July 30, 2017
Investors spent more money to buy real estate properties in the Bronx in the first half of this year — $968 million, up 3% compared to the second half of 2016.
The slight increase makes the Bronx different from all the other boroughs in the first half, where the volume of sales declined, sometimes sharply.
The southwest Bronx and northwest Bronx were the most active sub-markets, and the pace of sales quickened as 2017 progressed.
“Caution permeated the market in the first half, and investors took a more careful approach to their underwriting,” said Jason M. Gold, director at Ariel Property Advisors. “That cloud of uncertainty appears to have lifted and investors have re-engaged, with recent bidding activity indicating a pick-up in the second half.”
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