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The Stoltz Report Bronxville Area Real Estate 2016 Annual Summary

Interpreting the Market


2016 ANNUAL SUMMARY AND OUTLOOK Dear Neighbor, The Bronxville area real estate markets continue to perform well. This is welcome news, especially considering that we are in the later stages of the real estate recovery. Sales volume in the area continues to be trending below the 2012-2014 high volume years, but pricing is generally higher than in 2015 and remains very close to historic levels. The Bronxville real estate market outperforms other area markets given its close proximity to Manhattan, lack of available land for new construction, and its acclaimed public school. Due to the strength of the current market, I predict we will have an early selling season as buyers and sellers want to be opportunistic and take advantage of the attractive real estate conditions. Every year brings new market opportunities and challenges. Below are some of my thoughts and trends to consider for 2017: • The 2016 Presidential election should have a meaningful impact on our real estate market. Interest rates remain low, the stock market is at an all-time high and financial stocks have rallied considerably. Anticipated changes in the regulatory environment benefit those who work in the financial services sector and that should expand the number of buyers interested in Bronxville. • For the past couple of years we have experienced lower real estate sale volumes but strong pricing. Hopefully we can continue to hold pricing levels and increase sales volume in 2017 but, as home prices rise, we do lose certain buyers to more affordable markets in the New York area. • We are experiencing a rebalancing in what buyers are willing to pay for certain types of residences. Since 2007, a peak pricing year, Bronxville Village co-ops have experienced an average per square foot pricing increase of 20%, town homes 11.5%, and single-family homes a 3% increase. In the past decade, buyers have been willing to pay more for smaller homes with less maintenance. It will be interesting to watch the spread in pricing in 2017 among the apartments, town homes, and single-family homes. • Bronxville is seeing increased supply of houses for sale in the high-end due to demographics, economics, and lifestyle trends. In addition, the high-end condominium development called Villa BXV, coming on line in 20172018, is accelerating “empty nest” homeowners’ selling decisions. We have had a relatively strong high-end market in 2016. Hopefully, with the stock market at an all-time high and low interest rates we will continue to have healthy demand in this segment. I hope you find the following information and analysis helpful. Sincerely, Sheila Morrissey Stoltz Licensed Real Estate Associate Broker 914.310.6220


Bronxville Area 2016 Annual Summary

BRONXVILLE VILLAGE SINGLE FAMILY HOMES Bronxville Village single-family home sale pricing was very strong in 2016, continuing the market recovery that we’ve been seeing since 2009. The median home sale price was $2,605,000 as compared to $2,455,000 in 2015, and the average price per square foot was $670 as compared to $685 in 2015. In 2016, 42 homes sold which is below the peak volume year of 61 homes sold in 2012 but more in line with the 10-year average of 46 homes sold annually. Approximately 40% of all homes in the Village sold between $2,500,000-$3,500,000 in 2016. The highest price paid for a home in 2016 was $5,200,000 and the lowest price paid was $1,425,000. Current and anticipated inventory is weighted towards the high-end with very little inventory on the market below $2,000,000. The strength in pricing is encouraging as we head into 2017. I do anticipate meaningful new inventory coming on the market in the first quarter.

Bronxville Village Single Family Homes - 10-Year Price and Volume History

Bronxville Village Single Family Homes - Summary Statistics 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

% Change Median vs 2006* $2,605,000 32.2% $2,455,000 24.6% $2,190,000 11.2% $2,009,500 2.0% $1,975,000 0.3% $2,100,000 6.6% $1,900,000 -3.6% $2,150,000 9.1% $2,020,000 2.5% $2,300,000 16.8%

Average % Change P/SF vs 2006* $670 8.9% $685 11.4% $621 1.0% $630 2.4% $562 -8.6% $554 -9.9% $563 -8.5% $571 -7.2% $627 2.0% $650 5.7%

Prices High Low $5,200,000 $1,425,000 $8,500,000 $875,000 $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

*Represents the change in price from 2006, a peak pricing year.

Bronxville Village – Unit Sales By Price Category (1/1 – 12/31) Price Range 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 Up to $1,000,000 0% 2% 3% 2% 7% 8% 5% 5% 6% 5% $1,000,000-$1,499,000 7% 0% 7% 17% 23% 15% 24% 14% 6% 5% $1,500,000-$1,999,999 14% 24% 31% 27% 23% 18% 29% 29% 37% 19% $2,000,000-$2,499,999 24% 27% 33% 40% 20% 33% 15% 14% 20% 33% $2,500,000-$2,999,999 24% 27% 17% 7% 15% 15% 7% 19% 17% 21% $3,000,000-$4,999,999 29% 13% 7% 5% 10% 8% 19% 14% 14% 14% $5,000,000 and up 2% 7% 2% 3% 3% 3% 2% 5% 0% 2% Total Units Sold 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Total Units Sold 42 45 58 60 61 39 59 21 35 42


BRONXVILLE VILLAGE TOWN HOMES Bronxville Village is unique in that it has a prominent town home market consisting of approximately 240 town homes. Bronxville Village town home sales were stable in 2016 after several years of impressive sales. The median town home sale price was $1,056,500 as compared to $999,000 in 2015, and the average price per square foot was $620 in 2016 as compared to $619 in 2015. Approximately 44% of all town homes traded between $700,000 and $1,000,000 in 2016, and 50% sold between $1,000,000 and $1,500,000. The highest price paid in 2016 was $1,504,000, and the lowest price paid was $815,000. Town homes continue to trade well above the historic average and much closer to single- family pricing on a per square foot basis. Town homes offer an “urban feel”, attractive Bronxville Village entry price point, and lower taxes in comparison to singlefamily homes.

Bronxville Village Town Homes - 10-Year Price and Volume History

Bronxville Village Town Homes - Summary Statistics % Change Median vs 2006* 2016 $1,056,000 15.1% 2015 $999,000 8.9% 2014 $1,147,500 25.1% 2013 $939,000 2.3% 2012 $895,000 -2.5% 2011 $922,500 0.5% 2010 $874,000 -4.7% 2009 $998,620 8.8% 2008 $935,000 1.9% 2007 $960,000 4.6%

Average % Change P/SF vs 2006* $620 19.0% $619 18.8% $627 20.3% $545 4.6% $478 -8.3% $469 -10.0% $467 -10.4% $479 -8.1% $511 -1.9% $556 6.7%

Prices High Low $1,504,000 $810,000 $2,760,000 $815,000 $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

*Represents the change in price from 2006, a peak pricing year.

Bronxville Village Town Homes – Unit Sales By Price Category (1/1 – 12/31) Price Range 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 Up to $499,999 0% 0% 0% 0% 0% 0% 14% 0% 0% 0% $500,000 - $699,000 0% 0% 0% 0% 10% 25% 6% 0% 10% 5% $700,000-$999,000 44% 53% 23% 70% 80% 50% 63% 57% 70% 53% $1,000,000-$1,499,999 50% 35% 73% 30% 5% 25% 25% 29% 20% 42% $1,500,000-$1,999,999 6% 6% 5% 0% 0% 0% 0% 14% 0% 0% $2,000,000 and higher 0% 6% 0% 0% 0% 0% 0% 0% 0% 0% Total Units Sold 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Total Units Sold 16 17 22 23 20 8 16 7 10 19


Bronxville Area 2016 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. The median price point for apartments increased to $527,500 in 2016 as compared to $542,350 in 2015. The average price per square foot increased to $485 as compared to $441 in 2015. Unit sales volume peaked in 2005 with 64 unit sales, and since 2011 unit volume has averaged about 45 units per year. In 2016, 38 apartments sold. The highest price paid in 2016 was $1,304,000 and the lowest price paid was $154,000. 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 Bronxville Village.

Bronxville Village Co-operative Market - 10-Year Price and Volume History

Bronxville Village Co-ops - Summary Statistics 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

% Change Median vs 2006* $527,500 50.7% $542,350 55.0% $400,000 14.3% $458,500 31.0% $445,000 27.1% $457,500 30.7% $330,000 -5.7% $445,388 27.3% $370,000 5.7% $375,000 7.1%

Average % Change P/SF vs 2006* $485 25.0% $441 13.7% $395 1.8% $385 -0.8% $357 -8.0% $355 -8.5% $352 -9.3% $373 -3.9% $391 0.8% $404 4.1%

Prices High Low $1,304,000 $154,000 $1,100,000 $230,000 $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

*Represents the change in price from 2006, a peak pricing year.

Bronxville Village Co-ops – Unit Sales By Price Category (1/1 – 12/31) Price Range 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 Up to $299,000 18% 14% 35% 28% 25% 28% 39% 26% 29% 31% $300,000-$399,999 13% 23% 15% 17% 18% 17% 20% 22% 29% 21% $400,000-$499,999 16% 5% 9% 13% 14% 14% 10% 17% 14% 8% $500,000-$599,999 8% 23% 7% 15% 11% 14% 15% 13% 4% 10% $600,000-$799,999 24% 14% 15% 15% 27% 17% 12% 13% 18% 21% $800,000-$999,999 11% 18% 9% 4% 2% 6% 0% 9% 7% 5% $1,000,000-$1,999,999 11% 5% 11% 9% 2% 6% 5% 0% 0% 5% Total Units Sold 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Total Units Sold 38 44 46 54 44 36 41 23 28 39


BRONXVILLE P.O./YONKERS Bronxville P.O./Yonkers had a very good year in 2016 after experiencing a healthy 2015 and 2014. The median home sale price remained stable at $808,500 as compared to $801,750 in 2015. The average price per square foot in 2016 was $330 showing an increase from $306 in 2015. Sales volume dipped to 54 home sales as compared to 58 home sales in 2015 but was above the 10-year average of 44 home sales. In 2016, 41% of the homes sold in the $700,000-$999,000 range, and 28% sold above $1,000,000. The highest price paid for a home in 2016 was $1,925,000 and the lowest price paid was $420,000.

Bronxville P.O./Yonkers Single Family Homes - 10-Year Price and Volume History

Bronxville P.O./Yonkers - Summary Statistics 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

% Change Median vs 2006* $808,000 0.4% $801,750 -0.4% $805,000 0.0% $729,000 -9.4% $722,500 -10.2% $705,000 -12.4% $716,000 -11.1% $725,000 -9.9% $716,250 -11.0% $772,500 -4.0%

Average % Change P/SF vs 2006* $330 -1.8% $306 -8.9% $337 0.3% $316 -6.0% $313 -6.8% $310 -7.7% $321 -4.5% $318 -5.4% $353 5.1% $352 4.8%

Prices High Low $1,925,000 $420,000 $3,863,000 $200,000 $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

*Represents the change in price from 2006 a peak pricing year.

Bronxville P.O./Yonkers - Unit Sales By Price Category (1/1 – 12/31) Price Range 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 Up to $499,999 6% 12% 13% 24% 14% 24% 15% 27% 4% 10% $500,000 - $699,000 26% 22% 17% 25% 35% 24% 30% 23% 38% 35% $700,000-$999,000 41% 43% 44% 27% 27% 21% 42% 33% 46% 31% $1,000,000-$1,499,999 17% 17% 22% 16% 22% 21% 6% 10% 12% 15% $1,500,000-$1,999,999 11% 2% 2% 4% 0% 0% 6% 3% 0% 4% $2,000,000 and higher 0% 3% 2% 4% 3% 9% 0% 3% 0% 4% Total Units Sold 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Total Units Sold 54 58 63 55 37 33 33 30 26 48


Bronxville Area 2016 Annual Summary

BRONXVILLE P.O./TUCKAHOE The Bronxville P.O./Tuckahoe market experienced a stable year in 2016 after a strong year in 2015. The median price in 2016 was $710,000 as compared to $847,500 in 2015. The average price per square foot was $332 in 2016, the same as in 2015. The highest price paid in 2016 was $1,880,000 and the lowest price paid was $399,999. This area remains below the peak pricing experienced in the 2005-2007 time period but the higher volume and stronger pricing combined with the very manageable inventory should continue to strengthen this market. In 2016, 66% of the homes sold between $500,000-$1,000,000, and 33% of the homes sold for more than $1,000,000. This market remains stable and is improving slowly.

Bronxville P.O./Tuckahoe Single Family Homes - 10-Year Price and Volume History

Bronxville P.O./Tuckahoe - Summary Statistics % Change Median vs 2006* 2016 $710,000 3.6% 2015 $847,500 23.7% 2014 $680,000 -0.7% 2013 $686,250 0.2% 2012 $780,000 13.9% 2011 $670,000 -2.2% 2010 $665,000 -2.9% 2009 $641,250 -6.4% 2008 $1,105,000 61.3% 2007 $1,030,000 50.4%

Average % Change P/SF vs 2006* $331 -7.5% $332 -7.3% $327 -8.7% $303 -15.4% $312 -12.8% $312 -12.8% $315 -12.0% $301 -16.0% $383 7.0% $383 7.0%

Prices High Low $1,880,000 $399,999 $1,640,000 $522,000 $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

*Represents the change in price from 2006, a peak pricing year.

Bronxville P.O./Tuckahoe - Unit Sales By Price Category (1/1 – 12/31) Price Range 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 Up to $499,999 11% 0% 8% 8% 21% 7% 14% 6% 5% 0% $500,000 - $699,000 37% 38% 46% 42% 29% 43% 50% 50% 10% 35% $700,000-$999,000 19% 31% 25% 25% 43% 14% 14% 28% 30% 9% $1,000,000-$1,499,999 19% 15% 8% 21% 7% 29% 7% 11% 25% 22% $1,500,000-$1,999,999 15% 15% 13% 4% 0% 7% 7% 0% 25% 22% $2,000,000 and higher 0% 0% 0% 0% 0% 0% 7% 6% 5% 13% Total Units Sold 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Total Units Sold 27 26 24 24 14 14 14 18 20 23


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 2016 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 (2015) $46 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 25 year history, the Foundation has funded over $8.3 million in grants. Every year, the Foundation raises money through donations from community members, alumni, corporations and others. In 2016, the Foundation funded approximately $600,000 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 2016 Annual Summary

MARKET SHARE BASED ON DOLLAR VOLUME*

*Source: HGMLS, Single Family Detached, Bronxville Schools, 1/1/2016 - 12/31/2016

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 and Putnam County and #2 in Duchess County 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 • 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 2016 Annual Summary

A SAMPLING OF MY ACTIVITY IN 2016

Bronxville Village.

Listed for $3,350,000

Bronxville Village.

Listed for $1,075,000

Bronxville Village.

Listed for $4,995,000

Bronxville P.O./Tuckahoe. Listed for $1,795,000

Bronxville P.O./Yonkers. Listed for $649,000

Bronxville Village Town Home. Listed for $1,100,000

I have had the pleasure of selling real estate in Westchester for the past 12 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 Village market and one of the top agents in Westchester County for the past five years. 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

The Stoltz Report 2016 Annual  
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