global and economic disadvantage. We urge you to contact your Senators and Representatives to urge them to support H-1B visas generally and to take action to address this shortfall of visas before the current Congress adjourns. Call via the Congressional switchboard (202-224-3121), or send a letter using the American Immigration Lawyer’s Association’s "Take Action" website capwiz.com/aila2/home/
Grotta, Glassman & Hoffman PC
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