Hello, I am looking at lots/land within 2 hours of nyc, with the intention to build. While sifting through properties, I see huge differences in price, with some land in the low tens of thousands, and some over $1.5 million. I understand that some locations are much better than others, but I can't seem to find any pattern. Can someone please help explain why?
Thanks in advance, and I know it's a broad question so I am happy to answer questions.
I am just about 1 hour from NYC, the lord out here can vary from a couple thousand to a couple hundred thousand. Certain towns/cities are desirable and houses are $500-1m+, others houses sell for $40-50k. NY is very diverse between NYC and upstate. If the intent is to provide either rentals or flips to those commuting to NYC I'm not sure I would like 2 hours away. I know people who commute to NYC, but all lived around 1 hour away, and almost all lived very close to the train.
Thanks Brian, that helps a lot. I ask about 2 hours away because I’m looking for a “weekend getaway” spot, rather than a long term rental.
So would you say the prices are primarily driven by the commuter towns? The prices are much much higher in the wealthier towns next to the train stations?
I used to live in White Plains, and I definitely know what you're talking about. It seems to be easy of commuting to the city that affects any area within about 90 minutes. Then there are some areas like Purchase or Greenwich, CT that are expensive because they aren't over-crowded, and are pretty too look at. I would recommend visiting any places you're considering. Look around, go to a coffee shop or restaurant and chat with some locals about what their observations are. Then find a good agent and have them help direct your research. Good luck, keep us updated!
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