The Stoltz Bronxville Real Estate Market Report: 2016 Semiannual Summary
By Sheila Stoltz, Associate Real Estate Broker, Houlihan Lawrence, Bronxville Office
Sep. 21, 2016: The area markets continue to perform well, which is welcome news. Volume in this area is generally below the 2012-2014 high-volume years, and pricing is lower than in 2015 but still very close to historic high levels.
The Bronxville area always seems to out-perform given its close proximity to Manhattan and its acclaimed school district. There are regional and local factors that impact our market and may temper price improvement and volume in the near term.
The Bronxville market has always been impacted by the New York City market. Currently, the New York City real estate market is under pressure because of a number of factors. The strength of the dollar, Brexit, and the decline in oil prices have hurt demand from international buyers, especially for higher-end apartments. Supply in the high-end segment is also coming on line because of new construction. In addition, the continued contraction on Wall Street is decreasing demand in the NYC area. Buyers looking in Bronxville are finding it more difficult to sell their Manhattan apartments at attractive prices and some are forced to put off their Bronxville home purchase or rent.
The high-end market from New York City to Greenwich and beyond is oversupplied. Demographics, economics, and changing lifestyle trends are impacting the high-end markets. Bronxville is seeing increased supply in the high end because of these factors but also as a result of the high-end condominium development called Villa BXV, coming on line in 2017-2018. Empty nesters in Bronxville are purchasing these full-service apartments and either have or will list their higher-end homes in the next year or two. We have had a good high-end market so far this year, with four homes sold or under contract for over $4.0 million. Hopefully, we will continue to have good demand in this segment.
Overall, conditions remain very attractive in the housing market, with interest rates at historic lows and the stock market at historic highs. In addition, we generally have manageable inventory in our area. I do think the factors highlighted above will put some pressure on our market in the near term, but Bronxville and the surrounding areas have always been resilient.
I hope you find the following information and analysis helpful.
Bronxville Village Single-Family Homes
The Bronxville Village single-family home sale market remains steady, with continued strength in the $2.0-to-$3.5 million market segment. In addition, this year we have had a number of higher-end home sales, with four homes under contract or closed above $4.0 million. Currently, we have eight homes listed above $4.0 million. There are 37 homes sold and under contract so far in 2016, with 29 active listings. Hopefully we will have a busy fall market, as we are trending towards a lower volume year.
During the first half of 2016, the market experienced volume similar to that of last year but lower pricing, which was anticipated after the strong pricing in the first half of 2015. The median home sale price was $2.3 million, as compared to $2.8 million in 2015, and the average price per square foot was $656, as compared to $720 in 2015. In the first half of 2016, 22 homes closed, as compared to 19 in 2015. Approximately 60% of all single-family homes in the village sold between $2.0 and $3.5 million in 2016. The highest price paid in 2016 was $5.2 million, and the lowest price paid was $1.4 million.
Bronxville Village Townhome Sales
Bronxville Village townhome sales, after two very strong years of pricing and volume, slowed in the first half of 2016. The townhome market segment remains very strong. The median townhome sale price in the first half of 2016 was $940,000, as compared to $990,000 in 2015, and the average price per square foot was $608, as compared to $625 in 2015. The highest price paid in 2016 was $1.465 million, and the lowest price paid was $810,000. In the first half of 2016, seven townhomes sold, and there are three under contract. There are only five townhomes currently on the market, representing very low inventory heading into the second half of the year. I expect continued strength in the townhome market going forward. Townhomes offer an "urban feel," an attractive Bronxville Village entry price point, and lower taxes in comparison to Bronxville Village single-family homes.
Bronxville Village Cooperative Apartments
Bronxville Village has a large apartment market, including approximately 1,200 apartment dwellings, most of which are co-operative apartments. After a strong 2015, the apartment market continued to perform well. The median sale price dropped from $550,000 in 2015 to $465,000 in 2016. However, the price per square foot increased from $450 per square foot in 2015 to $461 per square foot in 2016, which represents record per-square-foot pricing. Unit sale volume peaked in 2005, with 64 unit sales, and since 2011, unit volume has averaged about 45 units per year. Based on units sold and under contract, I anticipate a lower volume year in 2016. We currently have an inventory of 16 apartments for sale, which is very manageable. The apartment market attracts newcomers to Bronxville who are interested in an apartment lifestyle and the affordable entry point. The apartments are also attractive to the empty nesters downsizing from larger homes but who wish to remain in Bronxville Village.
Bronxville P.O./Yonkers
The Bronxville P.O./Yonkers market was robust in the first half of 2016. The median home sale price increased from $763,000 in 2015 to $786,000 in 2016. The average price per square foot increased to $328 in 2016, as compared to $303 in 2015. In the first half of 2016, 26 homes closed, as compared to 15 in the first half of 2015. There are 16 homes under contract and 25 homes currently on the market, which is manageable for this time of year. The highest price paid for a home in 2015 was $1.925 million, and the lowest price paid was $425,000.
Bronxville P.O./Tuckahoe
The Bronxville P.O./Tuckahoe market was stable in the first half of 2016. The median price for the first half of 2016 was $730,000, as compared to $727,000 in 2015. The average price per square foot decreased slightly in 2016 to $327 from $334 in 2015. The highest price paid in 2016 was $1.625 million and the lowest price paid was $399,999. In the first half of 2016, 14 homes closed and six are under contract. Hopefully we will have a few more sales making 2016 a very strong volume year. There are 18 active homes on the market, which is manageable. In 2016, 50% of the homes sold between $500,000 and $1,000,000, and 36% of the homes sold for more than $1.0 million
Pictured here: Sheila Stoltz, an associate broker with Houlihan Lawrence, works at 4 Valley Road in Bronxville; her office number is 914-227-0400, and her cell number is 914-310-6220.
Photo courtesy Bronxville office of Houlihan Lawrence
Real Estate Directory
Bronxville is a quaint village (one square mile) located just 16 miles north of midtown Manhattan (roughly 30 minutes on the train) and has a population of approximately 6,500. It is known as a premier community with an excellent public school (K-12) and easy access to Manhattan. Bronxville offers many amenities including an attractive business district, a hospital (Lawrence Hospital), public paddle and tennis courts, fine dining at local restaurants, two private country clubs and a community library.
While the earliest settlers of Bronxville date back to the first half of the 18th century, the history of the modern suburb of Bronxville began in 1890 when William Van Duzer Lawrence purchased a farm and commissioned the architect, William A. Bates, to design a planned community of houses for well-known artists and professionals that became a thriving art colony. This community, now called Lawrence Park, is listed on the National register of Historic Places and many of the homes still have artists’ studios. A neighborhood association within Lawrence Park called “The Hilltop Association” keeps this heritage alive with art shows and other events for neighbors.
Bronxville offers many charming neighborhoods as well as a variety of living options for residents including single family homes, town houses, cooperatives and condominiums. One of the chief benefits of living in “the village” is that your children can attend the Bronxville School.
The Bronxville postal zone (10708, known as “Bronxville PO”) includes the village of Bronxville as well as the Chester Heights section of Eastchester, parts of Tuckahoe and the Lawrence Park West, Cedar Knolls, Armour Villa and Longvale sections of Yonkers. Many of these areas have their own distinct character. For instance, the Armour Villa section has many historic homes and even has its own newsletter called “The Villa Voice” which reports on neighborhood news.
Houlihan Lawrence
4 Valley Road Bronxville, New York 10708
914-337-0400
www.houlihanlawrence.com/offices/Bronxville
www.houlihanlawrence.com
Houlihan & O'Malley
133 Parkway Road Bronxville, New York 10708
914-337-7888
Julia B Fee Sotheby's International Realty
2 Park Place
Bronxville, NY 10708
914-620-8682
Park Sterling Realty
17 1/2 Park Place Bronxville, New York 10708
914-337-1234
Bertine, Hufnagel, Headley, Zeltner, Drummond & Dohn LLP
Established in 1929, Bertine, Hufnagel is "a general practice law firm, offering clients expertise in both individual and commercial matters." Their broad range of services include the following: Wills, Estate
Planning and Taxation, Probate and Estate Administration, Elder Law, Real Estate (commercial, residential, condominiums and cooperatives), Commercial Law and Transactions, Litigation and Banking Law.
700 White Plains Road
Suite 237
Scarsdale, New York 10583
(914) 472 7700
(914) 472 1946 (fax)
www.bertinehufnagel.com
Suzanne M. Bloomer
Wills, Trusts, Estates and Real Estate
85 Pondfield Road
Bronxville, New York 10708
914-337-0142
This email address is being protected from spambots. You need JavaScript enabled to view it.
George R. Mayer, Esq.
65 Pondfield Road #6 Bronxville, New York 10708
914-337-3033 (tel)
914-337-1038 (fax)
www.bronxvillelaw.com
This email address is being protected from spambots. You need JavaScript enabled to view it.
Griffin, Coogan, Sulzer & Horgan, P.C.
Attorneys and Counselors at Law
Located in Bronxville, New York, Griffin, Coogan, Sulzer & Horgan, P.C. takes great pride in providing our clients with comprehensive, high quality legal services in a responsive manner. The firm concentrates its practice in real estate law with a primary focus on issues relating to real estate tax litigation (also known as tax certiorari), real estate transactions, valuation law, real property taxation and tax planning and real property tax exemption matters throughout New York State.
The firm serves as general counsel for several local cooperatives and represents clients in various issues relating to wills, trusts and estate planning.
51 Pondfield Road
Bronxville, NY 10708
(914) 961-1300
This email address is being protected from spambots. You need JavaScript enabled to view it.
Kim O'Toole, Esq.
80 Sagamore Road
914-961-6175 (tel)
914-337-3292 (fax)
This email address is being protected from spambots. You need JavaScript enabled to view it.
Mary Anne O'Callahan, Esq.
32 Gramatan Court Bronxville, New York 10708
914-779-3558 (tel)
914-779-5182 (fax)
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Nobile, Magarian & DiSalvo
We are hardworking and dedicated attorneys who, combined, have more than 150 years of experience delivering quality legal advice. Our cutting edge is our ability to enter both the conference room and the courtroom with strength. Our law firm provides legal representation and counsel for both individual and business clients on issues related to estate planning and administration, real estate law, litigation, and business law. Our practice areas include: Commercial Litigation, Business Law, Real Estate, Wills, Estate Planning, Trusts, Estate Administration, Living Wills, Health Care Proxies, Powers of Attorney, Not For Profits, and Employment Law.
111 Kraft Avenue
Bronxville, NY 10708
914-337-6300
Veneruso, Curto, Schwartz & Curto, LLP
Veneruso, Curto, Schwartz & Curto is dedicated to providing businesses and individuals with exceptional legal services customized to each client's needs and objectives. Practice areas include litigation, real estate, not for profit, wills and estate planning, land use and zoning, business and corporate, cooperative and condominium and real estate tax assessment litigation.
The Hudson Valley Bank Building
35 East Grassy Sprain Road, Suite 400
Yonkers, New York 10710
914-779-1100
Leslie Homer
71 North Avenue New Rochelle, New York 10801
914-632-8989
www.homerinsurance.com
This email address is being protected from spambots. You need JavaScript enabled to view it.
John L. Vorbach Company, Inc. Insurance Brokers
Manhattan Media & Technology Center
65 Broadway, 9th Floor
New York, New York 10006
212-294-4900 x 112
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.vorbach.com
Linda Graef Jones, Private Client Sales Executive
Personal Risk Management Solutions
Focuses solely on personal insurance and
provides unique, customized solutions that save
money and time and create peace of mind.
6 East 43rd Street
New York, New York 10017
914-645-3951
This email address is being protected from spambots. You need JavaScript enabled to view it.
Palmer-Tanno Agency, Inc.
Independent Insurance Agents since 1948
Greg Tanno
141 Parkway Road, Suite #11
Bronxville, New York 10708
914-793-6603
This email address is being protected from spambots. You need JavaScript enabled to view it.
Ranieri Insurance Agency
Auto, Home, Business & Life
Over 50 Years' Experience
Paul D. Ranieri, CPCU
457 Palmer Road
Yonkers, NY
914-376-2560
This email address is being protected from spambots. You need JavaScript enabled to view it.
Rollins
Insurance and Risk Management Solutions
Since 1910
65 Main Street
Tuckahoe, New York 10707
914-337-1833
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.rollinsinsurance.com
Edwin Gemes, Ltd.
Bronxville
914-779-7580
This email address is being protected from spambots. You need JavaScript enabled to view it.
Madeline Eckett Oden Interiors
61 Beechmont Avenue
Bronxville, New York 10708
914-779-3935
This email address is being protected from spambots. You need JavaScript enabled to view it.
Jane Mitchell
9 The Byway
914-337-1216
Samuel Botero Associates, Inc.
215 East 58th Street
Suite 6B
New York, New York 10022
212-935-5155
www.botero.com
Sandra Steele Schneider Interiors
70 Burkewood Road
Mount Vernon, New York 10552
914-668-4468
This email address is being protected from spambots. You need JavaScript enabled to view it.
Serendipity Interior Design, LLC
Catherine Wyner
203-846-0809 or 203-637-9266
Shannon Interiors LTD.
Kelly Shannon Jelensperger, President
81 Pondfield Road #344
Bronxville, New York 10708
914-793-1629 (O)
914-953-7584 (C)
914-793-2195 (F)
This email address is being protected from spambots. You need JavaScript enabled to view it.
Architects
Dean Davis
2 Park Place
Bronxville, New York
914-961-5953
Michael Davis
435 Hudson Street, 8th Floor
New York, New York 10014
212-645-6066
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.michaeldavisarchitects.com
Charles Hilton
Hilton Vanderhorn Associates
31 East Elm Street
Greenwich, Ct. 06830
203-862-9011 (tel) 203-862-9196 (fax)
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.hilton-vanderhorn.com
Scott Koniecko Architects
80 8th Avenue
Suite 1600
New York, New York 10011
212-620-3924 (tel)
212-620-7640 (fax)
This email address is being protected from spambots. You need JavaScript enabled to view it.
Maggie Marrone Architects
914-771-6750
This email address is being protected from spambots. You need JavaScript enabled to view it.
Peter Pennoyer Architects
432 Park Avenue South, 11th Floor
New York, New York 10016
212-779-9765
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.ppapc.com
Radoslav Opacic Architects
24 N. Astor
Irvington, New York 10533
914-591-4306 (tel)914-591-4308 (fax)
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.opacicarchitects.com
Landscape Architects
Renee Byers, Landscape Architect P.C.
10 Avon Road
Bronxville, New York 10708
914-337-3103
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.reneebyers.com
Engineers
Civil Engineer
Brett Auerhahn P.E.
914-961-2242
Chimney Sweep
Egan Chimney Sweeps
845-628-8515
Electric
Keating Electric & Technologies
115 Wall Street
Valhalla, New York 10595
914-747-9294
www.keatingelectric.com
Lippolis Electric
445 5th Avenue
Pelham, New York 10803
914-738-3550
James A. Stone
96 Congress Street
Harrison, New York 10528
914-835-0447
White Electric, Inc.
128 Fulton Street
White Plains, New York
914-946-5566
www.whiteelectric.com
General Contractors
Vincent Franco
R-Men Contracting
179 Summerfield Street
Scarsdale, New York 10583
914-472-7007 (tel) 914-472-0451 (fax)
This email address is being protected from spambots. You need JavaScript enabled to view it.
Arthur Lange Inc.
841 Tuckahoe Road
P.O. Box 993
Bronxville, New York 10708
914-337-4422 (tel) 914-395-0471 (fax)
www.arthurlangeinc.com
Heating & Cooling
Absolute Comfort & Temperature Control Inc.
Mr. Paul Gomprecht, President
914-761-0529
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.Absolutecomfortcontrol.com
Richards Conditioning Corp.
70 Marbledale Road
Tuckahoe, New York 10707
914-337-0300
Besson Oil Inc.
140 Marbledale Road
Tuckahoe, New York 10707
914-779-0008
Iron Work
Debra Coddington
Arrowsmith Forge
3788 Rte 44
Millbrook, New York
845-677-5687
www.arrowsmithforge.com
Locksmith
LMC Safe, Lock & Key
Luigi M. Cattzia II
914-241-1583
Painters
All Colors Painting Co.
69 Delaware Road
Yonkers, New York 10710
(Johnnie & Joey)
914-964-9148
Mateus Neto Painting Co.
95 Chase Avenue
Yonkers, New York 10703
914-965-9561
Pick up and take away
Robert Rabsey
914-954-4366
Technical Help
Computer, Network & Internet Services
Gerry McLoughlin
914-337-7084
www.GerryMcL.com
Computer Tutor @ PCI
914-337-1700
www.computertutorpci.com
Geeks on Wheels
Dylan Hall
Harrison, New York
914-562-1800
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.geeks-on-wheels.net
The Computer Nerds, Inc.
PO Box 31
Bronxville, New York 10708
914-779-7952
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.thecomputernerdsinc.com
TV & Steroes
AV Design
130 East Main Street
Elmsford, New York 10523
Design
Maureen Hackett
Hackett Landscape Design Inc.
212-768-4242 and 917-494-8084
Renee Byers, Landscape Architech P.C.
10 Avon Road
Bronxville, New York 10708
914-337-3103
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.reneebyers.com
Maintenance
Frank Bulfamonte & Sons, Inc.
914-235-1835
26 Circuit Road
New Rochelle, New York 10805
914-235-1835
Land Productions Inc.
360 Adams Street
Bedford Hills, New York
914-666-8214
Lieb's Nursery & Garden Center
1 Askins Place
New Rochelle, New York 10801
914-632-5599
Florists
Tryforos and Pernice
73 Pondfield Road
Bronxville, New York
914-337-2525
Plants & Nurseries
Lieb's Nursery & Garden Center
1 Askins Place
New Rochelle, New York 10801
914-632-5599
Rosedale Nurseries
51 Saw Mill River Road, Route 9A
Hawthorne, New York 10532-1598
914-769-1300
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.rosedalenurseries.com
Sprainbrook Nursery, Inc.
448 Underhill Road
Scarsdale, New York 10583
914-723-2382
www.sprainbrook.com
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