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The Bronx may not come to everyone’s mind under the topic of pricey New York City enclaves, but the area made some huge property value gains in the last year that have bumped it into expensive territory.
During the first quarter of 2023, the Bronx’s Fieldston neighborhood saw the median property value increase a stunning 149 percent year over year, bumping the Bronx into New York City’s top 50 priciest neighborhoods for the first time ever, according to a report from real estate data provider PropertyShark.
While New York City’s median sale price dropped $58,000 year over year, the median sale price in Fieldston soared from $338,000 during Q1 2022 to $840,000 in Q1 2023.
“With that surge, Fieldston (and the Bronx) claimed the sharpest price increase among the city’s leading neighborhoods,” the report states. “Notably, the remarkable climb was the result of a significant change in the property types sold.”
During the first quarter of 2022, 87 percent of sales in Fieldston were co-ops and just 7 percent were single-family homes. During the first quarter of 2023, however, single-family home sales saw huge growth, representing 54 percent of all sales, while co-ops made up 46 percent of transactions.
That movement allowed Fieldston to jump from the No. 140 spot on the city’s priciest neighborhoods list in 2022 to the No. 41 spot in 2023.
The private neighborhood nestled within Riverdale is quite small, spanning about 140 acres. The neighborhood is a last stop of sorts before the Bronx transitions into Westchester.
Brooklyn also made history with this quarter’s report by landing a spot among the top three priciest neighborhoods for the first time ever with Vinegar Hill.
The neighborhood’s median sale price hit $2.6 million, which was heavily skewed by three top deals at 288 Water Street between about $2.3 and $3.4 million each. The building is an eight-unit boutique condo project with high-end amenities, including a fitness center and rooftop deck with outdoor kitchen.
Vinegar Hill just barely met PropertyShark’s requirements for being included in the top 50 priciest neighborhoods list, however, because the neighborhood only close five sales over the course of the quarter, which is the data provider’s minimum for inclusion, in order to provide accurate metrics.
Hudson Yards held its place as the overall priciest neighborhood with a median sale price of $5.729 million, up 6 percent year over year. The No. 2 priciest neighborhood was TriBeCa, which saw a median sale price of $3.5 million, down 6 percent year over year.
New York City’s overall falling prices were reflected in the decline in number of neighborhoods with median home prices that exceeded $2 million. Just four neighborhoods passed this metric during the first quarter of 2023, compared to eight the previous year.
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