Bronx continues to be a shiny investment

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Bronx continues to be a shiny investment

In Q4 2017, average residential prices in the Bronx reached close to its pre-recession peak for the first time, hitting a record of $515,000, according to the Real Estate Board of New York (REBNY). The previous peak was $507,000 in 2006. The report also reveals that the Bronx saw the largest increase in residential sales volume among the five boroughs, climbing 17 percent to $455 million year-over-year. In comparison, Manhattan saw sales volume drop 12 percent; Brooklyn saw a 4 percent jump and Queens rose by 12 percent, according to REBNY. But keep in mind that the dollar volumes are far higher in Manhattan, Brooklyn and Queens — $4.8 billion, $2.4 billion and $2.3 billion in sales respectively for Q4 2017.

Rents in Bronx have also increased at a faster pace than elsewhere in the city. For instance, Mott Haven and the adjacent Port Morris saw the largest increases last year — increasing 9 and 11 percent, respectively, according to data from Zumper.