Active Rain November 8, 2010

Co-ops, the Starter Homes of Westchester

In a county where the median sales prices of a single family home hovers around $700,000, affordable home ownership often seems far away. Dutchess or Orange County, perhaps. However, unless you absolutely must have a yard, a cooperative apartment could be you ticket to home ownership without sacrificing proximity to Manhattan. Westchester county has over 1600 co ops available as I type this, and the median list price is under $170,000. 

Yonkers has the bulk of the available listings with over 500, but there are also healthy numbers available in such diverse locales as

  • New Rochelle
  • Port Chester
  • Eastchester
  • Hartsdale
  • Ossining
  • Mount Kisco
  • Mount Vernon
  • Bronxville
  • Tarrytown
  • White Plains 
  • Harrison
  • Mamaroneck 
  • Scarsdale
  • Pelham
  • Rye

And plenty more. The co-op form of ownership differs from a single family home or a condominium, and board approval is almost always a contingency, as well as required financial considerations such as a minimum down payment. Explaining it all is far more than one blog post, so stay tuned, or shoot me an email to get more details to see if making a co op your next home is the right move for you.