The following is a preview of one of the hundreds of data sets that will be available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need.
In a banner year for US home price appreciation, the most expensive neighborhood in the Bronx did not miss out: Pelham Bay’s average sale price in the second quarter was 29.9 percent higher than it was a year ago.
But such gains were not seen across the four other priciest (according to average second-quarter sale prices) areas in the borough. The third-largest annual increase in sales price among the five neighborhoods was 16.7 percent, in Schuylerville.
Compare that to the third-place finisher in Brooklyn’s top five (56.1 percent), Manhattan’s (39.9 percent) or even Queens’ (20.1 percent), and the Bronx doesn’t have much to write home about. But with small sample sizes, such fluctuation is not uncommon.
Consider Morris Heights. The Bronx nabe ranked fifth in average sale price, but that price — over just 10 sales — was 1.9 percent lower than the average a year ago. That had more to do with the size and type of homes that sold than with any decline in Morris Heights home values.
The low transaction numbers should not be a surprise. Sales were down in many US markets, a result of very few homes being listed as well as rising mortgage rates. But the average sale price across New York City has increased significantly when examining the top neighborhoods across the boroughs.
The Real Deal studied the five most expensive neighborhoods in the Bronx by average sale price and analyzed all transactions for residential properties, including condos, co-ops and townhouses, recorded in the city register in the second quarter. Only neighborhoods with 10 or more recorded sales were considered.
At the top of the list, Pelham Bay had the highest average sale price at $905,000 across 13 deals. That was the dollar figure that rose nearly 30 percent from the same quarter last year.
Pelham Bay also had the borough’s priciest individual sale last quarter, but it was more about a development deal than a majestic mansion changing hands. A three-family building at 2135 Colonial Avenue went for $2.23 million in May. Moses Freund of the Vaja Group has filed permits to replace it with an eight-story, 42-unit building.
S. Wieder Architect, who ranked third among The Real Deal‘s top architects by the total square footage of new building permits, is listed on the project.
The Bronx Country Club, just east of Pelham Bay, ranked second on the list with an average sale price of $820,000 over 22 deals. The top sale was at 1533 Ohm Avenue for $1.27 million. The two-story townhouse with eight bedrooms and five bathrooms spent less than a month on the market. Compass’ Anita Jorawar was credited with the sale.
Morris Park checked in at No. 3 with a $749,000 average sale price across 11 deals. Its 21 percent increase in sale price was the second highest in the borough.
The area’s top deal was at 1701 Yates Avenue, which went for $996,000 in June. The last time the home sold, it went for less than half as much — $445,000 in 2004.
Schuylerville followed at No. 4 with an average sale price of $741,000 across 23 deals, the most transactions among the top five neighborhoods on the list. Its biggest sale was 2842 Harrington Avenue, which sold for $1.05 million. The detached, two-family house, built in 1925, was listed by Jenny (Hong Qing) Lin of E Realty International.
Rounding out the top five neighborhoods was Morris Heights with 10 deals averaging $739,000. The top deal in the neighborhood was 52 West 176 Street, which sold for $1.34 million — the second most lucrative second-quarter sale in the borough.