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Old 03-03-2015, 04:38 PM
 
Location: Manhattan
2 posts, read 1,886 times
Reputation: 10

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Hello beautiful people, I need some help.

I just got merried and my wife and I want to move to White plains. She works there and im starting to look for a job, probably its going to be in the city. We are planning to buy a 1 or 2 bed apt near the metro north in White plains. Our original plan is to live there around 3 to 5 years there, but we want to know if its a good investment in the future. My questions are;
1) Its easy to rent and apt in White plains?.
2) Its a good timing to buy in White Plains?
3)I wanted to know how liquid its the reals state market there
4) Where can i find informations about the city, I want to know if there is any big projects coming soon, New buldings, New Shops etc.

Thank you all
best
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Old 03-03-2015, 08:58 PM
 
Location: White Plains, NY
34 posts, read 42,015 times
Reputation: 37
Hi, Samuel. I live in WP, and will do my best to answer your questions.

1) Its easy to rent and apt in White plains?. I don't think you'll have a problem renting near the train station if that's what you want. I know people in the Bank Street Commons building, who are happy there. I'm not in a position to speak about current vacancies, but my understanding is that there are many units, and a relatively high amount of turnover. The Avalon building is also convenient to the train station; we know people who have been happy there, as well.
2) Its a good timing to buy in White Plains? I'd be far out of my element trying to help anyone time the real estate market. For what it's worth, my wife and I bought a condo in WP in 2006. When we sold in 2012, we took a hit, but I think just about everyone who bought something in 2006 and sold in 2012 took a hit. The good news was that we got a lower price on the house we bought in WP, and we have been very happy in it.
3)I wanted to know how liquid its the reals state market there? WP generally has homes for sale at a wide variety of price points. My understanding is that the market hasn't yet completely "heated back up" since the downturn, but we've certainly seen some movement.
4) Where can i find informations about the city, I want to know if there is any big projects coming soon, New buldings, New Shops etc.? There's a new complex on Main Street, with a hotel, Chipotle, Planet Fitness, Asian restaurant, and Friday's. Apparently we're expecting a new complex on Westchester Ave across from the mall (around where a car dealership vacated space), and something at some point in the old Westchester Pavillion space.

I hope that helps. Happy to talk offline if you're interested.
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Old 03-04-2015, 06:31 AM
 
367 posts, read 882,008 times
Reputation: 120
I personally would not call buying an apartment in white plains (or anywhere?) a good investment. You will make little if any profit after common charges.

I would say it is a worthwile convenience. You have others taking care of the property, cleaning the snow..etc. Makes for comfortable living. As long as the walls are thick enough and you can't hear your neighbors.

I think of aparments as mutual funds with high fees. For example, the aparment fees will pay for snow removal. Lets say they pay $100 for snow removal, whereas you could of removed the snow yourself for the price of a shovel.

Also, I would advice you to rent first for a year and see if you like it before you buy. This gives you time to find a job, at which point you may have more options. Good luck.
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Old 03-06-2015, 07:00 AM
 
Location: Chicago
5,559 posts, read 3,676,724 times
Reputation: 2181
Having lived in a condo in Chicago for many years, I have come to realize the negative consequences of being in real estate partnership with other owners who you know nothing about. The only advice I can give is look for a condo association with a very active ownership (very rare), and one where there is a real independent annual financial audit as well as a frequent change of Board of Directors. There really no laws protecting owners and it almost feels like being a renter with 30 years of upfront rent payment.
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Old 03-06-2015, 05:46 PM
 
Location: Manhattan
2 posts, read 1,886 times
Reputation: 10
Thank you guys, very helpful answers. Really appreciated
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