Introducing the BuyTheBronx.com Numbers Page, providing benchmark values for your favorite asset classes in The Bronx real estate market.
Most data sources report highly skewed simple averages based on popular search criteria. This gets worse with the great dispersion in size, quality and neighborhoods that affect the values of all the submarkets in The Bronx.
We process those disparities through our consistent marketing efforts, industry membership data, open market subscription services, and municipal data. All that intelligence provides a unique perspective into the important market metrics.
We put those metrics through a qualitative synthesis that results in valuation benchmarks for whatever asset class or income strategy interests you. Publishing them in an easy to digest format gives you rule of thumb values to apply throughout the marketplace.
So, if you’re a buyer, seller, owner, investor, or broker, please subscribe for free and keep any eye on the information we bring you here at BuyTheBronx.com.
Are you hunting for a single family home in The Bronx? We break down how much you should expect to pay per square foot of finished living space for various levels of luxury. Or, how much you can expect if considering a sale.
Riverdale and Fieldston have the quintessential Gold product, but we try to include other areas like Country Club in that exclusive club too. Superior properties in lesser neighborhoods will also earn that top designation. Silver neighborhoods are more densely populated while having good access to parks, highways, or mass transit. Properties with other attributes can also earn that level. Everything else is bronze because everywhere in The Bronx is precious to some extent.
Multifamily investors might be surprised to see the value dispersions among smaller and larger buildings. We haven’t found reliable rental data yet, but broad assumptions can show how larger buildings have the scale to trade at low prices per unit. Or, maybe it reflects the expense of elevator maintenance. We’ll let you decide what’s driving prices, while our Numbers Page helps you plan any expansions or liquidations.
Retail varies widely between some of the newly developed super centers to local strip centers, down to neighborhood bodegas. Maybe you’re expanding or moving a business. Our numbers are designed to help you find the most suitable niche. Use them as benchmarks to be exceeded with higher quality properties and discounted for those with less appeal.
The Bronx isn’t known for office space, but being New York City’s only mainland borough offers an attractive alternative to the Manhattan commute. Some recent projects have easy highway or mass transit access and others bring neighborhood convenience and value. The range of prices you see on the tables reflect what we are seeing in our comp reports.
We apply the Bronze, Silver and Gold levels to our retail and office lease benchmarks, and adjust them further for skews arising in larger deals or smaller spaces.
Finally, the hot Industrial sector keeps registering higher prices as online commerce displaces local retail. Whatever your plans might have been six months ago will need to factor higher sale and lease rates currently. The $300 sale and $20 lease rates per square foot are new highs for The Bronx Industrial benchmarks. If you are active in the market, keep an eye on the subtle changes that we make as the comps accumulate.
Watching the Comps
We weight the benchmarks towards the more recent sale and lease comps to keep pace with market trends. As our data accumulates, we will expand the added value of the Numbers Page with the goal of making BuyTheBronx.com your destination for real estate market intelligence.
Please use our Contact function to share any suggestions, or if you need a more detailed analysis. As a licensed Real Estate Salesperson, Daniel Hickey looks forward to assisting with any of your real estate needs.
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We hope the benchmarks are useful to your Bronx real estate interests. If so, please tell your friends and colleagues about BuyTheBronx.com.