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Hello -- this is now my second-posting to this forum and I appreciate in advance any insights/wisdom people living in Westchester could provide.
My husband and I currently live in the City and are considering purchasing a home in Westchester. While we prefer lower parts, we are still debating the pros and cons of each town and do like towns further up the line as well. We are looking for an area with a strong Jewish community (not orthodox), which is why I like Scarsdale so much, but with its high home prices (little for your money at or under $800K), and high taxes, I am just not thinking we can swing it, unless we were to consider a condo or townhouse. That said, all the towns we love have relatively similar issues (in terms of home prices and taxes), i.e. Irvington, Hastings, Larchmont, Ardsley, Sleepy Hollow, Pelham (the latter of which I realize may not have as robust a Jewish community perhaps, but I do love the feel of the town and community)...
In terms of value, it does seem you get much more for your money (square footage, nicer finishes, less hassle and most of all, taxes) across many towns in Westchester if you are willing to consider purchasing a townhouse, or condo. Of course there are HOAs, but there would be maintenance with any single family home as well, on top of the mortgage and taxes too anyway, so in all it does seem more manageable. I'd assume utilities could run higher as well w/ single family, depending on the size of a property -- so in all, I can see why some choose townhouses/condos over houses.
My question is, are they good INVESTMENTS? In other words, as we expand our family and perhaps, need for space in the coming years, are such properties more difficult to sell? I am not so much worried about making a profit, as much as just making a good investment where we wouldn't lose money upon selling in say, 3-5 years. I know none of us has a crystal ball, I am just asking about townhouses/condos vs single family detached as an investment in general.
Does anyone here have any thoughts on owning/selling/buying condos and/or townhouses across various towns in Westchester?
A number of my friends have had problems selling townhouses and condos because the units in the complex were virutally identically. So ~5 very simliar units were all on the market at the same time, and the only differentiator was price. Of course, people do succesfully sell townhouses/condos and you have the opportunity to benefit from priced-based competition when you are purchasing. Just something to keep in mind.
Thanks tommya -- that has been my sense as well, based on the few townhouse complexes that I know of in So. Westchester, there are several units for sale in each one. I can see how this is problem for any of the sellers and definitely sent up a red flag... that said, I agree that as a buyer it could provide a little leverage. Were your friends eventually successful?
Single family, not even close. Many banks don't even write mortgages for condos any more. I am not sure about townhouses. Plus. both are harder to sell as no one wants to go through the hassle of buying a place just to have neighbors on the left, neighbors on the right. If you need to go townhouse, best bet is to rent and keep your downpayment in an index fund.
Single family, not even close. Many banks don't even write mortgages for condos any more. I am not sure about townhouses. Plus. both are harder to sell as no one wants to go through the hassle of buying a place just to have neighbors on the left, neighbors on the right. If you need to go townhouse, best bet is to rent and keep your downpayment in an index fund.
Thanks for your advice/solid insight! This was my sense too...now confirmed!
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