Rand Realty is expanding its reach into one of New York City’s most up-and-coming areas: the Bronx. Slowly overcoming its reputation of the past, the Bronx is seeing home sales increase and price points steadily uptick as Manhattan and Brooklyn prices get out of reach for many buyers, and offices like Rand are taking notice.
Better Homes and Gardens Rand Realty announced May 31 the opening of its new Bronx office in Throgs Neck. Located at East Tremont Avenue, the BHG Rand Realty office is no. 24 on the list for the brokerage firm in the Greater Hudson Valley. The office will concentrate on the Throgs Neck, Country Club, Morris Park, Pelham Bay, Pelham Parkway and Indian Village neighborhoods.
“As we strive to grow our brand and offerings, our newest location in the Bronx will allow us to service new areas, expanding our reach,” Matthew Rand, managing partner of Better Homes and Gardens Rand Realty, said in a statement. “I’m confident that the team of agents in the new Bronx office will be able to fully service the community, and I’m excited to see where this takes our brand next.”
The new location will be home to real estate agents with a special expertise of the area, including some Bronx residents.
Rand Realty was recently named one of the area’s top workplaces in the Lower Hudson Valley for 2016 by the Journal News. Almost 1,500 companies in the area were invited to participate, and all the nominated workplaces were evaluated through employee interviews.
The rise of the Bronx
According to the Real Estate Board of New York (REBNY), the Bronx, along with Queens and Staten Island, had the largest gains of NYC boroughs in home sales during the first quarter of the year. Bronx home sales increased 35 percent annually to 989 home sales, which is still considerbly low compared with other parts of the city.
The average sales price of a one-three family home in the Bronx increased by 5 percent in the first quarter of 2016 compared with last year to an average $457,000. City Island, Pelham Bay, Pelham Strip, Country Club, Throgs Neck and Schuylerville had the highest number of home sales (125), marking a 39 percent increase over the first quarter of 2015.
On a more real-time basis, home sales have been rising consistently in the Bronx in the past 12 months. Altos Research reports as of May 27, the median single-family home value was $461,462. This is an increase over the previous week’s weighted 90-day average and seven-day average.
While the Bronx isn’t quite yet Brooklyn, arrows are pointing in that direction.
