For those considering investing in real estate in Yonkers, there are numerous neighborhoods and surrounding areas to consider. Each has it's own characteristics, cultures and charms.
When the local real estate market is compared to a similar city, such as suburban and downtown Toronto, homes for sale, a few interesting and noteworthy things emerge. Similar to Toronto, the average value of a house or condo in Yonkers is about $460,000. The median was $445,700 in 2007, $130,000 more than the state average of $214,000 (which was the city's average back in 2000).
Yonkers has a number of small enclaves of residences and communities. The downtown areas of the city can easily be quartered with the Saw Mill River. The average price of a detached home in downtown Yonkers is over $580,000. This amount is cut in half outside of the city's core. Much like the Toronto's suburban homes for sale (Oshawa, Burlington, Markham), family properties start at about $175,000.
Similar to Port Hope or Middlesex Ontario real estate, you can find some amazing properties at a great value outside of the city. Alpine, Mount Vernon and Fleetwood all have amazing new and historic two and three bedroom houses and cottages available at around $155,000 and up.
Be sure to consider a condo in the areas of Cedar Knolls and the Bronx River Road area. New and converted lofts are available for about $160,000,about $40,000 less than the cost of most Toronto lofts. Look for some of the new converted brick-and-beam units that are popping up among the river's industrial spaces.
There are also a number of great townhouses you should explore in Cecil Park and
Beech Hill. Duplex condos, brownstones are all about two thirds the cost of the average Chicago, San Fransisco or Toronto townhome. Starting prices for two bedroom townhomes is about $250,000. Like Toronto, new townhome developments are emerging in new and creative spaces throughout the downtown core.
Outside of the city, cottage life exposes you to some wonderful outdoor activities and relaxation. Three bedroom cottages within an hour of the city start at about $180,000. Cabins and trailer lots on the beautiful waterfront can be bought for just thousands of dollars.
Be sure to also consider some of the lovely homes in the Broadway, Briggs Avenue, East-End and Bronxville Heights areas. As you get familiar with these great types of areas you will find that Yonkers has a style of property to meet almost every taste. |