Market Conditions in Bronx>Question Details

AMRWJ, Home Buyer in Brooklyn, NY

Why are prices so low in Pelham Parkway, Bronxdale, etc.? What is the average time on market?

Asked by AMRWJ, Brooklyn, NY Tue Feb 26, 2013

These seem like great communities with really low selling prices and almost desperate sellers who are willing to chip in on maintenance payments, negotiate prices, etc. With all the apparent amenities in these nabes, why is that? Thanks.

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AMRWJ,

It's still quite a Buyers market, we have been seeing the market change slowly but this location in particular Pelham Parkway, Bronxdale is a desirable neighborhood. Reminder that pricing is key and if Sellers are coming into the market its very competitive. The Co-ops are much lower prices but maintenance fees are much higher. Also remember that an appraisal is conducted on these units unless you are coming in with a CASH deal and choose to waive the appraisal.

All markets are different, a co-op in this location compared to one in Riverdale is significantly higher.

We have a Sellers with different needs and wants, we can't say that there all desparate Sellers that is not the case. Different Sellers have different needs and wants looking to sell for different Reasons:

1) Re-Location
2) Retirement
3) Death in the family
4) Distressed
5) Finances
6) Looking to Upgrade
7) Looking to downsize etc,..

Millie Valentin
EXIT REALTY SEARCH
3928 E. Tremont Avenue
Bronx, NY 10465
email: exitwithmillie@gmail.com
http://www.ExitRealtySearch.com
1 vote Thank Flag Link Wed Feb 27, 2013
Hello,

The prices of these coops are cheaper but the maintenance are much higher so thats the reflection. Its a challenging marketplace for sellers especially with cooperatives being the most tideous transactions so the only way for these owners to sell is to get creative and offer incentives. Giving free maintenance and being more flexible in price is about 90% of its marketing effectiveness so thats why the prices are cheaper. Average time on the market is about 180-240 days on the market. If you're looking to explore this area or any other options, please contact me.

John Lajara
REALTOR®/Notary Public
Certified Buyer Representative (CBR)
Cell: 917-848-4655
Fax: 917-522-9638
Website: http://www.JohnsRealtySuccess.com
E-mail Address: john25lajara@gmail.com
EXIT REALTY SEARCH | 3928 E. Tremont Ave | Bronx | NY | 10465

Visit me on Trulia & Zillow!

http://www.trulia.com/profile/johnlajara
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http://www.zillow.com/profile/theexitproject
1 vote Thank Flag Link Tue Feb 26, 2013
Hi,

As my colleagues below have noted, maintenances fees in this area are pretty high and, often, worth looking into. If there is a unit you like and the maintenance is high, examine financials and find out why. Another reason is the difficult parking, though residents can buy spaces at the local parking garage.

The funny thing is that even with the maintenances the way they are, the low prices make it so that you are STILL owning (shares) for less than renting. Also, it's important to note that not every building here has a high maintenance. There are some real gems to be found. Thanks and great question.

David Rodriguez
david.rodriguez@pantigagroup.com
718.451.6859
0 votes Thank Flag Link Wed Feb 27, 2013
AMRWJ,

To add to John's response, there is also a variety of incentives by sellers because they want their listing to be as competitive as the other units on the market. Some sellers in this area purchased their units 10 or more years ago and are selling due to retirement and some are also downsizing from 3 bedroom apts. to smaller units since their children have moved out (from my own experience with clients in the area). And then there are other families that are selling because they purchased their apts. as starter homes and are now ready to move to houses because their families are growing.

The prices for the units are in line with that of the surrounding area, there is competition between owners just have a purchased within the last 5 years and those that have owned their apts. for 10 or more years because the owner who purchase 10 or more years can sell for a bit less than those who purchased in the last 5 years becuase the market was different 10 or more years .

Good luck.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty / Cruz Network of Realtors
Tel.: 646-479-7873
Email: nhcaraballo@yahoo.com
0 votes Thank Flag Link Wed Feb 27, 2013
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