Dreaming of Yonkers..is this nuts? (Eastchester, Gates: real estate market, homes, neighborhood)

[karen824]

...for anyone concerned about schools. I know the teachers and administrators are (mostly) trying their best, but the relationship between the city and the schools is not good. Every few years there are massive budget crises and all sorts of "basics" like art, music, librarians, etc. are cut to the bare bones. Transportation is also an issue--it's a big city, some kids have to take buses quite a distance, and I believe some kids have to take public transportation (rather than school buses.)

I lived in Peekskill for over 6 years and would recommend their school system over Yonkers. It's definitely not on a par with Scarsdale, Bronxville, etc., but I think that it's OK, especially for the lower grades. It's a pretty long commute to the city, if that is a concern--about 60 minutes each way. It does have a beautiful riverfront location, though--one of the nicest on the Hudson Line--and there are some charming Victorian buildings.

[Swurgen]

Originally Posted by jodim

Forget Yonkers School's! No Money There For Schooling System. Its Not Worth The Cheaper Condo. When You See Cheaper Places You Have To Ask Yourself Why. Since You Are Not A Born New Yorker This Is How Things Work Here In New York. It's Not A Trick It's Just How it Seem's. House Bigger And Cheaper Means Stay Away!!!!!!!!!!!!Same With White Plains Ok School's But When You Get To High School That One School Is For All Of White Plains Yikes!!!!!!!!
You Might Want Look In The Area's Everyone Else Told You about ,which Is Expensive. Hartsdale Is Greenburg Schooling Not Great Either. But Of Couse Not Until You Get High School. Thinking The Grammer School's And Middle School might Not Be So Bad Since There's More Than One. Think About Rockland County If You Need More For Your Buck And Most school Systems There Are Great. And Still Close To City.

There's your Yonkers education.

[Sorcerer68]

My stuck-up best friend sold his apartment on E. 42nd with his partner and bought a great house there. They love it. He says it's not exactly Stepford but he bought a huge house with the proceeds from his smallish apartment and is fairly close to the City.

[rug city]

keep in mind, yonkers has its own special income tax that they'll whack you with once you're a resident-another example of how they simply can't keep up w/it's failing school system. I'd look into fleetwood, mt. vernon right next door.

[samyn on the green]

Originally Posted by Swurgen

There's your Yonkers education.

Absolutely hilarious watching the Yonkers education in action. If this poster attained a Bronx education the post would have been in all caps.

[Refi]

Originally Posted by mead

Well parts of Yonkers aren't bad. The Eastern part of Yonkers, specifically west of the Bronx river parkway and east of the Saw Mill is pretty nice. This area is directly north of Woodlawn and has a lot of blue-collar Irish and Italian people. This is a really great area for starter homes in my opinion. There are also a couple of stops on Metro North in the area which will take you into Grand Central station if you have to work in the city.

Western Yonkers on the other hand is horrific. Stay away.

Now as the to school system in Yonkers. I wouldn't send a kid into the public school system there unless he speaks Spanish or knows how to throw down gang signs. Catholic school is really the only way to go in Yonkers. There is a nice Catholic school in Dunwoodie and one in Woodlawn, (I think its St. Barnabas).

A lot of people are going to tell you to look at Bronxville, Tuckahoe, Eastchester, Scarsdale, etc for good schools. Of course all of those places are probably going to be out of your price range if you are looking for a place in Yonkers. These are the towns with the best school districts, but as a result all of the houses are REALLY pricey.

We'll said...I've been around this community for sometime and have friends in almost all of the surrounding towns including New Rochelle, Mamaroneck, Rye, Harrison, Port Chester, Armonk , Mahopac, Carmel, Chappaqua, Pleasantville, Hawthorne. These are few of the places that you might want to check...expect to pay for higher real estate taxes...moving into this type of neighborhood is virtually paying for the neighborhood and the school system, not the house itself.

I'm sure we're all aware of the RE bust and there's no denying that it is happening...although, most of the places I've mentioned had shown resiliency in terms of market value...unlike other places that are being hit hard including Long Island and Rockland where the property value had drop from around 10-50 K just this past 3 months.

I can guarantee that we haven't seen the worst yet.

Those that are planning to buy this year should start saving and avoid spending unnecessarily. If you are planning to buy a car...wait till you get into a house. There is always an affordable public transport.

Unless you have a large sum...and for that matter you will either use it for downpayment and closing cost.

Although there are creative ways of financing...you just need to understand clearly if it will fit on your lifestyle and financial situation.

Check your FICO and scrutinize the details (in case there are inaccurate information reported that could trigger a drop in number. Remember your FICO is one of the biggest parameter for a good loan and good rate, it takes 30-45 days to fix an ailing FICO) , also your debt to income ratio, bank reserves, verification of your rentals ( make sure you have payment receipts or at least cancelled checks, avoid paying cash) this will significantly factor into your qualifying guidelines.

Make sure you're up to date with your payment obligations and DO NOT CLOSE old accounts...if you're palnning to pay them off that's fine but leave them open. If you don't have enough tradelines..then this is the right time to build.

It could take a hit on your score...lenders are imposing stricter guidelines for qualifying a loan due to increasing number of defaults across US.

Pardon me for this unsolicited advice but I just couldn't help but share some important facts for first time homebuyers...

They said it's a buyer's year...and I agree..for those who did their homework and are ready...I'm not a realtor if I may sound like one...I am a real estate investor and I'm willing to share some tricks in my belt...no string attach.

If you need more info...pls. PM me or just post your questions here... I have no intentions of selling any service here...just a friendly advice absolutely no cost.

I too, am a homeowner from Larchmont.

I hope that my post will benefit someone somewhere...

Joel AKA refi

[Swurgen]

Originally Posted by samyn on the green

Absolutely hilarious watching the Yonkers education in action. If this poster attained a Bronx education the post would have been in all caps.

That actually was all caps but the board software translated it a little bit for us English readers.

[jodim]

To annamommynous- You may want to consider Yonkers. The schools might not be the best, but at least the people there are real and are not as snobbish and judgmental as in the other areas we have mentioned to you. In the those other lower westchester areas you may live with people like Swurgen and samyn on the green (no cap on the Samyn).
So incase your kids are living with people that are case sensitive or your kids hate to type as I do and is the cause to most of my English errors, your kids might be scrutinized! Because God knows these other people are a real help to society. I am sure these two people were real helpful to you. Well, Annamommynous good luck finding something nice for you and your family and good luck finding a neighborhood with nice well rounded people. Not just perfect snobs. Respectfully jodim from THE BRONX!!!!!!!!!!!!

[NickL28]

There is a reason why houses, condos & co-ops 'appear' cheaper in Yonkers & Mt. Vernon than other parts of Westchester. Like the saying goes, you get what you pay for.

Yonkers isn't Jersey City and doesn't have a large group of Single, White, Young Six figure earners who can afford to spend $2,000 on a one bedroom apartment or $400,000 on a studio condo while the local schools remain decrepit.

Next, prices ARE NOT falling in 99% of the NYC/LI/NJ Metro area. If anything they are still rising (along with rents but maybe slower than the double digit rent increases outside of Manhattan) and all that 'saving', 'scrimping' and perfecting your FICO score won't do anything to get you into a home in a top school district if your five or low six figure income can't support the mortgage payments.

Remember, FICO score ONLY determines the rate one pays NOT how much a lender will approve you for (based on the standard 28% / 36% ratios). Because of low unemployment, the plethora of high paying jobs, and people on Wall Street earning enough to spend $30,000 on a watch means home prices and rents will continue to rise for the forseeable future and only that areas that appear 'cheap' and are far from Manhattan will continue to be well undesirable.

[NickL28]

Originally Posted by Refi

Check your FICO and scrutinize the details (in case there are inaccurate information reported that could trigger a drop in number. Remember your FICO is one of the biggest parameter for a good loan and good rate, it takes 30-45 days to fix an ailing FICO) , also your debt to income ratio, bank reserves, verification of your rentals ( make sure you have payment receipts or at least cancelled checks, avoid paying cash) this will significantly factor into your qualifying guidelines.

Joel AKA refi

Uh no, your income and debt to income ratio determines how much a lender will approve you for. You pretty much just need a 620 FICO score or higher to qualify for a prime rate loan under Fannie Mae guidelines, but it won't do diddly squat if you make $60,000 a year, have a 780 FICO score and want to live in any decent part of Westchester or Long Island.

And BTW, for the last 5 years banks have not returned 'cancelled checks' (except for some exhorbitant fee). You can only view images of the front of a check once it has been paid.