Good morning everyone, I’m happy to give some or my experience. Much has changed since this thread was started. Since then I have personally purchased in New Rochelle. I grabbed a duplex with lots of parking, and walking distance to both Pelham and New Rochelle metro north train stations. I would agree that for the large majority of the cities up here they are not quite “walkable” as far are common “walkability scoring” is concerned but with all of the new development happening in New Rochelle I am confident it will feel differently once that engine gets cranking. We are still at the ground floor.
Taxes are something to be concerned about though, they are much higher that neighboring areas in the Bronx, like riverdale or city island as the Bronx as a whole, but the school systems make up for it in most cases if you have children. Another thing to keep in mind about Yonkers is there is an extra income tax, the same as NYC. It is the only city in westchester that has that, and I still have not heard why that is the case.
As an investor I don’t feel that appreciation is anything we can forecast. The properties we look at need to work with today’s numbers and withstand a stress test for changes that may occurred in normal real estate cycling. If appreciation happens, it’s a bonus. That being said, lower westchester, all of it, is in great demand still because of its proximity to the city via the train lines, or even driving should that be needed. There is easy access to New England and upstate as well. At the end of the day, people who live in this area have the ability to connect with the city however they need and be more productive and that’s where the value play is. It means that the value shall be held if not increase.
Keep in mind, there will be changes coming. There are many people getting ready to retire and there will be shifts as they sell their houses and younger generations who have been living in the city venture out to take those spaces.
Also keep an eye on the cities and towns along the New Haven metro north line. As the 4th train line gets added and provides access to Penn Station, I believe those towns will become much more valuable. Those are New Rochelle, Larchmont, Mamaroneck, Harrison, Rye and Port chester.
I’m always happy to chat, I’m a full time agent and investor, from New Rochelle and living here, my parents grew up in Yonkers and my girlfriend (also and agent) lives in Yonkers currently. Inventory is low still, and we need to work to find deals that are awesome but they are here. It’s a great place to be. I’m happy to connect if anyone wants to talk more.
