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Bronx Luxury Market Is Picking Up, Median Home Price Sees Very Modest Increase in 2015

Residential Market Highlights

  • The median price reached $250,000, a modest 2% increase Y-o-Y.
  • The total number of transactions closed was 1,938, far from the values seen before 2008.
  • The luxury market is picking up and reached an all-time high with 37 sales recorded over $1M.
  • Most expensive neighborhood: Morris Park, median home sale price hit $464,500.
  • Most expensive home sold: 4680 Livingston Avenue in Fieldston for $2.9M
  • Most expensive apartment sold: unit #16 C at Solaria Riverdale for $1.6M.

 Median Sale Price in the Bronx Fluctuates

For the past 10 years, our data shows that the Median Sale Price in the borough has been fluctuating from its high point in 2010 ($280,000) to the low points in 2005 and 2008 ($240,000).

While before 2008 the number of total transactions exceeded 3,000 per year, it dropped to under 2,000 after 2009. This drop in sales volume was immediately followed by a rise in the median Sale Price.

 

 Neighborhoods in The Bronx

The most expensive neighborhood by median sale price was Morris Park, ($464,500 in 2015, +15% Y-o-Y). At this level, the neighborhood may be compared to Washington Heights in Manhattan ($455,000) or Georgetown in Brooklyn ($450,000).

Here are the top 10 neighborhoods that saw the highest median sale price in 2015:

Top neighborhoods Bronx 2015

 

Bronx Luxury Sales

Luxury Market Is Picking Up

With 37 sales over $1M, the luxury segment in the Bronx reached an all-time high (up 42% Y-o-Y). Riverdale, in particular, leads the luxury market as new condo developments are selling units for high prices.

 

4680 Livingston Avenue

4680 Livingston Avenue

Most Expensive Properties

In terms of single-family sales, 6 properties sold for $2M and up in 2015, located in Fieldston, Riverdale and Bedford Park.

The large suburban residence at 4680 Livingston Avenue sold for $2.9M, making it the most Expensive home sale in the Bronx. Sitting on a generous piece of  land covering almost 40,000 square feet, it offers the new owners 5,200 square feet of living space.

 

The Solaria Riverdale

The Solaria Riverdale

The expensive end of the market in the Bronx comprises several sales in the Solaria Riverdale condominium. The most expensive unit sold in all of the Bronx was unit 16C in this building and 4 other units also made the top 10.

In fact, all but one of the most expensive units are located in Riverdale and apartments on Douglas Avenue also occupy 3 of the top 10 spots!

 

 

Here are the top 10 most expensive apartments sold in 2015:

Top 10 Most Expensive Apartment Sales in The Bronx

#AddressSale PriceSale DateNeighborhood
1640 West 237 Street #16C$1,677,594
September 10, 2015
Riverdale
24471 Douglas Avenue #TH11$1,440,000
March 10, 2015
Riverdale
34477 Douglas Avenue #TH14$1,440,000
June 1, 2015
Riverdale
44437 Douglas Avenue #TH9$1,351,500
June 2, 2015
Riverdale
5640 West 237 Street #9C$1,344,090
October 7, 2015
Riverdale
6640 West 237 Street #19A$1,334,000
July 14, 2015
Riverdale
7640 West 237 Street #7C$1,260,000
September 22, 2015
Riverdale
8640 West 237 Street #4C$1,230,000
July 29, 2015
Riverdale
92575 Palisade Avenue #1CDE$1,175,000
October 21, 2015
Spuyten Duyvil
10628 West 238 Street #PHB$1,150,000
November 5, 2015
Riverdale

 

Here are the top 10 most expensive single-family homes sold in 2015:

Top 10 Most Expensive Single-Family Home Sales in The Bronx

#AddressSale PriceSale DateNeighborhood
14680 Livingston Avenue$2,900,000
January 23, 2015
Fieldston
21 Blackstone Place$2,875,000
July 1, 2015
Riverdale
35264 Independence Avenue$2,800,000
June 4, 2015
Riverdale
45000 Goodridge Avenue$2,300,000
March 13, 2015
Fieldston
59 Sigma Place$2,000,000
March 24, 2015
North Riverdale
610 Minerva Place$2,000,000
July 30, 2015
Bedford Park
7680-6 Delafield Way$1,836,000
January 15, 2015
Riverdale
82880 Jerome Avenue$1,800,000
July 30, 2015
Bedford Park
95211 Arlington Avenue$1,750,000
October 28, 2015
Riverdale
104642 Waldo Avenue$1,600,000
June 24, 2015
Fieldston

Methodology:
* Data is based only on residential properties sold between January 1, 2005 and December 15, 2015.
* The building classes counted are single-family homes, condo and coop units.
* The final number of properties sold in 2015 was adjusted (not all 2015 sales are recorded.)
*Luxury market includes all sales over $1 million.

The post Bronx Luxury Market Is Picking Up, Median Home Price Sees Very Modest Increase in 2015 appeared first on PropertyShark Real Estate Blog.



This post first appeared on PropertyShark Real Estate Blog And Industry News, please read the originial post: here

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