Northwest Harbor is located in the Town of East Hampton, which is known for its exclusive and affluent communities. Here are some pros and cons of buying property in the village of Northwest Harbor:

Pros:
- Beautiful scenery: Northwest Harbor's location near the coast of Long Island provides beautiful views and a serene atmosphere.
- Quality of life: The area has a low crime rate, great schools, and plenty of outdoor activities, making it a good place for families to live.
- Investment potential: Properties in Northwest Harbor, like many other areas in the Hamptons, have the potential for strong appreciation over time, making it a good investment.

Cons:
- High cost of living: The cost of living in the Hamptons is typically higher than in other parts of the country, especially when it comes to real estate.
- Seasonal fluctuations: The Hamptons is a popular destination in the summer months, but can become more quiet during the off-season, which may not appeal to year-round residents.
- Property taxes: Property taxes in the Hamptons can be high, which is something to keep in mind when considering the overall cost of homeownership.

Ultimately, whether or not buying property in Northwest Harbor is a good decision depends on your personal preferences and financial situation. It's important to do your due diligence and work with a trusted real estate agent to find a property that fits your needs and budget.