Condo vs Coop in White Plains NY (Rye, Scarsdale: mortgage, loan)

[dhray]

Hi folks,

I'm currently renting a 1 bedroom in White Plains, NY. I've been here for 3 years and I really like living here. I have 3 young kids all under 4 years old. I would like to buy something in 2007, because as you can imagine, we're running out of room fast in our 1 bedroom. Another reason I want to buy soon is because Trump is building another luxury building in WP and I think I should get, something, anything, before he forces all us non-millionaires out of the neighborhood. I'm the only one working right now; my wife hasn't worked since we had our first child. I can't afford a house in the area with White Plains schools. If I settled for the Greenburgh school district I probably could, but I hear it's not as good. That's probably why every property I look at in the WP school disctrict costs so much more than similar properties in Greenburgh. (I'm not sure White Plains schools are all that great either, but I like living here.)

So my question is, what are the pros and cons of buying a condo or coop in White Plains? In either case, I'm still just buying an apartment right? I mean I'll probably still be able to hear my next door neighbor (especially if the units have adjacent bedrooms - that's really annoying). I really want three bedrooms, but a 3 bedroom condo in WP is way out of my price range. Basically, I think I can afford a three bedroom coop or a two bedroom condo. I'm leaning toward a coop because I'd rather not have to move again unless it's into a house. What do you folks think?

[jdhall1]

DHRay,
There is some difference in a general between condos and coops (that I need to know as a realtor, in ct about 45 minutes northeast of White Plains in CT). In a coop, you own a share in the building's corporation that allows for you to live there. You would generally have to put a higher down payment and you would have to be approved by the board. The monthly fees can be high since they might include things like heat and hot water and include property taxes most of the time.
With condos, you known everything inside of your unit (not the exterior walls or roofs) and have an undivided interest in the common elements. There are monthly fees, regulated by the homeowner's associations, for things such as landscaping, snow plowing, saving money toward the future (for new roof/siding), amenties (pool, gym) and etc. You don't need to be approved by a board,a dn with both a coop and condo, you have to agree to the bylaws (you get to look at them after an offer is accepted and have a few days once you get them to agree to continue with the purchase or not).As for the noise issue,the newer units have more soundproffing then older onces, but try to pay attention to noise when you are out looking at homes.

One word of advice is just go with what you can afford. I would recommend a 3 bedroom in either type, because the kids are only going to get bigger and need for space.

I'm happy to help,
Jonathan Hall

[mead]

Where is Trump planning on building something in White Plains?

Are you talking about the new Ritz Carlton that is going up currently?

[mathjak107]

usually co-ops work out cheaper mortgage wise than an equivilant condo because most co-ops have an outstanding mortgage on the building so you need a smaller personal mortgage and its easier to qualify. your maintaince will be highier as it contains your payments for your share of your mortgage the building is holding. if the building has no outstanding mortgage than their would be no difference in your personal mortgage amount but most buildings do.

[Ziggi813]

I would re-check the white plains school districts I grew up near there and I WOULD NEVER send my children to it or nearby greenburgh Schools or elmsford schools. If I were you and wanted to stay in westchester I would check more northern areas such as mahopac which has EXCELLENT schools and very affordable housing! Good luck (and I don't mean to be negative just trying to help)

[dhray]

jdhall1 and mathjak107:
Thanks for the info. I've been doing a little research myself on the differences. At this point, I'll just go with whatever unit offers me the features I desire for the least money. From looking around, I've noticed that many White Plains coops don't have adequate parking. Either there's a waiting list, or there's no garage in the building (requiring tenants to use municipal parking). It seems kind of crazy to have to walk several blocks just to get to and from my car. And with young kids, that's an instant deal breaker. As for condos, there are very few in my price range. But I'll keep looking.

mead:
I think you're right. It's the Ritz Carlton, not a Trump building. From what I read, the hotel will also include private condos. My guess is that they will be luxury units, way out of the price range of the middle class. Won't that drive up prices in the area, or should I not even worry about it?

Ziggi813:
What you said about WP and nearby schools is very interesting. I don't know a whole lot about the WP school district. The only info I have is from a one year old copy of Westchester magazine. They ranked all the high schools in Westchester and White Plains was below average, at least on SAT scores. The schools with the highest test scores were the usual suspects - Scarsdale, Bronxville, Chappaqua, Rye Brook, etc. But those are very expensive areas to live. Mahopac is part of Putnam County, so I had no information on that school district. I plan on being very involved in my kids’ education. So even if the school is not the greatest, I plan on doing whatever I can to make up the difference, if that makes sense. However, a few things are non-negotiable. Number one is safety. The school system must be safe. The school must also have adequate resources and competent teachers. I'm not sure how to verify any of these things. Could you tell me why you'd never send your children to WP schools? I need all the insight I can get, especially when it comes to kids and their education.

[Ziggi813]

I am very familiar with the white plains school district b/c I know teachers who work within them and they won't even send their children there! You were right on with below average test scores, Poor teacher/student ratios, very large population, very diverse ethnically, - they have metal detectors from what I recall to enter the school! I believe mahopac is in westchester county---on the border of putnam but i could be wrong on that. Other good school districts are irvington, mamaroneck!, pelham, --- I would definately check into school information of the different towns. online has some excellent resources - you can look at real estate sites they sometimes offer links to find school info. I understand you are looking for affordable housing. Ny is tough. But, for us, the schools were the main reason we choose an area to live in. SO, it is all about your priorities. GOod LUck.

[dgaccino]

Dont know if you bought yet or not

i just saw this post now

Co-op is cheaper yet you have many more issues both with aloan and with the co-op board itself.

They can decline you for the dumbest reasons

Moderator cut: advertising

[wprules]

I must tell you that my two kids have graduated from White Plains School system and they got an amazing education! They are both in excellent colleges. The magazines that rate schools are not accurate because of the following: White Plains is a huge school district with many special needs kids and many new immigrants that don't speak English - these children's test scores are included in the totals and "brings" the final scores down. Don't go by scores. White Plains has a wonderful school system who serves all kids and is diverse. There are classes for special education children on up to gifted children and they are all served well. So yes, Scarsdale has high scores, but I grew up in Scarsdale and you couldn't pay me to live there. There are only white kids in the school and are all very driven (with lots of anorexia and other problems). If you are not interested in Ivy League schools, Scarsdale is not the place for you. Contrary to a previous opinion on this who thought there were metal detectors in White Plains Schools, that is INCORRECT. My kids went from kindergarten through high school and always felt safe, as did I.

[CJim3]

I think the truth lies somewhere in between. WP is a big school. as such you're gonna have both big advantages and big problems. I don't think WP is "unsafe", but at the same time, it's probably more likely than some other places for an incident or two to occur.