Manhattan Real Estate Brokers Introduced to High-End Bronxville Properties by Houlihan Lawrence Print

Jul. 2, 2014:  Last week, Houlihan Lawrence hosted an open house for real estate brokers from Manhattan to introduce them to Bronxville. Approximately 30 brokers from Westchester, Manhattan, and Connecticut who have a particular focus on the sale of high-end properties toured two very special homes currently on the market.

The tour began at 279 Pondfield Road, a magnificent Lewis Bowman home built in 1926. The home was meticulously renovated by the Cox family and is listed for $5,595,000. After a discussion comparing Manhattan and Bronxville Village real estate markets, the tour continued to 33 Valley Road, the Epley family's stunning, completely renovated 1896 Hilltop home designed by William Bates and listed for $5,695,000.

Jim Gricar, the president of New York-based Halstead Properties, a firm that spans three states and 30 offices, spoke about the current Manhattan real estate market and was joined by Liz Nunan, vice president of global business development at Houlihan Lawrence.

The Manhattan market, after a robust 2013, remains strong. The average price and price per square foot has remained relatively steady over the last six months, reflecting stabilization following record-breaking price growth during 2013.

The average apartment sale in Manhattan is $1.8 million, which includes co-ops (75%) and condos (25%). The average co-op price is $1.2 million, and the average condo price is $2.3 million. Jim compared the co-op and condo markets, which are very different in Manhattan. There are reports of many new buildings and record permits, but he stated that Manhattan is very supply-constrained and needs all the new construction to replenish the low inventory levels. Liz Nunan gave a similar snapshot of Westchester. Last year was a very strong year in Westchester, and 2014 is strong but more restrained than 2013. The high-end market is stable, with sales similar to those of last year.

For many of the Manhattan brokers, this was their first visit to Bronxville. They were surprised by Bronxville's proximity to Manhattan and how special and "comfortable" a community it is. They appreciated information on our excellent public school, comparing it favorably to the private school situation in New York City, which remains very competitive and expensive.

The tax burdens of Bronxville and Manhattan were also discussed. Bronxville property taxes constitute approximately 2.2% of the purchase price, which can be high, especially for the higher-end homes, but often less expensive than Manhattan, which has a 4.5% city income tax. Obviously, depending on one's income, the New York City income tax can be very high, especially when the cost of private school tuition for multiple children is added. Many of the Manhattan brokers did not equate the Bronxville property taxes to the New York City income taxes, so it was an eye-opening comparison for many.

The strength of the Manhattan market benefits Bronxville--we are the first stop when people think of leaving Manhattan. Houlihan Lawrence will continue to host more events such as these to further educate the New York realtors about what makes our community so special.

Pictured here: Jim Gricar, president of Halstead properties.

Photo courtesy Sheila Stoltz, Houlihan Lawrence