When Ann and Jonathan Binstock started shopping for an apartment in Manhattan in 2007, their first call was not to a real estate broker. Instead, they hired an education consultant, to show them where the best schools for their daughter, Ellen, were. After the consultant suggested the most desirable zones , they chose a two-bedroom apartment near Public School 87 on the Upper West Side. Public records show it cost $1.975 million.
Ms. Binstock said the family’s apartment “was a stretch financially.”
“We ended up buying the apartment that we live in now based on the schools,” she added. “All of our money is in our little two-bedroom apartment.”
Full story: The Appraisal – Parents’ Real Estate Strategy – Schools Come First – NYTimes.com