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Cindy Landis, Manager of Bronxville Houlihan Lawrence: Year-End Report on Bronxville Real Estate

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Jan. 4, 2012:  A recap of the 2011 market in the Village this year shows that 39 single-family houses, 8 townhouses, and 36 co-ops closed.  Compared to 2010, all categories showed a decline in the number of transactions (39 vs 59 single-family homes; 8 vs 16 townhouses; and 36 vs 41 co-ops).

Looking backward in the rearview mirror, we can see that on a quarterly basis, 2011 lagged 2010 in sale transactions but began to regain momentum in the second quarter.

At the end of the first quarter of 2011, there had been a mere 4 closings compared with 8 in 2010, a 50% decline.  But those stats improved with the number of closed deals in the second quarter, and by the end of the third quarter, the decline had diminished to 26.9%  (38 sales in 2011 compared to 52 in 2010).

However, just as we were appearing to climb out of the hole, the European debt crisis reared its ugly head locally.  Housing statistics have a lag period due to the usual 60- to 90-day window between the time a deal is signed and the actual closing date. Thus, although our markets were showing some strength as measured by deals closing, by late summer, the contagion of the European debt crisis had spread to our local markets causing an acute lack of new deals in our normally busy fall market.  A paralysis set in.

There was a two- to three-month period between mid-August and mid-November when there were no new deals being made, and eventually there were no houses in contract for single-family homes in the Village.  Deals in contract are a certain measure of the health of a market.  It seemed that buyers were also suffering a crisis of confidence and sellers were frustrated.

As we look at the change between early November and December 31, I am pleased to say that we are back on track.  As of December 31, seven single-family homes were in contract in the Village in about as many weeks.  Compared to last year at that time, we had four houses in contract at year-end (those reading carefully will note that they are the four that closed during the first quarter 2011).

For 2012:  Does this spike portend another year like 2010?  Most likely not, although one can hope.  What I suspect is that like all markets in recovery, results are rarely linear--there are steps forward and then retrenchments.  I do expect, though, that Bronxville will continue to follow in the steps of the global financial situation.  Indeed, Bronxville is a microcosm.

For 2012, the buzzword remains "value."  Buyers are in search of it and banks and appraisers have the final say-so on it, if a deal is subject to a mortgage contingency.  The other additional piece of advice for sellers is to stay the course and not to give in to the desire to predict when buyers will arrive, as noted by this year's late surge in buying.  Realtors would never have predicted that we would end this year as well poised as we are.

Here's to 2012 and good results for our local market!

Government & History Directory

Bronxville Overview

Bronxville is a quaint village (one square mile) located just 16 miles north of midtown Manhattan (roughly 30 minutes on the train) and has a population of approximately 6,500. It is known as a premier community with an excellent public school (K-12) and easy access to Manhattan. Bronxville offers many amenities including an attractive business district, a hospital (Lawrence Hospital), public paddle and tennis courts, fine dining at local restaurants, two private country clubs and a community library.

While the earliest settlers of Bronxville date back to the first half of the 18th century, the history of the modern suburb of Bronxville began in 1890 when William Van Duzer Lawrence purchased a farm and commissioned the architect, William A. Bates, to design a planned community of houses for well-known artists and professionals that became a thriving art colony. This community, now called Lawrence Park, is listed on the National register of Historic Places and many of the homes still have artists’ studios. A neighborhood association within Lawrence Park called “The Hilltop Association” keeps this heritage alive with art shows and other events for neighbors.

Bronxville offers many charming neighborhoods as well as a variety of living options for residents including single family homes, town houses, cooperatives and condominiums. One of the chief benefits of living in “the village” is that your children can attend the Bronxville School.

The Bronxville postal zone (10708, known as “Bronxville PO”) includes the village of Bronxville as well as the Chester Heights section of Eastchester, parts of Tuckahoe and the Lawrence Park West, Cedar Knolls, Armour Villa and Longvale sections of Yonkers. Many of these areas have their own distinct character. For instance, the Armour Villa section has many historic homes and even has its own newsletter called “The Villa Voice” which reports on neighborhood news.

Bronxville Village Government Directory

Village of Bronxville Administrative Offices
337-6500
Open 9:00am - 4pm excluding holidays and weekends


Bronxville Police Department
337-0500
Open 24 hours


Bronxville Parking Violations
337-2024
Open 9:00am - 4pm excluding holidays and weekends


Bronxville Fire Deparment
793-6400

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