Can you compare Pittsfield, MA to Albany, NY? (Boston, Springfield: apartment, foreclosures)

[gdowler]

I visited Albany in the fall, and like, for the most part, what i saw. Not sure about the "vibe" my husband and I got...guess we would have to spend more time. LOVED the architecture in Center square, and Pine Hills. We are looking for a walkable city, with some good restaurants, cafes, environmental recreation nearby, and maybe a concert/play every now and then. We live in Queens right now, and like walking to the grocery, breakfast, etc. Hope to keep things that way. Have not visited Pittsfield yet but it seems like it is an up and coming area. Do you think Albany/Pittsfield are depressed cities? Which would be a better investment? How does the cost of living compare? I know taxes in MA are much less but do they base the percentage on assesed value, or market value? Do you know of any other cities/towns that might compare ($170k or less) Thanks!

[baron tweedmouth]

Pittsfield is an up and coming community for artisits etc. The area overall is quite nice, but relies heavily on wealthy New Yorkers and Bostonians that summer in the Berkshires. The surrounding area (berkshires) tends to be on the more expensive side. Pittsfield is cheaper as it is still up and coming and has some "grittier areas" to it. Overall it has been getting some positive press. Job opportunities may be limited.

You may want to check out Springfield, MA as it is still reasonably priced and there are much greater employment opportunities. The Greater Hartford area has many jobs and Springfield benefits from this as it is only 20 miles from city center to city center. Springfield seems to be on the upswing and there are many properties available in your range.

You would love Northampton, MA, but it may be out of your price range. It is a highly sophisticated community 20 miles north of Springfield, MA with tons of restaurants/cafes etc...and beautiful natural scenery as well.

[missionhill]

Although undergoing some revival, Pittsfield is without a doubt a depressed city after losing thousands of manufacturing jobs over last 20 years or so. But you should check it out. The recreation and cultural opportunities in the Berkshires are hard to beat. Albany rolls along on state jobs. I hear Troy, N.Y., once very depressed, is now up-and-coming and may have a urban downtown where you can walk to things. I'd second the motion on Northampton, and you might find it affordable if you're selling something in Queens. Property taxes in MA are supposed to be based on "full and fair" value of property. They work out to be a bit higher than NYC taxes on private residences but much lower than in the New York suburbs.

[willdufauve]

Usually, and this is a generalization, people in western Mass in the places you mention don't walk to things like in NYC. Mostly people drive everywhere.

As for a house in Northampton for $170k, if you find it, there will be a 50 local people standing in line ahead of you when you get there, or it's a shell.
Small condo, yes.

North Adams, Greenfield are maybes at that price. I think house taxes and auto insurance would be noticeably less than Queens, just from talking to people from Queens I've met (and there's a lot of them here).

[Miker]

gdowler, did you mean to ask for a comparison of Albany vs. Springfield, not Albany vs. Pittsfield? Looking at the pictures of Pittsfield here on City-Data it looks like a small, quaint New England town...with beautiful scenery I must add. This is quite different than you would find in Albany.

I could be wrong but it seems a comparison of Albany vs. Springfield would be what one might be looking for as they are much more similar environments.

[FutureSoxFan?]

Albany > Northampton >>>>> Springfield/Pittsfield

Albany has some marginal areas but Pine Hills and the area west of that are quite nice. Also pretty good variety of cultural and commercial activities. Solid economy because of state govt. Basically has everything you listed as being your interests.

Northampton's very nice but much smaller and more expensive than Albany. At a $170K budget, I'd forget about this one.

Springfield, well, some nice areas but they're largely surrounded by dumpiness. Struggling to make a comeback but it's got a looooonnnng way to go.

Pittsfield as I remember it is OK but nothing special; lots of nice country around it in the Berkshires.

[gdowler]

I guess what I meant by comparing Pittsfield to Albany would be how the downtown area living compares- as that is where we would want to live (in close proximity to rest, cafes, theater, etc). It seemed to me like both the above mentioned cities had those things....just not sure which one is more "comfortable". I don't care much for Springfield- not sure about the downtown there. Job is not really a big problem....may be telecommuting. And yes....love the thought of Northampton, but need to be able to buy a 2 family. That is because as a first time buyer we want to be savy about things too (not be tied down with a huge mortgage)...and rent roll would be great.

[holden125]

Originally Posted by gdowler

Need to be able to buy a 2 family. That is because as a first time buyer we want to be savy about things too (not be tied down with a huge mortgage)...and rent roll would be great.

I've heard from people who've been burned that you should not count on the rent roll in making your calculations. If you have problems renting a unit or if someone doesn't pay, you will be on the hook for the full mortgage, the exact situation you're rightfully trying to avoid. There was a very nice apartment in a 2-family on my girlfriend's block, in a highly regarded town right outside Boston, that didn't rent for months. I took the tour, thought it was a great deal, and would have jumped on it if my job weren't in NYC. The potential exists, and is probably greater in a place like Pittsfield that doesn't yet have the economy you have in Queens or close to Boston, for you to have trouble renting a unit to someone responsible who'll pay on time.

[Valerie C]

Also, be VERY cautious, learn everything you can BEFORE jumping on the "landlord" bandwagon... You don't just sit back and let the rent money roll in... There are a TON of multi-family foreclosures on the market, and a reason that they were foreclosed on... Also if buying a bank-owned property, they are sold as-is, bank addendums are written to keep the bank's interest intact, leaving you fewer rights than a conventional transaction, throughout the escrow period.

Also, consider the lead-paint issue. If you'll be buying a 2-family AND you'll be occupying one of the units, you'll have some leniency in the lead-paint issue as long as you live in the building. However, should you decide to move out (to a single family, let's say...) you cannot discriminate against a family with children under 6, and if such a family moves in, you will be required to de-lead the apartment(s). If you don't, and that child gets lead poisoning, you will be responsible.

Great place for you to become acquainted with tenant rights is here:
Tenants' Rights in Massachusetts: Private Housing - MassLegalHelp

[gdowler]

Originally Posted by holden125

I've heard from people who've been burned that you should not count on the rent roll in making your calculations. If you have problems renting a unit or if someone doesn't pay, you will be on the hook for the full mortgage, the exact situation you're rightfully trying to avoid. There was a very nice apartment in a 2-family on my girlfriend's block, in a highly regarded town right outside Boston, that didn't rent for months. I took the tour, thought it was a great deal, and would have jumped on it if my job weren't in NYC. The potential exists, and is probably greater in a place like Pittsfield that doesn't yet have the economy you have in Queens or close to Boston, for you to have trouble renting a unit to someone responsible who'll pay on time.

Well....thanks for your advice but we are much smarter than that. No way would we not be able to cover our own mortgage say a tenant wasn't paying. Plus we will bel iving in it as well...so the extra rent would just be *extra*. I grew up around multiple family dwellings...and YES there are complications....but I have also seen the MANY benefits...and am completely prepared for the negatives. Why should I be explaining this!?!?! That was not my question in the first place! Tell me something I don't know. Most people do not understand the value of buying a multiple dwelling as a first time home apparently.