Cindy Landis: Is There a New Normal in Bronxville Real Estate?
By Cindy Landis, Managing Director, Bronxville Office of Houlihan Lawrence
May 25, 2016: In Bronxville Village, 2016 is tracking very similarly to 2015 across the market overall. However, various price segments show distinct differences.
We have 45 houses for sale across the entire village market vs. 40 on this date last year--12.5% more. Most of these homes are listed upward of $4 million. As of May 23, 17 deals were in contract in the village for SDF (single family detached homes) and 12 have closed in 2016.
Let’s compare this to last year: 20 deals were in contract and 10 had closed. Adding houses in contract to already-closed sales, you will notice that 17 + 12 is only one less than 20 + 10. In other words, this year is similar to last year in terms of timing and number of deals.
The price range that has the most deals in contract is the $2 to 2,999,999 million range: 10 are in contract and 14 additional homes are for sale. However, sales in that range are off by 20% from 2015 to 2016 (5 vs. 4) and are off slightly less year over the year: 8% = 25 vs. 23.
The $3,000,000 to $3,999,999 range is our most active one by three different measures. Deals closed January 1 through May 23: 2 this year as compared to 1 in 2015; the year-over-year comparison, 6 deals for the last 12 months vs. 2; and deals in contract, 6 at the moment vs. 3 last year. There are 7 houses listed as “active” in that range and, as I mentioned above, 6 additional houses in contract. That is a supply-to-demand ratio of 7:6, which equals 1.16, indicating very high demand, the tightest part of the market at this time.
Why is there any weakness at all in Bronxville? Interestingly, the $1 to 1,999,000 market has been slow to catch fire this year. That sector has a supply-to-demand ratio of 9, “low demand.” Listings are up 28+% in that range over last year at this time, and pendings (deals in contract) are down by 75%. Year-over-year it is a decline of 37% in closed deals. The house that one gets for one’s dollars in Bronxville in this range may make offerings in other communities look like “more house for the money.” Granted, no other school district offers the “private school environment” that The Bronxville School does, or an equivalent commute, and in my humble opinion, the quality of life is better here! However, buyers in this price point appear to be making choices other than Bronxville.
The other supply build-up that is a challenge for a small market such as we have in Bronxville is the large supply of houses for sale from $4 million and up. Upward of $4 million there are 15 houses for sale, compared with 10 at the same time last year. That means that nearly 32% of the village’s active listings are $4 million or more, compared to 24% same time last year. It does not mean that sales aren’t happening in the ultra-high end; they are, but at the same pace as they always have, while the supply has increased dramatically. To work through this inventory will take time and perhaps some re-pricing. There are some very interesting properties for sale, though, offering a big selection for buyers.
The SFD median is $2,250,000 (mid-year), compared to 2015’s $2,455,000. The PSF (price per square foot) is $659 for sold homes (12 houses only), as compared to $685 for all of last year.
In the townhouse market, we have a lack of supply constraining the market. Three are for sale--all above a list price of $1,000,000, and 2 additional townhouses are in contract. Six have already closed this year; 8 had closed at this time last year, the same as in 2015 at this date. The median price is $982,500 (mid-year), and the average sold price per square foot is $614. For 2015, the PSF was $619, and the 2015 median was $999,000.
Pictured here: Cindy Landis, managing director, Bronxville office of Houlihan Lawrence.
Photo courtesy Houlihan Lawrence Real Estate
Government & History 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.
Village of Bronxville Administrative Offices
337-6500
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Bronxville Police Department
337-0500
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337-2024
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Bronxville Fire Deparment
793-6400
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