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One of my friends moved to Greenwich. She works in midtown. She said the houses there are cheaper, tax is lower and schools are good. Commuting time is less than 1 hour.
I searched the houses/condos in Greenwich, Scarsdale and larchmont. The prices seem higher than Forest Hills. But the houses looks much better than Forest Hills'. Forest Hills does not have many new ones.
We are thinking of buying a condo (<300,000 two bedroom) or house (<700k) next year. Please help me out with the location. If we buy a house, we hope we can settle down with it. If we buy a condo, we will have to sell it later to switch to a house. And I don't like the maintainance fee for Condo.
But to buy a house, we will have to wait 2 more years. To buy a condo, we can easily buy it next year (<30k). I know with this budget, I can not get relatively new condos, maybe only pre-war.
In my mind its more a matter of whether you like being in a somewhat-urban area with close access to the city (Forest Hills) or whether you'd prefer to be farther out in a suburban area.
You can get to Manhattan from Forest Hills in about 20-30 minutes on the express trains. From Greenwich its going to be at least 45 minutes on Metro North.
Your question comes down to personal preference, as mead said. A few things to keep in mind:
--If you live in NYC you will be paying city tax which can be a couple hundred even on a meager income. However, the savings can be negated by the monthly Metro-North pass.
--Greenwich is one of the most expensive towns in the US, you can see this data easily on any number of websites. Forbes releases an annual report of the most expensive towns and with Greenwich always near the top I don't know why your friend is saying that "Greenwich is more affordable". It certainly is not.
--I would be surprised if you could get much of anything, as far a single family home goes, for $700k in either location.
--Nobody likes the association fees/maintenance fees for condos or co-ops but just remember that even with a $600 or $700/mo fee you will still be paying that in property taxes on a home. Both are tax deductable as well.
Your question comes down to personal preference, as mead said. A few things to keep in mind:
--If you live in NYC you will be paying city tax which can be a couple hundred even on a meager income. However, the savings can be negated by the monthly Metro-North pass.
--Greenwich is one of the most expensive towns in the US, you can see this data easily on any number of websites. Forbes releases an annual report of the most expensive towns and with Greenwich always near the top I don't know why your friend is saying that "Greenwich is more affordable". It certainly is not.
--I would be surprised if you could get much of anything, as far a single family home goes, for $700k in either location.
--Nobody likes the association fees/maintenance fees for condos or co-ops but just remember that even with a $600 or $700/mo fee you will still be paying that in property taxes on a home. Both are tax deductable as well.
Thanks. According to my research, Greenwich is for extrawealthy people. I guess my friend was trying to compare with Manhattan. I personaly like suburban area. But based on our financial situation, Forest Hills pre-war condo is our best choice, sigh... BTW, last weekend, I went to an open-house, a two bedroom condo in forest hills (1 block to F train), built in 1991, not big even though I am not sure the square feet, around $250 maintenance fee, asking $385k, I think it is too much. I would like to buy it if it is $330k.
It sounds like the low $285 maintenance and it's semi-new construction is probably contributing to the $385 ask. It sounds a bit high to me but not totally outlandish. Time will tell if this real estate bear market ever really materializes. If I were you I'd hang out on the sidelines at least until summer to get a better idea of the direction real estate and the economy in general is going to be taking. At the very least I wouldn't expect outer borough prices to be soaring so that place (or a comp) should still be going for around that if not less.
It sounds like the low $285 maintenance and it's semi-new construction is probably contributing to the $385 ask. It sounds a bit high to me but not totally outlandish. Time will tell if this real estate bear market ever really materializes. If I were you I'd hang out on the sidelines at least until summer to get a better idea of the direction real estate and the economy in general is going to be taking. At the very least I wouldn't expect outer borough prices to be soaring so that place (or a comp) should still be going for around that if not less.
Agree with you. The owner said she will not sell the condo for less because she is renting it for $1800/month.
One of my friends moved to Greenwich. She works in midtown. She said the houses there are cheaper, tax is lower and schools are good. Commuting time is less than 1 hour.
I searched the houses/condos in Greenwich, Scarsdale and larchmont. The prices seem higher than Forest Hills. But the houses looks much better than Forest Hills'. Forest Hills does not have many new ones.
We are thinking of buying a condo (<300,000 two bedroom) or house (<700k) next year. Please help me out with the location. If we buy a house, we hope we can settle down with it. If we buy a condo, we will have to sell it later to switch to a house. And I don't like the maintainance fee for Condo.
But to buy a house, we will have to wait 2 more years. To buy a condo, we can easily buy it next year (<30k). I know with this budget, I can not get relatively new condos, maybe only pre-war.
Thank you for your kind suggestions.
whats the problem with waiting 2 more years for the house?
whats the problem with waiting 2 more years for the house?
We will have a baby. And we are living in one bedroom apartment. My parents will come and live with us for a year or so when our baby arrives. So We want a two bedroom apt. But renting is high. So I would rather buy one next year.
ahh makes more sense....so your parents are going to help you with the child care while you work....i guess you can't wait for the house then.
where do your parents live though, would it be hard for you to drop off and pick up the baby instead?
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