best places to live & get 1-bedroom for 150k?? (Yonkers: best neighborhoods, real estate)

[littleredrobyn]

My husband and I have been living in Brooklyn for 10 years and are planning to move to Westchester next year. We'd like to buy a 1-bedroom apartment and have a budget of about 150k. I'd love to get some advice on the best neighborhoods where we can get an apartment in our budget.

We'll both be keeping our jobs in Manhattan and would like to find an apartment where we can walk to a Metro North station and have a train ride that is less than 45 minutes.

We don't have any kids yet and although we plan to start a family in the next couple of years we intend to move again once they would be entering public schools. So, we're not concerned about school systems.

I grew up in Yorktown Heights and one of the reasons I want to move back to Westchester is I really miss the beauty and slower pace of the suburbs so I'd love to find a neighborhood that has something beautiful about it -- like large old trees or great parks or just something to make it feel really different than Brooklyn.

What I'm most concerned about is that given our lower budget I don't want to end up somewhere barren/industrial/unsafe/etc. I've noticed a lot of more affordable places in Yonkers and Mt. Vernon but don't know what are the better parts of these cities. Also, I'm interested in hearing about other possible areas such as Hartsdale, White Plains, Tarrytown, etc.

Thanks for any input!

[bmwguydc]

In your situation, I would definitely look into the co-op situation in Yonkers with the Bronxville PO as most areas are walking distance to the village and train station. It's a quick MetroNorth ride from Bronxville to GCT, about 30-35 minutes, and it's a decent area of Yonkers with many older buildings that are well maintained. When you search for these properties look for the Bronxville zip code, 10708. An easy way to tell if it's in Yonkers is by price, since if it's not over $400k on the low end, it's not in the Village of Bronxville.

[littleredrobyn]

Thanks so much for the info about the area of Yonkers with a Bronxville PO. And many thanks for including the zip code -- that will make it much easier to start looking!

[acip]

If you can try to save some more money and rent for the time being
Co ops have next to nothing in resale value and cost alot more than you think
They have very high MOH fees and remember you do not own it at right like you would with a condo You own a share of it You should also look in Rockland if possible
There are some 1bdrm condos in Pomona that run in low 2's Good luck

[Viralmd]

Originally Posted by acip

If you can try to save some more money and rent for the time being
Co ops have next to nothing in resale value and cost alot more than you think
They have very high MOH fees and remember you do not own it at right like you would with a condo You own a share of it You should also look in Rockland if possible
There are some 1bdrm condos in Pomona that run in low 2's Good luck

Pomona is on the other side of the Hudson, making a commute to NYC a significantly bigger challenge.

I would also say that your understanding of a co-op is flawed. One does have ownership in a co-op, but instead of owning the actual unit, you own shares in the corporation, allowing you to have a proprietary lease. Fees aren't necessarily higher than those for condominiums. AND, for what it's worth, because co-ops vet their shareholders' finances, fewer co-ops are having foreclosure issues now and are more financially sound than many condominiums, since anyone with money (real or a crazy ARM mortgage) can buy a unit in a condominium.

[bmwguydc]

Originally Posted by littleredrobyn

Thanks so much for the info about the area of Yonkers with a Bronxville PO. And many thanks for including the zip code -- that will make it much easier to start looking!

You're welcome. One other thing to remember about co-ops, to build on Viralmd's excellent synopsis, is that you get tax deductions from the co-op fees since you pay property taxes through them. So, this means that you get your primary mortgage deduction, and your property tax deduction, thus you may encounter a higher monthly fee than a similar condo, but you also get no separate property tax bill as you do with a condo. The board's financial documents will tell you what percentage is tax deductible.

While it's true that co-ops do not appreciate at the same rate as other properties, they are generally more stable levels of appreciation, so if you purchased for $150k and sold for $165k, you might not make a huge amount on the transaction, but you have had the tax benefits on mortgage interest and property tax, and you have controlled your housing costs during the time that you lived in the building.

Neighboring areas of Tuckahoe, 10707, and Eastchester, 10709, have co-op buildings that are similar to those in the Bronxville PO, but are usually only as low as the $170s-$190s, owing to the good school districts that serve the Town of Eastchester, of which both are a part, and the relative lack of apartment buildings in general compared to neighboring communities.

Another area that might be worth investigating is Pelham, 10803, as it offers some co-op buildings that are pre-war as well and has a good commute time to GCT. Again, there might not be a huge number of them at around $150k, but you might find something there too. This is on a New Haven Line train, whereas Bronxville, Tuckahoe, and Eastchester are on the Harlem Line train. Larchmont, 10538, also has some co-ops, but they are generally a little higher as in Eastchester and Tuckahoe, unless they need some renovations. Check the policy with the co-op board regarding such, as it can be a hassle due to time constraints on when the contractors may work on the apartment, etc.

[acip]

While I can not tell you of the current market in Westchester I can speak of Rockland
There are numerous co ops on the market and have been on longer then condo's
Many are selling close to what the owners paid for orginially or less
The MOH fees on them run between 800 & 900 amonth Where a condo fee may run between 200- 400 amonth
Add that to your mortgage payment depending on the amount you are putting down and in many cases you will actually be paying more a month And if you can afford that you can def afford a condo Owning something out right as to a share of something is def
something to think about and owning real estate in general has tax deductions benefits
Also speaking of the ones I deal with here there is also an application fee which cost around 450 that you must submit to the board and if you are turn down you do not get a refund on the fee Also you can lease condo's as well and with a condo you do not have to get board approval on your rental as you do with a co op If you speak to a mortgage broker and ask which is a better investment, I bet he/she will advise going for the condo

[littleredrobyn]

Many thanks to all for the info! It's very informative and helpful in starting to think this through.

[Natalpaz]

If you are willing to increase your commute time by about 10-15 minutes on a train, I'd suggest looking in Mt Kisco. There are several nice co-op buildings there with 1BR/1BTH apartments going for under $150,000. They are all within walking distance to the train, village, shopping and restaurants. You will also be close to all the great parks and outdoors of the Northern Westchester.

[AskCandy]

Fleetwood, Mount Vernon is wonderful (10552). Yonkers, Bronxville PO (10708) though it may be challenging in your price range. White Plains has become like Manhattan, but if you can find something there walking distance to Mamaroneck road, take a look. However, the train is further away from most of the residential buildings you are likely to find.