The Stoltz Report Bronxville Area Real Estate 2014 Annual Summary
Interpreting the Market
2014 ANNUAL SUMMARY AND 2015 OUTLOOK Dear Neighbor, Real estate values for 2014 increased across all Bronxville area markets. In several markets we are approaching the peak pricing we saw in 2005-2007. This contrasts with the 2008-2010 years when we experienced a 15% price drop in some markets and extremely low sales volumes. Since 2010, area markets have continued their upward trend in home values supported by strong sales volume. Interest rates remain at historic lows, the stock market is at historic highs, gas prices are low, and we are entering 2015 with very manageable inventory across all markets. I expect 2015 to be another stable to positive year for Bronxville area real estate. Buyers are more confident but remain prudent in their bidding. The housing correction of 2008-2009 caused many homes to lose value for the first time, and that memory lingers for many buyers. Also, I believe that the stronger economic conditions and more stable real estate environment will help to strengthen the higher-end segment across all markets. The renewed confidence in the market has encouraged more sellers to list their homes. For many, especially the empty nesters, the lack of liquidity and relatively lower home prices in 2008-2011, caused them to delay selling their homes. I expect to see more inventory in 2015 as sellers take advantage of the better market. Despite the stronger market, pricing a home correctly continues to be the key to a successful sale. The Bronxville area has been aided by the strong New York City market. New York City buyers are confident that they can sell their apartments, which gives them assurance when looking in Bronxville. Hopefully, there will be no negative factors (like the strengthening dollar curtailing foreign demand) that will decrease demand in New York City. High home prices, the high cost of living, and the approximately 4% New York City income tax continue to make living in Bronxville a compelling financial value relative to New York City. The short commute and abundance of excellent educational alternatives continues to draw buyers to our area. More importantly, Bronxville offers a very special community and lifestyle, which sets us apart from other communities. I hope you find the following information and analysis helpful. I look forward to another busy year. All my best for a great 2015. Sincerely, Sheila Morrissey Stoltz Licensed Real Estate Associate Broker 914.310.6220
Bronxville Area 2014 Annual Summary
BRONXVILLE VILLAGE SINGLE FAMILY HOMES Bronxville Village single-family home sales were robust in 2014 continuing the strong market we had in 2013. The median home sale price was $2,190,000 as compared to $2,009,500 in 2013, and the average price per square foot was $621 as compared to $630 in 2013. We remain below the 2005-2007 peak average price per square foot, but the market is clearly strong. In 2014, 58 homes sold which was similar to 2013, both high volume years. Approximately 50% of all homes in the Village sold between $2.0-$3.0 million in 2014. The highest price paid in 2014 was $5,233,000, and the lowest price paid was $835,000. The strength in pricing coupled with strong sales volume and low current inventory is very encouraging as we head into 2015.
Bronxville Village Single Family Homes - 10-Year Price and Volume History
Bronxville Village Single Family Homes - Summary Statistics 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Median $2,190,000 $2,009,500 $1,975,000 $2,100,000 $1,900,000 $2,150,000 $2,020,000 $2,300,000 $1,970,000 $2,128,300
% Change vs 2005* 2.9% -5.6% -7.2% -1.3% -10.7% 1.0% -5.1% 8.1% -7.4% 0.0%
Average % Change P/SF vs 2005* $621 -7.0% $630 -5.7% $562 -15.9% $554 -17.1% $563 -15.7% $571 -14.5% $627 -6.1% $650 -2.7% $615 -7.9% $668 0.0%
Prices High Low $5,233,000 $835,000 $7,000,000 $760,000 $7,150,000 $900,000 $5,150,000 $460,000 $5,350,000 $777,500 $5,000,000 $725,000 $4,150,000 $210,000 $6,650,000 $922,300 $4,050,000 $895,000 $4,800,000 $925,000
*Represents the change in price from 2005, a peak pricing year.
Bronxville Village – Unit Sales By Price Category (1/1 – 12/31) Price Range 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Up to $1,000,000 3% 2% 7% 8% 5% 5% 6% 5% 4% 2% $1,000,000-$1,499,000 7% 17% 23% 15% 24% 14% 6% 5% 16% 9% $1,500,000-$1,999,999 31% 27% 23% 18% 29% 29% 37% 19% 33% 26% $2,000,000-$2,499,999 33% 40% 20% 33% 15% 14% 20% 33% 20% 24% $2,500,000-$2,999,999 17% 7% 15% 15% 7% 19% 17% 21% 14% 20% $3,000,000-$4,999,999 7% 5% 10% 8% 19% 14% 14% 14% 12% 20% $5,000,000 and up 2% 3% 3% 3% 2% 5% 0% 2% 0% 0% % Total Units Sold 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Total Units Sold 58 60 61 39 59 21 35 42 49 46
BRONXVILLE VILLAGE TOWN HOMES Bronxville Village town homes had an impressive year in 2014. The median home sale price increased from $939,000 in 2013 to $1,147,000 in 2014, and the average price per square foot increased from $545 to $627. Approximately 75% of all town homes traded between $1.0-$1.5 million in 2014 as compared to 80% selling between $799,000 and $999,000 in 2005. The highest price paid in 2014 was $1,590,000, and the lowest price paid was $745,000. For the first time, town homes and single-family homes are trading at almost the same price per square foot. Town homes offer an “urban feel”, attractive Bronxville Village entry price point, and low taxes by comparison.
Bronxville Village Town Homes - 10-Year Price and Volume History
Bronxville Village Town Homes - Summary Statistics 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Median $1,147,500 $939,000 $895,000 $922,500 $874,000 $998,620 $935,000 $960,000 $917,500 $925,000
% Change vs 2005* 24.1% 1.5% -3.2% -0.3% -5.5% 8.0% 1.1% 3.8% -0.8% 0.0%
Average % Change P/SF vs 2005* $627 22.0% $545 6.0% $478 -7.0% $469 -8.8% $467 -9.1% $479 -6.8% $511 -0.6% $556 8.2% $521 1.4% $514 0.0%
Prices High Low $1,590,000 $745,000 $1,375,000 $737,500 $1,200,000 $413,000 $1,200,000 $635,000 $1,300,000 $470,000 $2,000,000 $775,000 $1,150,000 $590,450 $1,421,000 $680,000 $1,295,000 $715,000 $1,200,000 $745,000
*Represents the change in price from 2005, a peak pricing year.
Bronxville Village Town Homes – Unit Sales By Price Category (1/1 – 12/31) Price Range 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Up to $499,000 0% 0% 5% 0% 6% 0% 0% 0% 0% 0% $500,000-$699,999 0% 0% 10% 25% 6% 0% 10% 5% 0% 0% $700,000-$999,999 23% 70% 80% 50% 63% 57% 70% 53% 72% 80% $1,000,000-$1,499,999 73% 30% 5% 25% 25% 29% 20% 42% 28% 20% $1,500,000-$1,999,999 5% 0% 0% 0% 0% 14% 0% 0% 0% 0% $2,000,000 and higher 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% % Total Units Sold 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Total Units Sold 22 23 20 8 16 7 10 19 18 15
Bronxville Area 2014 Annual Summary
BRONXVILLE VILLAGE CO-OPERATIVE APARTMENTS Bronxville Village has a large apartment market including approximately 1,200 apartment dwellings, most of which are co-operative apartments. Pricing for apartments has been stable since 2011 with a median price of $400,000 in 2014 as compared to $458,500 in 2013. The average price per square foot is up slightly over 2013 and basically flat since 2005, a peak pricing year for apartments. Unit sales volume peaked in 2005 with 64 unit sales, and since 2011 unit volume has averaged about 45 units per year. The apartment market attracts newcomers to Bronxville who are interested in an apartment lifestyle and the affordable entry point. The apartments also are attractive to the empty nesters downsizing from larger homes but who wish to remain in the Village.
Bronxville Village Co-operative Market - 10-Year Price and Volume History
Bronxville Village Co-ops - Summary Statistics 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Median $400,000 $458,500 $445,000 $457,500 $330,000 $445,388 $370,000 $375,000 $350,000 $479,000
% Change vs 2005* -16.5% -4.3% -7.1% -4.5% -31.1% -7.0% -22.8% -21.7% -26.9% 0.0%
Average % Change P/SF vs 2005* $395 -1.5% $385 -4.0% $357 -11.0% $355 -11.5% $352 -12.2% $373 -7.0% $391 -2.5% $404 0.7% $388 -3.2% $401 0.0%
Prices High Low $1,400,000 $175,000 $1,417,500 $88,500 $1,450,000 $188,000 $1,500,000 $135,000 $1,375,000 $135,000 $895,000 $230,000 $925,000 $183,000 $1,995,000 $98,000 $1,575,000 $150,000 $1,500,000 $145,000
*Represents the change in price from 2005, a peak pricing year.
Bronxville Village Co-ops – Unit Sales By Price Category (1/1 – 12/31) Price Range 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Up to $299,000 35% 28% 25% 28% 39% 26% 29% 31% 31% 25% $300,000-$399,999 15% 17% 18% 17% 20% 22% 29% 21% 21% 12% $400,000-$499,999 9% 13% 14% 14% 10% 17% 14% 8% 13% 23% $500,000-$599,999 7% 15% 11% 14% 15% 13% 4% 10% 18% 9% $600,000-$799,999 15% 15% 27% 17% 12% 13% 18% 21% 15% 25% $800,000-$999,999 9% 4% 2% 6% 0% 9% 7% 5% 0% 5% $1,000,000-$1,999,999 11% 9% 2% 6% 5% 0% 0% 5% 3% 2% % Total Units Sold 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Total Units Sold 46 54 44 36 41 23 28 39 39 65
BRONXVILLE P.O./YONKERS Bronxville P.O./Yonkers had a great year in 2014. The median home sale price increased from $729,000 to $805,000 in 2014. The average price per square foot in 2014 was $337 which is similar to the peak pricing in the 2005-2007 period. The strong pricing is supported by high volume with 63 homes sold in 2014 as compared to 55 in 2013—representing a high since 2005. In 2014, 44% of the homes sold between $700,000-$999,000, with 26% selling above $1.0 million. The highest price paid for a home in 2014 was $2,301,000 and the lowest price paid was $310,000. Inventory remains very manageable in this area, and I expect a very good market in 2015.
Bronxville P.O./Yonkers Single Family Homes - 10-Year Price and Volume History
Bronxville P.O./Yonkers - Summary Statistics 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Median $805,000 $729,000 $722,500 $705,000 $716,000 $725,000 $716,250 $772,500 $805,000 $825,000
% Change vs 2005* -2.4% -11.6% -12.4% -14.5% -13.2% -12.1% -13.2% -6.4% -2.4% 0.0%
Average % Change P/SF vs 2005* $337 -1.5% $316 -7.6% $313 -8.5% $310 -9.4% $321 -6.1% $318 -7.0% $353 3.2% $352 2.9% $336 -1.8% $342 0.0%
Prices High Low $2,301,000 $310,000 $2,650,000 $227,000 $2,550,000 $350,000 $3,475,000 $330,000 $1,795,000 $410,000 $3,150,000 $370,000 $1,350,000 $470,000 $3,125,000 $450,000 $1,760,000 $455,000 $3,250,000 $350,000
*Represents the change in price from 2005, a peak pricing year.
Bronxville P.O./Yonkers - Unit Sales By Price Category (1/1 – 12/31) Price Range 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Up to $499,000 13% 24% 14% 24% 15% 27% 4% 10% 5% 6% $500,000-$699,999 17% 25% 35% 24% 30% 23% 38% 35% 23% 24% $700,000-$999,999 44% 27% 27% 21% 42% 33% 46% 31% 49% 48% $1,000,000-$1,499,999 22% 16% 22% 21% 6% 10% 12% 15% 12% 16% $1,500,000-$1,999,999 2% 4% 0% 0% 6% 3% 0% 4% 12% 3% $2,000,000 and higher 2% 4% 3% 9% 0% 3% 0% 4% 0% 3% % Total Units Sold 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Total Units Sold 63 55 37 33 33 30 26 48 43 79
Bronxville Area 2014 Annual Summary
BRONXVILLE P.O./TUCKAHOE The Bronxville P.O./Tuckahoe market had a solid year in 2014. The median price in 2014 was $680,000 as compared to $686,250 in 2013. The average price per square foot increased to $327 in 2014 from $303 in 2013. The highest price paid in 2014 was $1,745,000, and the lowest price paid was $380,000. This area is still below peak pricing experienced in the 2005-2007 time period but the higher volume and stronger pricing combined with the very manageable inventory should strengthen this market. In 2014, 71% of the homes sold between $500,000-$1,000,000, and 21% of the homes sold for more than $1.0 million. It is encouraging to see the high-end market in this area improving.
Bronxville P.O./Tuckahoe Single Family Homes - 10-Year Price and Volume History
Bronxville P.O./Tuckahoe - Summary Statistics 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005
Median $680,000 $686,250 $780,000 $670,000 $665,000 $641,250 $1,105,000 $1,030,000 $685,000 $800,000
% Change vs 2005* -15.0% -14.2% -2.5% -16.3% -16.9% -19.8% 38.1% 28.8% -14.4% 0.0%
Average % Change P/SF vs 2005* $327 -3.3% $303 -10.4% $312 -7.7% $312 -7.7% $315 -6.8% $301 -11.0% $383 13.3% $383 13.3% $358 5.9% $338 0.0%
Prices High Low $1,745,000 $380,000 $1,610,000 $435,000 $1,075,000 $375,000 $1,600,000 $495,000 $2,100,000 $461,000 $2,200,000 $440,000 $2,350,000 $495,000 $2,980,000 $520,000 $3,100,000 $540,000 $2,700,000 $530,000
*Represents the change in price from 2005, a peak pricing year.
Bronxville P.O./Tuckahoe - Unit Sales By Price Category (1/1 – 12/31) Price Range 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Up to $499,000 8% 8% 21% 7% 14% 6% 5% 0% 0% 0% $500,000-$699,999 46% 42% 29% 43% 50% 50% 10% 35% 58% 32% $700,000-$999,999 25% 25% 43% 14% 14% 28% 30% 9% 19% 39% $1,000,000-$1,499,999 8% 21% 7% 29% 7% 11% 25% 22% 12% 14% $1,500,000-$1,999,999 13% 4% 0% 7% 7% 0% 25% 22% 12% 11% $2,000,000 and higher 0% 0% 0% 0% 7% 6% 5% 13% 0% 4% % Total Units Sold 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Total Units Sold 24 24 14 14 14 18 20 23 26 28
BRONXVILLE 10708 Summary Pristine and picture–perfect, the one square mile village of Bronxville and the surrounding areas including Cedar Knolls, Lawrence Park West, and the Bronxville P.O./Tuckahoe area all stand out in their proximity to Manhattan (15 miles to Midtown) and in their enduring character. Bronxville is a charming English-style town with primarily single-family homes, many designed by renowned architects, pre-war and contemporary town homes, and condominium and cooperative apartment buildings. The heart of the Village—its school, town hall, library, shopping district, and train station—is within walking distance from all of the neighborhoods! History The area was deeded to British colonists in 1666, and the earliest settlers arrived in the first half of the 18th century. During the latter part of the 19th century and early part of the 20th century, Bronxville was known as an artists’ colony. In fact many of these artists’ homes exist today: the charming Hilltop, with its winding and cobbled streets, is listed on the National Register of Historic Places. Bronxville is filled with lush green yards, towering trees, classically beautiful homes, and a small town community spirit that offers a much sought after quality of life. Close knit neighborhoods have always been the hallmark of Bronxville’s history. Today, Bronxville Village has approximately 6,500 residents living in 980 homes, 240 town homes and almost 1,200 apartment dwellings. Education The Bronxville School system consistently ranks among the top schools for its size in the country. Residents are very proud of their commitment to and the success of the public education in Bronxville. Surrounding areas offer a multitude of other award winning public, private, parochial and nursery schools which enable families to choose the best educational plan for each of their children. Culture and Recreation Only 15 miles from Midtown Manhattan, our Village is a short train ride from all that New York City has to offer. In addition, Bronxville offers a wealth of cultural experiences within and around its borders. Bronxville is home to both Sarah Lawrence College and Concordia College, institutions which enrich the community on many levels. Bronxville is also proud of its award winning public library, numerous art galleries, vibrant outdoor farmers market, and summer band concerts. For exercise and recreation, Bronxville residents enjoy miles of cycling and walking paths around the Bronx River along with public tennis and paddle courts. In addition, there are several private club options within the Village itself; and Lake Isle in nearby Eastchester— open to all Village residents—offers golf, tennis and swimming too.
A SUBURB THAT IS ENDLESSLY COPIED BUT NEVER MATCHED - Kenneth Jackson
Bronxville Area 2014 Annual Summary
BRONXVILLE 10708 Bronxville is 15 miles north of New York City and a 29-minute commute to Grand Central Station on Metro North. Nearby parkways provide easy access by car to the city and Westchester, LaGuardia and Kennedy Airports. No other community offers such a desirable location to New York City and major transportation hubs.
Distance From Bronxville To (By Car): Midtown Manhattan 34 min. George Washington Bridge 19 min. JFK Airport 38 min. Newark Airport 43 min. Westchester Airport 24 min. LaGuardia Airport 32 min.
Distance From Manahattan To (by Train): Bronxville 29 min. Irvington 41 min. Chappaqua 53 min. Rye 45 min. Greenwich 49 min. New Canaan 72 min.
Irvington Greenwich
Rye
Bronxville
Manhattan
LaGuardia Airport
Grand Central Station
BRONXVILLE AREA SCHOOLS The Bronxville School system consistently ranks among the top for its size in the country, and residents are proud of their commitment to public education. An elementary, middle and high school, each run by its own principal, are located on a single campus in the center of the Village. Established in 1922, the school provides a blend of traditional and progressive education, tailored to meet student needs. Its academic, arts and sports programs are outstanding. Graduates consistently receive acceptance to the most selective colleges and universities in the nation. Surrounding areas offer a multitude of other award winning public, private, parochial and nursery schools which enable families to choose the best educational plan for each of their children.
Bronxville Schools - Important Facts K-5 780 Rank in County (by Avg. SAT Score) 4 6-8 430 Tuitioning In Call School 9-12 488 School Budget (2013-14) $45.3 mil. Total 1,698 Gross Student Expenditure $30,264 Senior Class 132 Average SAT Score 1867 Avg. Class Size 21 For detailed information on all Westchester schools and school rankings please go to http://www.westchestermagazine.com/Westchester-Magazine/School-charts/ Useful School Phone Numbers Bronxville Public Schools 395-0500 Colleges Tuckahoe Public Schools 337-6600 Sarah Lawrence College Yonkers Public Schools 376-8100 Concordia College Bronxville Pre-Schools Parochial Schools Chapel School 337-3202 Saint Joseph’s School Eliza Corwin Frost 779-4852 Chapel School Montessori 793-2083 Reformed Nursery School 337-6332 Sarah Lawrence 395-2353
337-0700 395-4507 337-0261 337-3202
Bronxville School Foundation The Foundation is a non-profit organization located in Bronxville which accepts grant applications from faculty, administrators, students and their parents for programs designed to enrich the curriculum across all grades at the Bronxville School. Over its 23 year history, the Foundation has funded over $7 million in grants. Every year, the Foundation raises money through donations from community members, alumni, corporations and others. In 2014, the Foundation funded over $565,000 in grants for new technology, equipment and innovative academic programs.
Helpful Websites when thinking about moving to Bronxville www.bronxville.k12.ny.us.com www.villageofbronxville.com www.bronxvilleschoolfoundation.com www.myhometownbronxville.com www.tuckahoeschools.org www.bronxvillechamberofcommerce.com www.yonkersschools.org www.lakeislecountryclub.com www.greatschools.com www.houlihanlawrence.com
Bronxville Area 2014 Annual Summary
MARKET SHARE BASED ON DOLLAR VOLUME*
*Source: HGMLS, Single Family Detached, Bronxville Schools, 1/1/2014 - 12/31/2014
Houlihan Lawrence, a family owned company since 1888, includes 26 offices and over 1,200 agents. Houlihan Lawrence is the premier real estate company in the area and its success and track record are unrivaled. The success is a result of years of building the largest and most effective global and local networks, attracting and retaining the best agents and by creating the newest and most innovative digital platforms to reach today’s buyers. Houlihan Lawrence is proud to offer the best in service and results to its clients: • #1 in Westchester, Putnam and Duchess Counties, across all price points and in $ volume • #1 in Bronxville Village in single family homes, town homes and cooperative apartments • #1 in Bronxville P.O./Yonkers • #1 in Bronxville P.O./Tuckahoe • #1 in Digital Reach – We offer more channels for digital exposure than all our competitors • Affiliation with Christies- the #1 luxury real estate network • Top 8 of 10 agents in Westchester County work at Houlihan Lawrence
All real estate statistics are based on the data supplied by the Consolidated MLS. Data accuracy cannot be guaranteed and also may not reflect all real estate activity in the market. Please disregard this offer if your property is currently listed with a real estate broker. It is not my intention to solicit the offerings of other real estate brokers.
Bronxville Area 2014 Annual Summary
A SAMPLING OF MY ACTIVITY IN 2014
Bronxville Village.
Listed for $5,695,000
Bronxville Village Co-op. Listed for $1,495,000
Bronxville Village.
Listed for $1,995,000
Bronxville P.O./Tuckahoe. Listed for $1,695,000
Bronxville P.O./Yonkers. Listed for $1,395,000
Bronxville Village Town Home. Listed for $1,295,000
I have had the pleasure of selling real estate in Westchester for the past 10 years. I grew up in lower Westchester County and attended The Hackley School, Phillips Exeter Academy, Harvard College, and Harvard Business School. My entire professional career, including seven years at Morgan Stanley as well as three years as a real estate analyst at Cohen & Steers Capital Management, has focused on real estate finance, real estate valuation analysis, and closing real estate transactions. My unique background in real estate enabled me to be the top producer in the Bronxville market and one of the top three agents in Westchester County in 2014. In addition, I was recently selected as one of the top 250 real estate agents nationwide by the Wall Street Journal. I look forward to the opportunity to assist you in solving your real estate needs by putting my expertise to work for you. Please feel free to call me regarding a consultation.
SStoltz@houlihanlawrence.com
Houlihan Lawrence 4 Valley Road Bronxville, NY 10708
914.310.6220