Price appreciation in prime Westchester towns

I own in a desirable Westchester town and I would say up 100% since 2001 to now is about right (including down about 25-30% off peak prices).

I bought a house in Pelham in 03 for 425K and sold in 08 for 725K.

i was looking in pelham in 1999-2000, in the $600-800k range. having spent a bit of time looking on-line, i don't think that prices in that price range have doubled since then, more like $600k to now about $950kish.

http://www.nytimes.com/2009/08/11/nyregion/11settle.html

What about the potential significant impact of the affordable housing that must be built(above). This is certainly something to consider when buying Westchester. No affluent area wants affordable housing down the street. Looks like the affordable housing will be scattered evenly throughout Westechester. Nothing more powerful then affordable housing to bring down the values of the rich folks homes.

It amounts to about half an apartment per town -- I doubt it will have any impact whatsoever. And they'll probably do it as condos with minimal resale restrictions, so everything will be back to "normal" within ten years.

PS, and no offense, I didn't know Pelham was "prime" ... I've always thought of it as very working-class for some reason. Does it have distinct sections that are wealthier and less so?

"750 homes or apartments"

get real. that's a joke. there are any number of areas "scattered" throughout Westchester where 750 total units could blend in.

>It amounts to about half an apartment per town <

can you please clarify alan....

pelham has become much more desirable in the past decade or so. good schools, easy commute, nice housing stock (although some less so). not Chappaqua, lot sizes are small, but walk to train is possible from Pelham Heights and other desirable areas. people priced out of Bronxville.

Steve, it's 750 units in an entire large county that's comprised of scores of towns. By mandate, the housing has to be well-distributed. So it'll be that leftover land along the train tracks that's too far for retail or commuter parking. BFD.

aboutready, I've heard similar things about Yonkers, except centering around an Arts 'N' Crafts bungalow neighborhood, and not necessarily involving good schools, and I think Yonkers the government is a mess overall.

aboutready, Westchester has homes placed, I don't know what, about an acre apart. It's not like Queens. So when you're driving to the market and you see nice home, real nice home, shack(10 people hanging out of it), nice home...you get a little uneasy. Plus when you hit the market and those same 10 people are getting off the bus to go to the same market, not wearing those italian designer pants, you are used to seeing, again, you get uneasy.....:)

1. No, YOU get uneasy
2. Westchester towns vary madly in density and character. Even quite a few of the "prime" towns include tightly-spaced very pricey houses.

>1. No, YOU get uneasy <

you don't know me at all dude, trust me. It is def something to consider, that's all.

The aforementioned highly-desired Bronxville, for example, currently has for sale
48 SFRs
39 condos
http://www.zillow.com/homes/bronxville,ny_rb/

ah, yonkers has some nice housing, some of bronxville is technically a yonkers p.o. address, but the school issue will likely forever limit it. but for some family with kids at the hill schools it could be a good option. and yes, yonkers is a mess.

steveF, you must be joking. there are plenty of areas that have higher density, and/or much smaller lot sizes than 1 acre.

i looked in westchester, there are plenty of places to stick "affordable" (whatever that will wind up being) housing. and 750 units is NOTHING, a blip on the landscape. and how crude of you to assume these affordable units will be "shacks" with "10 people hanging out of it." for shame.