Morris Park-Indian Village-Pelham Parkway-Pelham Manor Realty News

August 1st, 2017 2:16 PM
When I was younger I often heard the term "The Bronx Is Burning" and in a literal sense it was.  During the 70s homes, buildings, apartments were burned with the Fire House on Intervale Avenue rated one of the busiest in the City of New York second to Bedford Stuyvesant, Crown Heights, East New York.  In fact several books were written on the characteristics of "The Bronx is Burning"

Well today I say "The Bronx Is Again Burning" as is again Bedford Stuyvesant, Crown Height, East New York, The South Bronx, East Harlem, and every point north to south and east to west of The former farmland known to many as "DA BRONX"

Yes the Bronx is Burning alright with building-building-building home owner renovations and upscale development sites.

Once again, "Da Bronx" is becoming the frontier that money investors from Manhattan, Westchester, Brooklyn, Queens and foreign investment money from Asian, Middle Eastern and European have elected to park their money.

With recent reports of property value increasing by as much as 20% from last year its no wonder why a couple say from Bensonhurst Brooklyn would elect to purchase a 6 room over 6 room semi attached home in Morris Park for $650,000 as opposed to buying that same home in Bensonhurst for $1.3 million or Forrest Hills for $1.7 million or in Flushing for $1.5 million.  Thus the rush to buy home in "Da Bronx"

Therefore to the skeptics that believe the homes in the Bronx have not increased in value I say to you as an Appraiser and as a Realtor, the homes in "Da Bronx" are under valued and as of this writing the values continue to spiral upward.

My conclusion to this story is simple.  If you are thinking of selling, DO NOT UNDERVALUE YOUR OWN HOME.   Get an appraisal and make yourself the investor not some "flipper" looking to pay you 50 cents on the dollar.  If you plan to sell GET EDUCATED and research the market.  The Bronx is a GOLD MINE and the best part you don't have to dig or pan water.


Richard Greco
Richard Greco Real Estate
Richard Greco Appraisals
2157B Tomlinson Avenue
Bronx, New York 10461

Posted by Richard Greco II on August 1st, 2017 2:16 PMLeave a Comment

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