The Bronx, once considered a symbol of urban blight and an example of fiscal irresponsibility has now become a hot real estate market with tremendous opportunities for the future. With prices remaining high in Brooklyn and Manhattan many investors are deciding on planting their feet in the Bronx because of lower prices and the flux of businesses that have been moving to areas such as Mott Haven, Melrose and Port Morris. Many developers are buying up vacant land and/or renovating existing properties.
Bronx-wide real estate sales has increased tremendously within the last few years. For instance, in 2014 borough-wise investments for the year were $1.1 billion. That amount skyrocketed held by two development projects to $2.4 billion in 2015. The two projects were one by The Chetrit Group and Somerset Partners to build two 25 story towers at 2401 Third Avenue and 101 Lincoln Avenue and The Hudson Companies La Central where they are planning to build 992 affordable units in Melrose.
Major real estate investors are also entering the market at Related Companies purchasing 737 units throughout that borough as well as Harbour Group International along with York Equities purchasing 38 buildings encompassing 1000 units. Overall multi-family sales increased 67% in the borough.
With all this flurry of activity it is no surprise that residential real estate has been on an uptick. According to REBNY Third quarter report, overall sales in the Bronx has increased 13% year over year with home prices increasing to an affordable (in comparison to Brooklyn, Manhattan, Queens) $400,000. City Island, Pelham Bay, Pelham Strip, Country Club, Throgs Neck, Schuylerville remains hot with average sales price of a home up to $525,000 an increase of 14%. All of these indicators show that the borough will be ripe for investment for the future.
If you are in need of a professional property management company servicing the Bronx, contact Blue Harbour Property Management. We will consult with you and come up with a strategy of maximizing your real estate investment.