Bronxville – Westchester’s Little Giant
Bronxville offers homebuyers a luxury living experience with the convenience of being half and hour away from midtown Manhattan. Bronxville includes many architectural styles in single family homes, pre-war and cooperatives and condominiums. Bordered by Yonkers, Mount Vernon and Tuckahoe, Bronxville remains Westchester’s most expensive real estate. The cost of a single family home in the Bronxville school district averaged $1.85 Million last year.
With a total population of only 6,500 people and a school district that only covers one square mile, Bronxville certainly packs a punch in cost and demand. Real estate taxes for single family homes average over $21,000, Westchester’s second highest. The majority of Bronxville’s available housing is single family homes and cooperatives.
A single family home in 2006 averaged $1.85 Million, down $75,000 from 2005. However 2007, seems to be picking up the slack. In the first two quarters of 2007 the average single family home price has averaged $2.04 Million, and this does not include the volume of transactions that are closed in the summer, from the Spring market. The number of homes sold in 2006 had increase slightly from 61 in 2005 to 67 homes. 2007 seems to be keeping pace. This is still quite a change from the breakneck pace of 77 homes sold in 2003-2004. Nevertheless, a strong market still abounds in Bronxville.
The average asking price for a Bronxville coop in 2007 remains upwards of $509,000. 2006 coops sold for an average of $441,000 with healthy maintenance charges to add to the exclusivity and value that new home owners expected. There is currently a coop for sale near Pondfield Rd, asking near $1.2 Million.
The majority of Bronxville’s condominiums are on Sagamore Road and Gramatan Court. Bronxville condominiums are the rarity, rather than the norm. They sold for an average of $719,000 in 2006. This years Gramatan Court condo sales are averaging above $1 Million each. Welcome to Bronxville.
Westchester real estate is strong. According to the Westchester County Board of realtors, the number of closed transactions in first quarter of 2007 increased 6% from those one year ago. Realtors reported 1,927 closed transactions, nearly achieving a first quarter record of 1,998 set in 2005. If trends sustain, 2007 will be on par with the high performing year of 2005. 2007 Westchester single family sales rose 11% from the same quarter in 2006. Dollar volume has increased 14% over last quarter. Bronxville seems to be no different.
If 2007’s most recent sales are any indication, then Champaign bottles will be popping this year. Bronxville’s recent sales include a $4.8 Million seven bed hilltop Colonial, a $3 Million mid-century contemporary with tennis courts, and a $2.96 Million Georgian Brick Colonial. Would you happen to have any Grey Poupon?….just Ask Rey.