Buying in Port Chester (White Plains, Rye: 2009, apartments, to rent)

[deeandzee]

We are seriously considering buying in Wellington Greene. We have 2 young children that can share a room, but unless we build a 3rd room, will look to move eventually. We like the area and are fully prepared to send our kids to private b/c of poor publics in the area. Just worried if we decided to move in say, 5 or 7 years, we'll have a problem with a resale. Certainly do not want to lose $$$. Any thoughts?

[havoc315]

Nobody can make any 100% guarantees, but it's very rare to lose money on re-sale, as long as you stay at least 5 years.
In the current record busting downturn, people who bought 5-7 years ago, are breaking even or making small profits on re-sale. And even if they do lose a fraction on re-sale, the loss is still smaller than what they would have lost if they rented for 5-7 years (where you don't get a tax write-off).

If you think you might stay less than 3 years, than I would urge you not to buy. But if you're very confident that it will be at least 5-7 years, you almost certainly be fine.

Of course, you may really run into several family-growth issues, making you regret staying there for the long term. You have already noted that you would use public schools. I believe Wellington Greene is strictly 2-bedroom condos. With that small size, I wouldn't expect to find very many growing families with school-age children. So you might want to be in a more family friendly development/neighborhood.
Also, as it's basically a big apartment building, I don't see how you would "build" a 3rd bedroom, unless you start converting the dining room.

Especially when you factor in the ultimate cost of private schools.... If you're looking for a place to raise 2 children, you might want to explore other options. But of course, that's up to you.

[deeandzee]

Thank you and definitely understand your points. PoCho is an affordable location for us in that general area. We are having difficulty finding larger condos/townhomes within our budget, in lower Westchester. We are not interested in a co-op or detached house at this point. Plus, coming from NYC, a home like this not only seems like a good transtition for us, but also familiar. Many young families live in 2 bed apts in NYC.

[havoc315]

That's NYC. In Westchester, in a luxury 2-bedroom condo, you will not find any growing families. You might find some starting families (1 young child), you will find retirees, young couples and young professionals, and tons of divorcees. But very few families. I looked at the website of the development you are considering, and noticed nothing listed about a playground for children. I somehow doubt there will be very many children over the age of 4 living in that building.

In terms of your budget-- If you are sending 2 kids to private school, that's another $40,000-$60,000 to add to your annual budget.

While they wouldn't be luxury buildings, I know you can find 3 bedroom co-ops in family friendly buildings and neighborhoods, in more southern Westchester, with good schools, cheaper than the apartments you are looking at.

And for that matter, Port Chester isn't really quite southern Westchester. It's a 45-50 minute train ride, which is pretty comparable to northern Westchester. (Croton in 45 minutes, Mount Kisco is 55 minutes).

Just food for thought.

[ambarstone]

Originally Posted by deeandzee

We are seriously considering buying in Wellington Greene. We have 2 young children that can share a room, but unless we build a 3rd room, will look to move eventually. We like the area and are fully prepared to send our kids to private b/c of poor publics in the area. Just worried if we decided to move in say, 5 or 7 years, we'll have a problem with a resale. Certainly do not want to lose $$$. Any thoughts?

Hi,
Portchester is highly negotiable right now-which is good for you. However, PC has very high taxes...those condos pay over 7K I think. My only concern is that taxes keep going up and that may be a problem for resale. otherwise the area itself is up and coming. PC has an enviable location near the highways and with its own train which will be attractive to buyers in the future.
Good luck,

[DITC]

Originally Posted by ambarstone

Hi,
Portchester is highly negotiable right now-which is good for you. However, PC has very high taxes...those condos pay over 7K I think. My only concern is that taxes keep going up and that may be a problem for resale. otherwise the area itself is up and coming. PC has an enviable location near the highways and with its own train which will be attractive to buyers in the future.
Good luck,

"Up and coming" is the favorite phrase of clueless yups. You must be thinking of that giant white box off Main St. with the Loews and the Costco, and the refurbished Lifesavers factory as "progress" aka corporate america invasion. The common use of "up and coming" can be summed up by more chain stores and midwestern goofballs walking around in dockers khakis and hush puppies. That is not Port Chester.

Port Chester functions as the slave community to Greenwich, Rye, Harrison, Purchase, Scarsdale, and I do not mean this in a derogatory way. As long as these towns stay wealthy, they will need manual labor services that they pay for. Port Chester will stay blue collar for this reason, because the mass of these workers need to live somewhere in the area, and they sure arent going to commute from Poughkeepsie. Some dime a dozen developers and those in charge of the village might try to create some generic sunbelt condo complexes but not many outsiders will buy because those who like the urban type will choose nearby White Plains and Stamford, and this demographic can usually spend more on rent or mortgage.


To deeandzee: if you are willing to send your kids to private schools then Port Chester will be fine. The prices there look good relative to the rest of the county, and you can build home equity as opposed to renting, or taking out a bigger mortgage than you can afford. But your yearly expenses of schools X 2 + property taxes is not going to be cheap.

[ambarstone]

Originally Posted by DITC

"Up and coming" is the favorite phrase of clueless yups. You must be thinking of that giant white box off Main St. with the Loews and the Costco, and the refurbished Lifesavers factory as "progress" aka corporate america invasion. The common use of "up and coming" can be summed up by more chain stores and midwestern goofballs walking around in dockers khakis and hush puppies. That is not Port Chester.

Port Chester functions as the slave community to Greenwich, Rye, Harrison, Purchase, Scarsdale, and I do not mean this in a derogatory way. As long as these towns stay wealthy, they will need manual labor services that they pay for. Port Chester will stay blue collar for this reason, because the mass of these workers need to live somewhere in the area, and they sure arent going to commute from Poughkeepsie. Some dime a dozen developers and those in charge of the village might try to create some generic sunbelt condo complexes but not many outsiders will buy because those who like the urban type will choose nearby White Plains and Stamford, and this demographic can usually spend more on rent or mortgage.


To deeandzee: if you are willing to send your kids to private schools then Port Chester will be fine. The prices there look good relative to the rest of the county, and you can build home equity as opposed to renting, or taking out a bigger mortgage than you can afford. But your yearly expenses of schools X 2 + property taxes is not going to be cheap.

I think the new upscale condos and yes, "the big white box on Main Street" are progress. A few years back there was no reason for me to even step into Portchester-it was a place to be avoided so those new business do represent an up and coming since they help the local economy by attracting people. In up and coming I think on something that is improving but that is still work in progress.

Mod cut: personal attack

[deeandzee]

Great article for PoCho... anyone read? http://www.nytimes.com/2009/04/12/re....html?emc=eta1

[dogsneedgrrrs]

^ I read it a few days ago and I absolutely love it!

[bkhakis]

I remember visiting Portchester before it became so rundown. It was nice!