Riverdale Dilema (New York, Yonkers, Hudson: real estate market, rent, condo)
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I am in my early 40's, am unmarried (ready to start looking for a wife!), and am at a bit of a crossroads. I am currently in the DC area, having moved here 2 yrs ago. Before that, I lived in Southern California. My salary will be around 75k +, and I do not have any kids.
In a few months, I have the opportunity to move back to California (a big part of me misses the weather!), BUT, my dad has made this decision difficult. In order to try and keep me on the east coast (where my parents and brother live), he has offered to turn over his condo in Riverdale to me (it overlooks the Hudson - top floor - nice highrise) so that I can start building equity. If I move back to CA - ya, I'll have the sunshine, but I'll still be a renter. To be honest, I would likely not have any chances of owning a home...unless I find a rich wife!
So my question is, what would you do in my situation? Is Riverdale is a nice area? Would it be easy to meet people? I do like NY when I go to visit, but how easy is it to get into Manhattan on a regular basis? The express bus is one's best bet, right?
Sorry for the long message, but I've got to decide in the next 8 weeks or so, as job offers in both CA and NY will be coming in. I've got to make a decision. Sunshine/beautiful weather, or nice 2 bedroom condo to myself and begin building equity?
I'd personally take the Riverdale opportunity. You'd be getting a piece of prime real estate with no strings attached. I'm a big proponent of real estate ownership, even in a down market. You're in your 40s, so now is a better time than not. Riverdale is a great neighborhood in the Bronx and while it doesn't scream singles meet up, it is great for raising a family. You can commute easily to Manhattan which would increase your chances of finding someone.
Nice weather is good and all, but I just think there are better opportunities with the New York deal.
I'd personally take the Riverdale opportunity. You'd be getting a piece of prime real estate with no strings attached. I'm a big proponent of real estate ownership, even in a down market. You're in your 40s, so now is a better time than not. Riverdale is a great neighborhood in the Bronx and while it doesn't scream singles meet up, it is great for raising a family. You can commute easily to Manhattan which would increase your chances of finding someone.
Nice weather is good and all, but I just think there are better opportunities with the New York deal.
Thanks for your response, Riaelise! I must say that I have heard good things about Riverdale, and have enjoyed the brief time I have spent in the area. Being close to Manhattan is definitely a big draw -- you are right.
If you're close to either the Spuyten Duyvil or Riverdale stations, buy yourself a monthly metro-north pass so you won't hesitate to hop into the city whenever you want to meet throngs of people.
I, too, would go for the condo in Riverdale. Some opportunities only come around once in a lifetime. I would say that this is one of them.
This condo is something you'd never be able to afford with a salary of 75K since you most likely wouldn't even qualify for a 2 bedroom condo of the sort you describe without at least a 50% downpayment (150-175K). You will be in a very good position to save money because your overhead would be low, since you'll have no mortgage. The mortgage is usually the biggest portion of the monthly nut. Your salary is good enough that you can live well and save a good proportion of your income.
If you decide in a few years you really would rather return to CA, you can sell the property and start fresh out there with a large bundle of money, or rent it out to keep a secondary stream of income.
Riverdale is a great area & an easy commute to NYC.
Younger people priced out from NYC's real estate market have been moving up to Riverdale & Yonkers.
I'd def go for the condo.
Thanks znycgirl - that was part of my concern regarding Riverdale...I had heard that there are a disproportionate number of seniors living there. It's good to know that younger people are beginning to move there (although I am sorry that it is because they are being priced out).
Marie - I like your thinking and agree that I definitely would not be able to afford this condo on my own - not by a long shot. I really do recognize that I am lucky to have this "dilema!"
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