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We're a middle class family with (2) children. We're lucky enough to have a large (3) bedroom coop (garden style). But our dream is to own our own home.
Problem 1 - our maintenance costs have almost doubled in 7 years.
Problem 2 - Home prices here just don't seam worht it. If we could afford the McMansion, we'd be in one already. However, we can't swing that and looking at 1/2 million dollar homes that are not much more than starter homes, or affordable homes in areas that seem to be in decline. Then you add the property tax and you drop your jaw (in most areas anyway)
Problem 3 - one of us needs to stay close to the area for family reasons (in Hartsdale). Which negates the Why don't you move out of here option
Question - where can a family go and find somewhat affordable housing in a stable neighboordhood with good public school districts? Is there anything good over the Tappanzee? Any pockets north of here, but south of Brewster? I know that's a wide range, but I'm stumped for now.
Also, If you were or are in this a similar situation - what did you do (or planning to do)?
Question - Where can a family go around here
thank you for sharing your thoughts, questions and comments here. I think that soooo many people out there are in the same situation...or worse.
unfortunatly, it seems that this area is not for the middle class. Although some of us can't really leave. Like you say. So, were stuck for now at least!
It really seams like no one cares about the middle class and our gov't has an agenda to eliminate the middle class. seems like they are getting thier way. The poor IS getting poorer and the middle class IS really the poor class. It horrible and a problem that I think, is ready to burst at the seams. You have college educated people who work hard and can't make ends meet to buy a home of thier own.
To answer your question... Is there affordable places in Westchester? sure, but not ones that I would think you'd like or me for that matter. More specifically if you are looking for areas to raise a family with good to best schools be ready to rob a bank. Do I think people will rob banks literally? if they are educated, NO. But if you are hungry education goes out the window. You have to eat.
I think that most of the stupid people who will default on thier loans and forclose in the next two years are ones who fell for the sub prime teasers and most educated people fell for it based on the speculation that real estate never goes down, is never cyclical. It is... Do I think westchester or surrounding area will see a substantial correction? NO I don't, however, I think it will see continued small correction. Since mid 2005 we have seen 1-3% price declines and I think this will be the case for the next 10 or so years before the economy bounces back. Yet there are other areas like sacramento CA, miami, and other parts of florida that have seen major declines.
I would say that if you are young and can make a move. DO IT and buy that house you wanted.
Unfortunatly.... the american dream no longer exists for the middle class. Thats a thing of the past. it used to be if you get an education, work hard, pay your taxes, contribute to your community... you will get the american dream and be able to buy a home in a half way decent community. Sadly thats no longer the case.
If however, you have 3/4 mill to spend on a home, be able to afford the high taxes of the area, and still have enough money to go into NYC every weekend and drop 4-600 a week on your familes outings, than yeah this is a wonderful place to live. And so, the poor get poorer, the middle class get pushed out, and the Rich... well I think its obviouse.
Maybe I should not be anwering but...
Where can a middle income family go around Westchester..? No Where! We are priced out of anything that looks like a decent place to live. However, you are lucky enough to have gotten a place (a 3 bed!) in 01' and the area you live is priceless so my advice is to stick to it for a while longer and try to be happy. It can't be that bad...at least you can go out and have fun. The reality is that someone or something is going to get you one way or another. If you avoid the high maintenance of the co-op, then you will be stuck with costly reparations of an old house. And the taxes will kill you...if the price tag didn't. And if moving away was an option, it is impossible to know how you and your family will feel outside the safe convenient enviroment you've lived for years. I know my opinion is influenced by personal experience but I wanted to share it anyway. I am one hopeful that soon more affordable decent places to live will be available to us, but in the mean time...patience!
I noticed from your previous posts that you live in Hartsdale. I like Hartsdale, but I agree that the schools are no good. Private school seems to be the way to go in Hartsdale, so I am somewhat confused about your concerns with the local catholic school there.
Two towns I would reccomend are Eastchester and Pelham. I think Pelham has high property taxes though, so take that into consideration, and also remember that Mount Vernon is right next door to Pelham. I think Eastchester is more secluded from the crazyness.
Perhaps even Tuckahoe would qualify, but I believe Tuckahoe is more expensive than Eastchester or Pelham. Tarrytown is nice, but I believe real estate is expensive there and the High School is troublesome in Tarrytown, although the grade school is alright.
Other than that most of lower Westchester is either really expensive (Scarsdale, Bronxville, Rye, Larchmont, Mamaroneck) or somewhat or pretty ghetto with bad public schools (New Rochelle, Mt. Vernon, Port Chester, Yonkers, etc).
I don't know how to resolve the problem with teh maintenance charges in Hartsdale, but Hartsdale is really one of the nicer places to live in Westchester for its, relative, low cost.
We're a middle class family with (2) children. We're lucky enough to have a large (3) bedroom coop (garden style). But our dream is to own our own home.
Problem 1 - our maintenance costs have almost doubled in 7 years.
Problem 2 - Home prices here just don't seam worht it. If we could afford the McMansion, we'd be in one already. However, we can't swing that and looking at 1/2 million dollar homes that are not much more than starter homes, or affordable homes in areas that seem to be in decline. Then you add the property tax and you drop your jaw (in most areas anyway)
Problem 3 - one of us needs to stay close to the area for family reasons (in Hartsdale). Which negates the Why don't you move out of here option
Question - where can a family go and find somewhat affordable housing in a stable neighboordhood with good public school districts? Is there anything good over the Tappanzee? Any pockets north of here, but south of Brewster? I know that's a wide range, but I'm stumped for now.
Also, If you were or are in this a similar situation - what did you do (or planning to do)?
Question - Where can a family go around here
A lot of people on here might bristle, because they have considerable skin in the game, but you really should not be buying in Westchester right now. Your situation actually sounds pretty good... 3BR co-op, Hartsdale... probably near the station. I really wouldn't buy -- if you're looking to move to get into a different school district, rent. I've already seen TREMENDOUS anecdotal evidence that the market, already soft, is close to free fall. Do some rent vs. own calculations. I found a townhouse which is listed for sale at $725,000, with property taxes of $9,500 per year and common fees of $4,200 per year and was able to rent it for $2,500/month! I've seen new construction condos in White Plains rent 50% of what it would cost to buy (I'm talking asking price) when factoring into account taxes. I fully expect the average home price in Westchester to be at least 5% or perhaps 10% lower over the next year or two. You also pretty much lose 6% the day you purchase if you look at the home from a net realizable value perspective (given real estate transaction costs). Rent now... renting to get into the school district of your choice makes so much sense now. If you cannot resist buying, wait 1 year at a MINIMUM. I'm from Detroit. I have a friend who moved to LA a year or so ago and it's startling what's happening out there. A lot of the reasons they said it could never happen to LA are the same as they're saying here.
Last edited by Tuckahoer; 03-06-2008 at 12:35 PM..
Try Yorktown, Somers (low taxes), Cortlandt, Bedford and there are even more affordable options in Rockland or North Jersey- North Bergen Cty- all w/in half hour of Hartsdale. I think you'll be able to get a nice home in these areas for in the 500's. good luck
Westchester, unlike Florida, California, et al, has shown stability. Prices are a point or two from where they were 8-10 months ago. Did prices drop? Absolutely! Did they drop 20%....NO! Spring buying begins now. Kids have to be registered for Sept school start. There are a lot of houses for sale now that will be attractive and get close to asking price by June. Of course, the best will sell now! If in Hartsdale, hang tight or buy nearby, try Yorktown/Somers. Lower taxes, nice area. Co-op prices rising due to peak and drop of home prices (similar to late 1980's), if this continues, home price will remain stagnant while cheaper co-op prices rise. Hang on, trade up when you can afford it. Worst thing you can do is get in over your head now!
As I said in a different but similar thread above, I just bought a coop here in Westchester. I wished I could have bought a house with my own garage, my own parking spot, more than one bathroom, more than one bedroom, etc.
But as many people out there... I COULDN'T. So I consider my little coop to be my little American Dream here in NYC.
Now I COMPLETELY DISAGREE with the comments about how impossible it is to achieve the American Dream.
Sure, here in NYC is impossilbe. But I have lived in six other states and I know that you can have the house of your dreams if you are able to move out of NYC.
Look I know you want to stay in Westchester, I did too but I couldn't justify paying all those taxes. They are way out of control and keep going up. We loved to Danbury CT 4 years ago but now outgrew our condo. We are about to close on a house in New Fairfield CT, it borders Brewster. The taxes are low the house prices are decent and the schools are wonderful. If you are willing to go as far as Brewster, then New Fairfield could be a good choice. You should take a ride up here oneday. If you need a realtor, I have a really good one too! Alot of people are moving up here from Westchester. New Fairfield has its share of Nyer's, KWIM??Its gotten too expensive in NY. I love NY, will always be a Nyer but I can't afford it. I grew up in Westchester. If you don't want to come up this far then maybe you should look in Yorktown. There are other options but you just have to be willing to make a change. It took us 3 years to get used to it here but I wouldn't move back even if I could afford it.
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Stick to what you have...
Hang tight!
