Which has better investment potential: Inwood or Riverdale? (real estate, subletting)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You're looking to buy an apartment (1 bedroom or studio) in either Inwood or Riverdale, which you'll live in for at least 5 years before either subletting or selling. Quality of life issues are put aside for the moment, as is commuting distance. Considering either location purely in terms of potential growth after 5 years, which apartment would you buy? I have my own answer, but I'd love to hear your thoughts before I reveal mine.
I'd choose Riverdale over many areas in Inwood, but in terms of dollar appreciation, anything in Manhattan by default has the edge in investment potential. Though, again, I'd prefer Riverdale as a place to live.
Im actually in the same position. I want to invest in RE in either place. Inwood has the Manhattan factor going for it but I don't like the are and QOL. I like Riverdale alot but its further than Inwood. Does the distance make that much of difference? Not much, for me at least. I guess for folks who like to say they live in Manhattan, send mail using a Manhattan address, Mnahhatan area code, etc I guess that is important for them.
I agree with both of you. There seems to be more upside for Inwood, but also a little more risk because of quality of life issues and the overall ups and downs of Manhattan real estate. I feel like Riverdale would definitely be a safer, though maybe more boring, investment.
Just based on aesthetics, I actually prefer Inwood. Inwood seems to have a lot more late deco-style buildings, which I prefer, whereas Riverdale has more 60s-era high-rises.
Remember,
You will be spending the next 5 years there, so there is NO way to consider the choice only between the potential price increase, if any, of the two properties.
If you buy stock for appreciation, or art for price appreciation, you don't have to LIVE in your choice. Not so with an apartment.
Honestly speaking, as a person who has owned before as a single woman, I never thought overly long about investment potential because I had to live in the place. I always buy based on the premise of "this is the place I'd want to set up roots for awhile" (even if that wasn't the case). So quality of life was/is very important to me. It ended up that I did make money after all, but I'm sure if I purchased that co-op in Inwood (that was below $100k at the time) I would've made even more but the area was too dodgy in parts and I worked late often.
Inwood for sure (west of Broadway). However, if you drive regularly, Riverdale would be much easier since parking in Inwood is a nightmare. Personally, I strongly prefer the architecture in Inwood. Riverdale is more suburban, but with these big modern high rises. Not the type of development that is growing in popularity at this time.
If you buy real estate to live in only for "investment" purposes most of the time you are making a big mistake. Typical real estate does not appreciate over inflation unless you buy at the right time in an area that is growing quickly. Even if you know the area is popular and growing fast (Inwood being an example), everyone else also knows about the area and the expectation may already be priced into the market. Finally, real estate has almost no liquidity. If you need that money now for an emergency too bad.
#1 concern is quality of life. First choose to live in a place where you want to be for the next few years because you like it there and it serves your needs. Then take a look at the available housing stock and do the math to determine whether buying or renting makes more sense.
All that being said I would probably choose Inwood (particularly the small part north of isham/west bway), but I like the area more than riverdale.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
