Home Buying in Bronxville>Question Details

Amanda, Home Buyer in Boston, MA

Buying a condo or house in Bronxville....would it be smarter to wait as the market seems to be falling?

Asked by Amanda, Boston, MA Thu Aug 9, 2007

Help the community by answering this question:


Nobody can predict the bottom of any real estate market... if you need housing now, then it is the right time to buy... rates are near historic lows and with a good buyer's agent on your side you should be able to secure a good deal... it is buyer's market after all... call me if you need help or want more detailed insights...

Phyllis Lerner
Legends Realty Group LLC
1 vote Thank Flag Link Thu Jun 5, 2008
Right now is a great time to buy. Winter pricing will be great for a buyer to get in and your not competing with many since alot of not as serious buyers wait till the spring. Pricing on Single family homes have actually risen slightly. What you should be looking at is that interest rates are at 40 year lows and who knows where they will be tomorrow, with a good Realtor on your side you will get a killer deal. Good Luck!

Mike Luchen
RE/MAX Power Realtors
1 vote Thank Flag Link Sun Dec 2, 2007
First of all, your information comes from the 2000 census – I hate to break this to you - but its 2008! A lot can happen in 7.5 years! There has been significant changes in population composition since that time. Second, how do you explain that some of my best BUYERS are NOT American nationals? Fully HALF of my clients are foreign nationals - and they are looking for luxury housing. Westchester is just dirt cheap to them and they are plunking down 30-100% CASH.

This is something fairly new, so stats from the year 2000 will not reflect that trend at all. The trend reflects what Americans have done in the past. They buy initially in the City, then they have families and like a lot of city dwellers, the look to the suburbs for more space.

Furthermore, someone is SELLING those units to foreigners. They aren't just snapping up new construction ya know! Those sellers are often American and they are coming to Westchester with wads of cash - literally. They have the money to buy and buy they do. This is a primary mover in the Westchester market. As it gets too expensive to stay in Manhattan, Westchester looks better and better. They aren’t affected by the mortgage crisis either.

A little knowledge is a dangerous thing. You need a better understanding of context. You also need information that far more up-to-date. Are there dishonest agents? Sure. But I’m not one of them. I present FACTS. The media is “talking down the market” to the point of total senseless irrationality. Unfortunately, the disconnect between salaries and housing costs will continue on their divergent paths in areas such as NYC for the foreseeable future. This has to do with a tremendous transfer of wealth flowing from America and to almost anyone who is holding anything but American dollars. This happened to a smaller extent in the 1980s with the Japanese. But to today its coming from EVERYWHERE, Europe, Australia, Dubai, China, Eastern Europe, India – you name it.
1 vote Thank Flag Link Fri Nov 9, 2007
Dear Amanda,
I actually think now is a great time to purchase. Although statistics country wide show the market falling, we have been very fortunate in lower Westchester to have our market remain strong. Having said that, those statistics are price driven, meaning you may need the help of an experienced broker to help navigate a fluctuating market. An expert would be able to share market statistics and trends to enable you to be comfortable in your decision. I feel strongly an educated home buyer becomes a happy home owner.!Call anytime to discuss your plans. Amy Via (Bronxville) (914) 337-0400 Ext:242
Web Reference: http://HoulihanLawrence.com
1 vote Thank Flag Link Thu Oct 25, 2007
I'm sure everyone has answered correctly, allow me to add that it depends how long you will be in the home and what your current living situation is. If you plan on owning it for at least 5 years I would buy now. If you living in a sub-par rental and suffering while you wait for the bottom, BUY NOW!
0 votes Thank Flag Link Tue Jun 7, 2011
This is the time to buy ,prices and interest rates are low. Call me if you need assistance with this.

Gladys 914 589 2455

Gladys Viruet
Keller Williams Realty Sales Associate
Mobile: 914 589 2455
Fax: 914 713 3271
Office: 914 902 3277
Email: Gviruet7@aol.com
WEBSITE : http://westchesterpropertyspecialist.com

2nd largest Realty in the country!
0 votes Thank Flag Link Tue Jun 7, 2011
I'm still not sure about whether Amanda is looking for the village of Bronxville or in the Bronxville P.O. The difference is not trivial. So its tough to give specific advice.

As to whether to buy today. If you have the cash - it really is a great time to buy - DEPENDING on three factors:
1) Your time frame
2) The type of housing (condo, cooperative, single family house)
3) Specific location

What has changed since I last posted to this thread? A Wall Street crisis of unprecedented proportions. Something like this changes EVERYTHING. The fact that all real estate is LOCAL is extremely important here. I would now say that all real estate is hyper-local AND sector driven.

For example - SF homes have seen a decline in White Plains - but condos have gone UP in price. I would wait to buy most White Plains condos unless you had a very long outlook. However condos in New Rochelle have really taken a hit - now is a good time to buy a condo in New Rochelle. Buying a single family home makes sense in either municipality. Cooperatives have gone down in some areas, but not in others. There are no pat answers right now. I just work with individual cases.

Also - no short-term buying to make a quick profit. No way. You need a five year outlook - anything less than five years is subject to volatility.

On a personal note: My purchasing decision was influenced by a bear market in 1996. Prices were down, but SF homes were down more than condos. I didn't want a house - too much of a hassle. But when I weighed the "value" of a house vs. a condo/coop - I realized that the houses were in the best position to increase. I was right. The house lost money for the first 18 months after the purchase. After that it was up, up and away. I got a good deal by buying into an "unpopular" market during a downturn. Food for thought.
0 votes Thank Flag Link Thu Nov 20, 2008
Amanda and Ed,
Certainly anyone who says their is no uncertainty in the market and the economy is not giving a fair picture. But many of the previous posters had good questions related to your situation and made fair points. The reality is buying today is a good time only because you are in more control as a buyer than ever before. Does that mean you need to rush into anything? No. But if you find something you like and can get a sales price reflecting the adjustment to todays market then you should consider it. If you are in no rush and would not care if you lost a specific place then wait it out.
0 votes Thank Flag Link Tue Nov 18, 2008
I BEG TO SEE A REAL ESTATE "PROFESSIONAL" SAY NO THE MARKET IS SOFTENING! For the love of God, the stock market has nearly been cut in half the last six months... The majority of owners in the affluent towns surrounding NYC work in finance (me included). Many of these people have either recently lost their job or will lose their job. These "real estate pros" are lying to try and fool the public into believing everything is ok. Buyer be ware!
0 votes Thank Flag Link Mon Nov 17, 2008
Dear Amanda,

I looked into buying a condo v. a house in Bronxville. With a condo, you pay higher taxes and monthly common charges than with a coop. If you have the money, I would pick a single family house over a coop (although there a lovely coops) within the Bronxville school district (i.e., not just the Bronxville P.O.).

I haven't seen a dramatic decrease in price in the Bronxville market, although homes are certainly staying on the market longer. If you are looking for a deal and are willing to put up with a longer commute into the city, I would suggest Darien or New Canaan, CT (take a min. of 5% off the list price).
0 votes Thank Flag Link Fri Sep 12, 2008
The vast majority of residence works in Finance or Insurance. See data within the following link http://www.city-data.com/city/Bronxville-New-York.html

Take what you hear from real estate agents with a block of salt. It is Manhattan not the nearby outskirts that receive the majority of benefits from the foreign influx.
0 votes Thank Flag Link Thu Nov 8, 2007
THERE IS NO BETTER TIME TO BUY THAN TODAY....Period. YOU just dont know what tomorrow wil bring. I find that the market is/has leveled the last few months. The current interest rates are still historically low. I started in this business when they were 16% and 18%, we thought when they got down to 12%, it was great! People STILL bought houses, but they could not afford as much. THAT is exactly what might happen down the road. The prices may settle a bit more, but what will the interest rates do? If they go up, yu will afford less,and your monthly payments will go up, even at a slightly lower purchse price. Do you really want to take that chance? If you need a referral to a local real estate professional, let me know. I can offer you this FREE. If you want to make a move to the Hudson Valley....I would be happy to help you myself! Good luck to you.
0 votes Thank Flag Link Mon Nov 5, 2007
With respect, I have to totally disagree with Rich. The market is not just being driven by Wall Street. That is incorrect. A great deal of the effect is coming from foreign capital. Its nothing less than a steal for people outside the US. Since there is high need and demand for permanent housing for foreign nationals in the New York area - their influx is one of the primary drivers of this market. The dollar will be staying low for some time to come - and as a result prices are edging UP not DOWN in Westchester. I've run the numbers every way I can in several municipalities - and for the most part (with a few noted exceptions) the absorption rates are high, inventories are turning over - its a very strong market for condos generally. Nevertheless, interest rates are low and you do have negotiating room - the feeding frenzy is over. I'm looking to invest in the near future myself - whereas I wouldn't have touched it in 2005. Look for areas that are up-and-coming. I can't ID them for you, but with a little bit of research, finding an area that is up and coming will help buffer you against any short-term problems that could arise.
0 votes Thank Flag Link Thu Nov 1, 2007
I say wait. Bronxville, especially outside the village, especially co ops, is not bullet proof. It took hits in prior downturns just like everywhere else. I do agree that it is more NYC driven then many areas, but I imagine if wall street bonuses are off (See the Merrill Lynch link below) that there will be some reckoning.

My .02 cents, if you dont have a gun to your head and have to buy something now, give it some time.

Then again I am a jaded buyer :)

Merrill Takes $8.4 Billion Credit Hit
0 votes Thank Flag Link Thu Oct 25, 2007
Hi Amanda, I think if you are ready to move it is a good time. We have a good number of homes and apartments for sale. IF you have sold your home, or are renting and you feel you can afford to make the move. I think it is a good time. A home is a long term investment. The market has not falling in Bronxville. I would be happy to send you the report for the first 9 months of this year.
0 votes Thank Flag Link Wed Oct 24, 2007
Do you own presently? If so, are you looking to buy up or buy down? Do you feel the market will go up or down in the future? Depending upon how you feel the market will go and after the advice of an accountant, only you can decide if you should wait or not.

I don't mean to sound flippant, however, it is the same if you ask if it is a good time or not to buy stocks or invest in the stock market. Time will tell and nobody, even the experts, can predict the future.

Let me ask, "Do you want to buy a house or condo in Bronxville?" Do you want to enjoy the benefits of living in that community now or are you willing to wait? How long do you intend to live in Bronxville? I could go on and on with additional questions I usually ask, but feel you can probably see it is not an easy decision for someone other than yourself to make.

One last thing to remember: Over time, NO investment offers the same tangible rewards as home ownership!
Web Reference: http://www.GlenHagen.com
0 votes Thank Flag Link Sat Aug 11, 2007
Hello, I am a local agent from Nelson-Vrooman GMAC in White Plains. I could be more helpful if you would be more specific as to your goals.

For example, if you are a house flipper with a short turn-around time, this would probably not be the best time to buy because you can not count on the same rapid appreciation of values that became the norm during the boom that ended in 2005. If you are purchasing a house or condo to live in, then this might be a good time to buy. Predicting markets is a very tricky thing in the short term, but over the long term, housing prices in this area are only going to be heading up. DO NOT try to "time" the market. By the time you realize that the market has bottomed, it will be too late to take advantage of it. Over time, real estate has been shown over and over to appreciate in value. So buying a house or condo that you will live in, it will (barring a major catastrophe) be an appreciating asset that provides a tax advantage and that you live your life in. Not a bad deal.

Just so you know, the Bronxville P.O. covers three municipalities, Eastchester, Yonkers and Mt. Vernon. There are very few available condos in the area, however there are quite a lot of co-ops for sale. For According to the MLS, Bronxville single family homes in the Eastchester municipality, has 20 current listings ranging in price from $839k-tp $3,250k in asking price. For co-ops, listing prices range from $215k to $1195k.

For houses in Bronxville Yonkers/Mt. Vernon houses range from $400k to $2295k whereas coops range from $98k to $1195 k.

Although there is some inventory, the inventory is moving as evidenced by recent sales. Don't forget that the market in lower Westchester is being driven by the NYC market. All real estate is local and you should not lump Westchester into the same slow-down that has appeared nationally. There are several locations nationally where real estate has either appreciated or remained steady. Portions of Westchester have seen mild price corrections. But the Westchester market hasn't tanked nor does it appear poised to do so.

Hope all this info is helpful.
0 votes Thank Flag Link Sat Aug 11, 2007
You can still buy a condo or house in Bronxville. The market is good here. There has been a lot of activity. Since it is a buyer's market there is a lot of inventory to choose from and that also allows you to negotiate a fair price. If you are interested, please contact me through this link. Thanks, Robin Lynch, Realtor Century 21 Wolff White Plains
0 votes Thank Flag Link Thu Aug 9, 2007
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