oomis – interesting, because I heard that the Five Towns (Cedarhust) is much LESS expensive than Far Rockaway. For example, Zillow has a “normal” (1185 sq. foot) size house at 726 Elvira Ave sold in 2011 for 995K. A similar house in Inwood might be in the 400K area, while a much larger house in Cedarhurst, 362 Oak ave, was sold last year for 710K.
My understanding is with the new Rabbis (Rabbi Forst & Rabbi Feiner) Far Rockaway has become the new “in” location that new couples want to move to. This is especially (as you note) that Far Rockaway has relatively low property taxes.