Condos/Coops v. House (Hartsdale: real estate, coop, townhouse)

[mrspabs]

Do condos and coops appreciate in value in Westchester? We are thinking about getting a condo instead of a house, but I am concerned that they will be hard to sell or we will be missing out on growth.

[havoc315]

Co-ops can be difficult to buy or sell, because you are working with a co-op board. Condos and coops both do appreciate in value at a similar rate as houses. There are buyers who don't care about a private backyard who prefer a townhome/condo over a house, as in many ways you can get more for your money. (Not getting any property, but you get a nicer and more modern living unit).

My wife bought a coop in Hartsdale in the mid/late 1990s. It basically doubled in value in the early real estate boom of 1999-2002. We bought a townhouse together in 2002, and it has appreciated by the same degree as single family houses in the area.

I will say this about re-sale of a condo-style townhome -- There is sometimes a glut of 2-bedroom units, and a 3rd bedroom is far more valuable, and far easier to sell. As a 3-bedroom unit is more akin to a regular house.

Depending on the community and school district, you can get a nice 3-bedroom townhouse-style condo, for $500,000 to $750,000 in Westchester. In that price range, in similar communities, it would be difficult to find much "house."