Melissa

For 300K you are probably looking at primarily condos in Rockville, North Bethesda (which is North Rockville), Bethesda and potentially Chevy Chase. The prices would be in that order from least to most expensive; It's more expensive the closer you get to the DC border line (part of CC is in MD the other in DC). These areas are safe. Also, if you're looking to take public transportation consider taking the RIDE ON bus as well as the Metro. There are buses that go all the way down Rockville Pike AND Old Georgetown Road. Buses can be useful since the Metro doesn't make as many stops along Rockville Pike and can help widen your choices. Also, the RIDE ON bus can also connect you from a neighborhood on Connecticut Avenue or downtown Silver Spring, which is coming back, directly to NIH. I'd probably recommend sticking to a neighborhood near the Rockville Pike. If you can't take the bus, you want to be on the Pike side of the Redline: http://www.wmata.com/metrorail/systemmap.cfm

If you are looking for a 20 minute commute, I would go as far as Rockville station and then to Friendship Heights (Medical Center is the NIH stop). The downtown Rockville area is coming back so for that I would add it to your list to consider. Off the top of my head White Flint, Grovesnor, Bethesda and CC all have apartments nearby so you should be ok finding something. If you are thinking about a townhome or house, you probably need to go out to Rockville or even farther to Shady Grove.

PS. I currently live in NYC, but grew up in Montgomery Co. - Thu Mar 20 2008, 21:28

I can't speak to Putnam, but can share what I've seen/learned of Westchester. To start, I don't think that you're going to get the artsy funk feel of say Piermont in Rockland or Beacon in Dutchess or Sea Cliff in Long Island. In Westchester, I'd suggest Dobbs Ferry or Tarrytown. If anyone has better suggestions, I'd love to know!!! Dobbs and Irvington (mentioned earlier) have great schools. Tarrytown/Sleepy Hollow critics will say the schools aren't as good as other lower Westchester schools as test scores tend to be lower BUT that's primarily because it has a higher immigrant population. The upside, is that Tarrytown offers more diversity (ethnic and economic) than other lower river towns. You'll be able to find Yoga, good grocery stores and farmers markets (or CSAs) in these towns or a short drive away.

Chappaqua and Armonk are beautiful and, as Zach suggests, more exclusive areas (think LI's Miracle Mile meets Westchester, albeit a little more rural or town feeling). It doesn't sound like that's what you were looking for, but I could be wrong.

Helpful links:
http://www.hvedc.com/documents/High_School_Rankings.pdf
http://www.city-data.com/forum/westchester-county/ - Thu Mar 20 2008, 20:02

I'm not a realtor and am also a potential home buyer (looking in the Rivertowns and Pleasantville). My opinion is this, seriously consider buying IF
1. you've done your due diligence and saved a hefty down payment for the house AND still have $ for vacations; retirement savings etc;
2. you (and your spouse, etc) have financial stability and your job isn't at high risk (i.e. you don;t work at Bear Sterns);
3. you won't be stretching yourself (to John's point--evaluate the true cost of buying vs. renting); AND
4. (big AND) you love the home and INTEND on staying there over a good length of time (15+ years)

Yes, everything you read points to the fact that we may be entering a recession: newpaper and media headlines, the declining or correcting of housing prices and foreclosures all over the country. Few things to keep in mind about WESTCHESTER--it's unique b/c it's one of the $$$ counties in the nation. In wealthy areas, sellers will sit on their homes if they don;t get the price they want (b/c they have the $ and can) and that could affect/lower the inventory as we enter or get further into the recession. Why sell if you can't get the price you want, you might not trade up, and you have the $ to stay? The flip side of that is that there are always retirees who are pushed out b/c of rising taxes (which are already the highest in the country) or are downsizing--which is true during any type of economic market. Westchester (and many areas around NY) are unique b/c they tend to hold their value (or sellers perceive they do) and don't follow the trend of falling housing prices as quickly as other ares in the country. There are a few articles in the real estate section of the NYTimes that talk about this.

My opinion, with the little I know of your personal finances etc, is that if you are financially stable, absolutely LOVE the home, and intend to stay there (not a 5yr deal) then buy. If you buy and end up staying in the home 15-20-30 years and aren't house poor, you've probably made the right decision. If you are only putting down 5%,10% or even 20% and are stretching yourself--I'd say wait. It's better to save for a bigger down payment, potentially snag a better deal in 12-24 months and see where the market heads. - Thu Mar 20 2008, 11:00