[mikeswiss]

This will also depend on the suburb and which city its located near, home prices in the surrounding neighborhood etc.

i.e if you built a new city like this, within 15-20 mins public transit of nyc you would get much closer to the ROI your looking at.

Hell now that I think of it Toll Brothers is doing that in Hoboken. A 900sqft 2bdrm costs just under 1m.

[mabramo]

Hoboken, represent!

It's too expensive here, but it's such a great town.

[bane]

Absolutely true. In a place where the going home price is $1m. This is a no brainer. In places where the going home price is $450k, it's just not going to happen.