Home Buying in 10708>Question Details

Kwyjibo, Home Buyer in New York, NY

Is buying a Coop in Bronxville village a better investment than buying a coop in Bronxville PO?

Asked by Kwyjibo, New York, NY Thu Jun 5, 2008

Hi,

I am planning to buy a 1 bedroom coop in either Bronxville or Bronxville PO. I dont plan on having kids until 5 years from now so i wont have any children going to school at least 10 years from now.

Is it worth spending considerably more money buying a place in Bronxville and paying the higher maintenance/tax every year if i wont have any kids going to school in the Bronxville school district? In other words, is the "premium" money that I pay for living in Bronxville going to result in a HIGHER property appreciation compared to Bronxville PO if I decide to sell my Coop?


thanks,
David

Help the community by answering this question:

Answers

5
Hi David -- For resale, a two bedroom is easier than a one bedroom, and a Jr. 4 is also easier than a 1 bedroom. That said, it all depends on the location, the building, the apartment and what is in your price range.. Many people start in the Bronxville PO, move into the Village and later move back to the PO. There are as many combinations and permutations as there are people. I have lived in the Bronxville PO for 7 years and love it. If you would like to discuss this further, please just ask.
0 votes Thank Flag Link Wed Jul 14, 2010
David- In this particular market, location and financials are more important factors. The Village is not necessarily more expensive than the PO as far as m/m. It depends on how well the building has been managed, monies in reserve to cover any upcoming capital improvements, refinancing of mortgages etc.. It is important to take a look at the buildings financials as well as enjoying the ambiance of a village and the amenities it offers.
0 votes Thank Flag Link Wed Jul 30, 2008
David

This is a really good question. There are two factors at play here. The first is demographics, and the second is location.

There is no questions that Bronxville Village is one of the most desired places to live by buyers. However, it comes at a cost. Prices are usually much higher and the boards much more difficult. It is up to you if this extra costs and agita are worth it.

There are several parts of the Bronxville PO that have different favors. Some are more like the Village, some not. Generally speaking, the closer you are to the Village, the more expensive the apartment. I think you have to first figure out how much you can afford, and what your financials are like. A good Realtor can then help you find the right fit. This analysis may make the decision for you.

The second is demographics. One bedroom apartments are as a generality less in demand than two bedrooms. As a result, regardless of location, they tend to be a little more difficult to sell unless it is an exceptional apartment that is properly priced. There is investment potential in a one bedroom; but past history does not really tell us what it might be over the next few years. Will the Village appreciate faster? Possible. But the cost of getting "in" now will likely be a lot more, which may reduce the overall return.

I would focus on what you can afford first, then find a buidlng that you like, and be guided accordingly. In or out of the Village it is a great place to live.
0 votes Thank Flag Link Mon Jun 9, 2008
Dave – No one can predict the future. Only guesstimate. Bronxville and Bronxville PO are apples and oranges. Some like apples and some like oranges. Both areas are desirable and have appreciated over time. Choosing the one that will appreciate by a larger percentage is not easy. You can base your guess on past historical performance (your realtor could easily get you a statistical comparison) but no one can predict the future. You have to decide what works for you considering all things including your budget line.

You have to decide if paying higher maintenance and tax are worth it to YOU to live in Bronxville. That part of the decision is personal.

A home is different than any other investment. You actually live in it. That has to be factored in.

Good luck . If you are not already working with another realtor ,feel free to contact me .
Web Reference: http://joan.prucent.com
0 votes Thank Flag Link Thu Jun 5, 2008
If you are buying in Bronxville PO my guess is the Bronx River Road area? A one bedroom doesn't usually attract familes because of obvious space issues. If it were a two bedroom I would say the Bronxville schools would be a better investment because it is important to look to the future and resale whenever you buy a property. Alot of the units in Bronxville PO still do very well, I have sold a number.

Hope this helps

Christopher Pagli
Associate Broker
Legends Realty Group
914.406.9023
0 votes Thank Flag Link Thu Jun 5, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer