The cooperative at 14 Soundview Ave. is located towards the Western end of the city in zip code 10606. It abuts two distinct residential neighborhoods, Fisher Hill and Prospect Park. Both Fisher Hill and Prospect Park sit right on the Scarsdale border and both neighborhoods are blessed with rambling old homes, quite a few of them Victorian. This complex is perhaps one of the most suburban in nature because apart from the proximity to Post Rd (which runs from downtown White Plains into Scarsdale and beyond), the area is purely residential.
The complex boasts 1 BR, 2 BR, and a couple of 3 BR units. Some of the 2 BR units are duplexes with private entrances creating the illusion of a private single family house. These are unusually spacious - and I saw one a year ago where the owner created an attic with a pull down staircase for storage.
The 2BR duplexes generally have 1.5 baths although some 2 BR units have only 1 bath. The 1 BR units have a single bath. Some of the units that have recently been for sale were owned by the original buyers. So they needed a great deal of work. The renovated units are completely modern. Some with their own washer/dryer. (A common laundry is also available.) The relative condition determines the pricing which varies widely.
There is only one recent sale and that was for a 2 BR simplex that was in excellent condition (renovated.) It was 1200 square feet in size with 2 BR and 1.5 Baths and sold for $320,000. The monthly maintenance for this unit was $1070/month. 54% of the maintenance fee represents the property tax which is fully deductible.
There are currently five units for sale, which is unusual. The units range in price from $210,000 for a 1 BR and $329,000 for a 2 BR in prime condition. There is also a 3 BR unit for sale at $339,000.
In general - the minimum down payment accepted by the board is 15%. There is no minimum income requirement. One parking space (unassigned) is available immediately. Applications for additional spaces take several months.
The Cost of Living:
For the $210,000 1 BR unit with 15% down would result in a mortgage payment of roughly $1160/month. The monthly maintenance fee is $481/month. This results in a monthly outlay of roughly $1640/month making it very competitive with local rents. The unit itself is 900 sq. ft. in size - yet rents in the are for far less square footage run upwards of $2100-2500 a month. So this is highly competitive with local rents. Remember that the cost of living in White Plains - as in all parts of Westchester - is quite high. So the price here is really reasonable.
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