Become a Homeowner in The South Bronx
- By lemaster
- •
- 17 Jul, 2018
Right Now is the Right Time to Invest
New York City is one of the most expensive cities in the country, and the bar to enter the residential real estate market is set very high. The majority of New Yorkers opt to rent because owning a home is beyond reach. In fact, there are more renters than homeowners across all five boroughs.
Homeownership in NYC may feel like a distant dream, but recent developments are making this dream more attainable. Buying a home is a major investment, so it’s important to take the time to consider all of your options.
Rent adds up, and if you plan on staying for years, buying starts to make more sense. When the benefits of owning exceed the benefits of renting the same home, you have reached the tipping point. If you decide to stop renting and start house shopping, you’ll want to keep this in mind.
Location is everything. Certain neighborhoods are more expensive than others. If you want to purchase a home, consider the South Bronx. Breaking even is much more likely in the South Bronx compared to Manhattan. Plus, the Metro area’s major cultural and business hubs are easily accessible from here.
The South Bronx was written off by buyers and renters for a long time, but now it is becoming a center for gentrification. Real estate professionals came up with the nickname SoBro, which suggests this may be NYC’s next reinvented neighborhood. Since the SoBro is still in the early stages of revitalization, now is the ideal time to invest. Purchasing now may mean a significant return on your investment.
If you are interested in purchasing property in the South Bronx, call Skyline Appraisals for expert real estate appraisal services. We are happy to share our experience and expertise so you can make an informed purchase.
MANHATTAN
According to this week’s market reports, 651 residential contracts were signed
in Manhattan and Manhattan investment sales fell by 41 percent in 2017.
Residential
Between Jan. 15 and Feb. 11, there were 651 contracts that were signed in
Manhattan. Out of that total, 327 contracts were for co-op units, followed by
288 condos and 21 condops. The most active price segments was the $1 million to
$2 million range, which accounted for 169 deals. The $2 million to $5 million
segment, was less robust, accounting for just 129 transactions
Commercial
In 2017, Manhattan investment sales dropped 41 percent year-on-year to $23
billion. The decline is attributed to the retreat of foreign buyers. U.K.
buyers led the exodus, with investments dropping 87 percent to $188 million.
However, the weakening of Chinese interest had the most impact. During the
year, investments from the country dropped 62 percent to $2.5 billion.
BRONX
Foxy Management will bring another large senior building to the Bronx on a three-lot assemblage at the corner of Arthur Avenue and East 179th Street.
The developer is planning a nine-story, 177-unit building spanning more than 120,000 square feet on sites at 2016 Arthur Avenue, 612 East 179th Street and 2010 Arthur Avenue. The company is purchasing the sites for about $4 million, according to the Highcap Group’s Guy Vardi, who brokered the assemblage deals along with Jonathan Bichoupan. Jeff Fox, principal of Foxy Development, said his company hopes to close on financing in the late fall and break ground at the end of 2018 or the beginning of 2019.
This may be the time to consider living in the Yorkville area of the UPPER EAST SIDE. The newly opened SECOND AVENUE subway extends the Q line through this neighborhood. For years buildings east of THIRD AVENUE were a more affordable option for apartments on the UPPER EAST SIDE but the price difference between west and east of THIRD AVENUE is narrowing. The new extension of the Q line has contributed to this change.
If you are looking for a suburban vibe but don't want to leave New York City you may be able to find a home without moving to suburbia. Brooklyn may have just the neighborhood where you will find that house and a yard for the outdoor grill. Enjoy the suburban perks and be just a subway ride from the office.
REF: New York Times, 6/25/17 REAL ESTATE SECTION, The Hunt - Joyce Cohen
