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Only Way is Up For Resurgent Bronx Real Estate Market
June 27, 2017
You don’t need to be a lifelong Yankees fan like me to have many other reasons to love the Bronx.
Last month, Bronx Borough President Ruben Diaz, Jr. hosted the 46th annual Bronx Week, which featured a series of events that showcased why the Bronx is truly a great place to live, work and raise a family. A week later, Mayor Bill de Blasio set up his office in the Bronx as part of his “City Hall in Your Borough” tour.The mayor and borough president’s recent Bronx Week schedules are two examples of the positivity that the real estate community has noticed for some time now. The Bronx is buzzing with excitement.
We believe that for all the positive steps already taken, the Bronx still has great potential and its best days lie ahead.
An examination of the past five years of REBNY’s Residential Sales Reports shows the borough’s rising status.
The residential sales market in the Bronx has improved strongly in recent years. Sales of all homes in the borough have grown from 549 in the first quarter five years ago to 920 sales in the first quarter of this year. Prices have mimicked this trend with the average sales price of a home in the first quarter of 2017 reaching $482,000, 47 percent higher than five years ago.
The average sales price of a home in the Bronx is even higher than in the first quarter of 2006 when real estate markets overheated nationwide. At the peak of the Bronx market in the first quarter of 2006, the borough-wide average price of a home topped out at $415,000, 16 percent lower than the first quarter of 2017.
One REBNY member describes a similar trend in the Bronx commercial real estate scene.
“The Bronx has undergone a dramatic transformation in recent years, becoming one of the most sought-after areas in New York City for both residential and commercial activity,” said Shimon Shkury, president and founder of Ariel Property Advisors and a member of REBNY’s Commercial Board of Directors.
“With major infrastructure projects underway, as well as the upcoming rezoning along Jerome Avenue, there is a tremendous amount of upside potential in the borough. While property prices have risen sharply over the past few years, institutional and private investors should continue to be lured by the borough’s relative affordability versus other sub-markets.”
The Borough President’s Bronx Week agenda included the annual Banker’s Breakfast, which showcased how billions of dollars invested in the borough have created new jobs for tens of thousands of hardworking Bronxites.
That investment – by financial leaders, business owners and the real estate community – has played a powerful role in lifting up Bronx families, spurring development and driving economic growth throughout the borough.
REBNY Executive Committee Member Kenneth Fisher was the keynote speaker at the Bronx Week’s Veterans Breakfast. In his remarks, Fisher honored the commitment and sacrifice of the Bronxites who have served in our military.
REBNY is proud to be playing a role in the resurgence of the Bronx and the economic growth that is benefiting so many families and businesses.
I look forward to seeing even more residential and commercial development in the Bronx in the future and I encourage all New Yorkers to spend more time in this incredible borough.