- REAL ESTATE EDUCATION
- GIVING BACK
Wall Street Journal: The Bronx Is Back, Baby!
February 14, 2018
Home prices in the once-battered borough are at a record high; ‘Mott Haven reminds us of SoHo 30 years ago and Dumbo 15 years ago’
By Josh Barbanel
The Bronx is the new Brooklyn. Sort of.
Following in the footsteps of Queens, Hoboken and Jersey City, the Bronx—especially the gritty, once scorched South Bronx—is attracting new interest from renters and buyers priced out of Brooklyn and other trendy areas.
The latest evidence: Data showing that home prices in New York City’s northernmost borough have eclipsed the previous record high set in 2006, fueled by a surge in prices in the South Bronx, according to the Real Estate Board of New York.
The benchmark, already reached by the other boroughs, shows the relentless demand for housing in neighborhoods with easy public transportation to Manhattan...
Across the Bronx, the average sale price for one-to-three-family houses was $515,000, up 2% from a peak set in the fourth quarter of 2006. The median price of $499,000 was 1% below the peak set in the second quarter of 2017.
John H. Banks, the president of the Real Estate Board, said he remembers vividly the 1970s, when the Bronx was known for widespread arson fires and other crimes. Since then, he said, the Bronx, like the rest of the city, had undergone a significant transformation.
“The Bronx is coming to that transformation a little bit later, but it is happening nonetheless,” he said...