Who tends to buy $800k townhouses?

[ThatCareerGuy]

Originally Posted by LizfromtheBronx

That's the whole thing. At this point, I have no plans to buy a SFH. I don't want the responsibility of maintaining anything outside. It's not about the money, it's about the lifestyle I want. Other people think I'm crazy, but they have different priorities.

This is a good point. There are pros and cons to everything. For me, the two times a month I mow my lawn and take care of landscaping beats sharing walls with someone else.

There are plenty of townhouses on the blocks around me in White Plains that cost $50K-$250K more than my own home, have a fraction of the "land", and have higher taxes + maintenance to boot!

If money is of no object, I say enjoy!

[KB4]

Originally Posted by NoWe

I imagine there are 2 types of people

1. Empty nesters for the obvious reasons.

2. People who are younger(mid 30-40s) who are moving up from the city, but still pulling 12 hour days at the office and don't want to deal with managing all of the stuff that comes with a house. They're use to apartment living, the like having people around them, young kids with both parents working making 500-1mm/year. They like that the town house is relatively new, high end, and probably has great amenities.

Most of our neighbors fall under these two groups. To each their own. I don't understand people who buy 5-bathroom McMansions or Manhattan coops where maintenance is $5000 a month either. My husband wanted to have nothing to do with maintaining anything, we liked the house and the location, our taxes are about half of what it would be for a comparable SFH, I love the pool, and the fact that we share bathroom walls with a neighbor does not bother us at all. The only thing that bothers me is that I can't have a big fenced-in yard and 3 dogs.

[dazzleman]

Originally Posted by multifarious

$800k townhouse 3BR/2.5Ba 2300 sq ft.
HOA $1k, Taxes $17k.

With no mortgage, that is $2500/mo
With mortgage, that's $5500/mo.

Do people really hate having a yard that much?
Would it be empty nest or retired folks moving from a detached home?

Probably well off retirees who want to be away for a substantial part of the year and want to know their property is taken care of.

[multifarious]

Originally Posted by dazzleman

Probably well off retirees who want to be away for a substantial part of the year and want to know their property is taken care of.

That's a good point. It's more automatic than even hiring people to do the maintenance while you're away. Seems like a premium on convenience. And they are typically more modern and updated too.