By Carol P. Bartold   

Mar. 1, 2017: The 2017 forecast for Bronxville residential real estate is positive, according to Leah Caro, licensed real estate broker and president of Bronxville Real Estate, LLC. "If the inventory available to purchasers in the $2 million to $3 million 'sweet spot' range remains stable," Caro said, "I believe Bronxville will have a robust year." She added that brokers encountered bidding wars for homes in the high $2 million price point during January, early in the year for such fervent activity.

A "dearth of inventory" in that "sweet spot" price range contributed to lower single-family home sales in Bronxville during 2016. She cited the strong appeal of the river towns, which have large inventories of lower-priced properties, lower taxes, and the "hipness buzz" to buyers from Manhattan and Brooklyn as other factors affecting Bronxville sales in 2016.

Although, historically, no more than four homes per year priced higher than $4 million have sold, 2016 saw a substantial number of homes, as many as twelve, listed in that price range.

Caro noted that activity in 2017 has increased, with strong attendance at open houses indicating that Bronxville is "on the radar" of buyers from New York City and the outer boroughs again.

The current inventory of single-family homes on the market in the village stands at 45. Twenty-six of those homes are priced between $2 million and $4 million. Of the twelve properties currently in contract, ten have a selling price between approximately $1.4 million and $3.3 million.

Caro also believes that the multigenerational culture of the village will help contribute to a strong real estate market this year. "At some point, millennials who have left Bronxville to live in the city return to buy a first and sometimes a second house," Caro said. Empty nesters who downsize often remain in the area.

Bronxville's proximity to the city, its transportation infrastructure, and its central location in the tri-state area continue to serve as strong factors drawing buyers to the community, according to Caro. She also pointed out that Bronxville is a very "walkable" community with a downtown that offers almost anything residents need.

"Condition matters," Caro said in describing what buyers are looking for in a home. "Buyers want the best product they can get at the best price." She described the home that has been renovated and brought up to date with a pristine appearance and modern systems as the home that will sell quickly. Buyers, she added, seem to have neither the time, the inclination, nor the money to do substantial updating.

"The ideal house," Caro pointed out, "wins both the bidding war and the beauty contest."

Pictured here:  Homes on a hill in Bronxville.

Photo by N. Bower