New Ro. Coop (New Rochelle, Ossining, Larchmont: sale, real estate, apartments)

[JSmommie]

Hi everyone! I am somewhat new to the area, my husband has lived in New Rochelle, specifically Forest heights his whole life. I have a few questions. . .
First does anyone have experience with the New Ro. Coop market? We own one and are beginning to look to move to a house as we now have a 7 month old.
Second, any ideas on neighborhoods to look in? We want something that is family friendly, close to metro, husband commutes to financial district, and offers "starter homes".
Last, any recomendations on places to meet other moms, or stay at home moms, it seems most of the groups I have found are more for working moms.

Any advice would be greatly appreciated!!!

[JSmommie]

To add to my OP. . .
We have lived in our coop for almost 2 years, since we need the liquidity from the sale to buy our nest home, should we wait to see if prices continue to trend down? Or will it be so difficult to sell the coop that it is better to just get out now? We are on the border of Larchmont, and are actually closer to the Larchmont town, and metro stop.

Thanks in advance for any advice!

[EdJones]

Best thing would be to ask Real Estate brokers in the area. They are the ones that might be able to give you an idea about the coop market in your area.

I just bought a coop in Westchester and seems like the market for apartments is "relatively" OK around here, specially after the Feds dropped the percentages down, and that translated in more affordable mortage payments. With lower interes rates, somebody should be able to buy your apartment within the nex couple of months if you decide to sell

Another thing to consider is the short time you have lived in the place. I believe the two year mark is a MUST with coops and condos, otherwise you'll be taxed on the liquidity according to the NY law. So please make sure that you meet the two year mark before you put the apartment on the market.

-Ed

[JSmommie]

Thanks for the insight. I did not know about the tax. In that case we will definately wait until we hit 2 years. My only fear about sellings is that we will find a house we like at the right price, and not be able to get it because we are either waiting for offers on the coop, or waiting for board approval etc. on potential buyers.

Any advice from anyone on good "starter Home" areas to research before talking to a realtor?

[EdJones]

Yeah, you definetely don't want to put yourself in a situation in which you are buying/selling at the same time. My guess is that with a coop that would be too much of a risk: if the board denies your prospect buyer(s) then you are in serious trouble. With a condo that would be quite a different story.

Do you know the price range you're might be looking at for the house?

[Scarello]

The lofts at New Roc are coop's and most are being sold by the sponser so you will not need board approval. Please feel free to email me directly (scarello@aol.com) if you have questions on them.

[JSmommie]

Ed-
Thanks for the advice. IU have been busy so haven't had time to spend on the net lately. Anyway, we do not want to spend any more than 6-7k on a house. We would feel most comfortable around six. Anything over 7, and we would end up being "house poor". we want a nice place, but we want a life too!

Does anyone have any info about Ossining? There are some houses listed on Craig's list in the 4k range that are supposedly new construction. There are no pictures of course.

Any info on Ossining & areas around there would be greatly appreciated!!!!

[Kevrltr]

I would definitely put your co-op on the market as soon as possible. Even if you sell it right away and go into a rental until you decide where you want to be.

Activerain.com has a lot of info on different towns and villages in Westchester.

All the best!

Kevin O'Shea

[maria somers]

I am from the area and larchmont hands down is a wonderful community . close to the city and a great place to meet moms