Bronx Personal Injury & Real Estate Blog

Saturday, June 25, 2016

Is the Bronx the Next Brooklyn?

How many times have you heard a real estate agent say that you better buy now because such and such area is going to be the next Brooklyn? It happens so frequently that it has become cliché. I always used to laugh when I heard agents spouting such nonsense about my home borough, the Bronx, but a recent article from the New York Times has me taking this sales puffery a bit more seriously. The article reports that as the real estate market in Manhattan and Brooklyn is settling down, the Bronx market is heating up:

“In the first three months of this year, 989 market-rate co-ops, condos and houses sold in the Bronx, up from 732 in the same period last year, for a 35 percent increase, according to data prepared by the Real Estate Board of New York, a trade association.

In Staten Island, which had 1,195 transactions, sales also jumped 35 percent in the first quarter, but analysts at the real estate board say its data for the borough is less reliable than for the other boroughs, and that activity there has been up and down over the past several years.

Queens, which had the third strongest growth, posted a distant 6 percent increase in sales volume.

Meanwhile, sales volume in Manhattan and Brooklyn declined slightly over the same period, according to the board. In Manhattan, 3,053 sales took place in the first quarter, down about 2 percent from 3,107 in the year-ago quarter. And Brooklyn had 2,806 sales in the first quarter, down from 2,911 a year ago, for a 4 percent dip.”

Although 989 sales is still a small number compared to the number of sales in the other boroughs (3,053 in Manhattan, 2,806 in Brooklyn, 3,784 in Queens, 1,195 on Staten Island), the number of sales in the other boroughs is inconsistent or falling while the number of sales in the Bronx is steadily growing, suggesting the Bronx may soon be the hottest real estate market in New York City.

Why the Bronx?

The article notes a couple of reasons why the Bronx housing market is picking up. First and foremost, it is much more affordable than many of the other boroughs. Second, it retains a certain charm that other parts of the city has lost. This is a fact that I can attest to.

While other parts of New York City have lost their character as they have been given a gentrified a face-lift, the Bronx retains the much of that delightful mixture of charm and grit that drew people from around the world to this city like a magnet. The area where my office is, 43 Westchester Square, is a testament to this.

The Number One Thing to Keep in Mind When House Hunting in the Bronx

The biggest thing to keep in mind when house hunting in the Bronx is that you are not just buying a house, you are buying into a neighborhood. Using a real estate agent that has actual knowledge about the area (as opposed to one who has only looked at properties on the internet) will ensure that you get the right fit, not just dollar-wise, but lifestyle-wise.

When you are ready to purchase property in the best borough in the City, I hope that you will reach out to me if you want someone local to handle your closing, or there are other legal issues that emerge during the purchasing process.

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