Why is Younger “Wall Street Crowd” Choosing Bronxville, NY Over Greenwich, CT?
November 29, 2016, WALTHAM, MA – This month’s Pro Teck Valuation Services Home Value Forecast examines the impact the growing minimalist mindset of NYC millennials is having on once-thriving real estate markets — particularly the affluent community of nearby Greenwich, CT.
In September, an article in Bloomberg stated that Greenwich, CT was the worst U.S. housing market. That article, plus a follow-up piece, suggests today’s younger generation of “the Wall Street crowd” are more frugal and are looking to live within their means. So if these millennial moneymakers aren’t looking to move into the manicured mansions of Greenwich, where are they moving? The answer is places like Bronxville, NY.
Bronxville has great schools, a walkable town center and possesses a certain “New England” feel. All of this, combined with a bearable commute and promising housing market, has made Bronxville the “go-to neighborhood” for many affluent millennials leaving New York City.
With average sold price per foot living area still 14% below pre-crash highs, it is clear that Greenwich hasn’t fully rebounded. One might say this is a correction from the highs fueled by massive bonuses being paid in the years leading up to 2007. In Bronxville, the effects of the crash were more muted, and the community has surpassed pre-crash highs.
“The old status symbol used to be a large house on a private lot in the suburbs, that is no longer the dream,” said Tom O’Grady, CEO of Pro Teck Valuation Services. “Today, a smaller commute, amenities within walking distance and a sense of community are what is now desired. These are some of the reasons that Bronxville, NY is flourishing compared to Greenwich.”
Click here to read the entire forecast, including graphs that further highlight market trends discussed in this release.
CBSA Winners and Losers
Each month, Home Value Forecast uses a number of leading real estate market-based indicators to rank the single-family home markets in the top 200 CBSAs and highlight the strongest and weakest metros.
Top 10 CBSAs this month include:
- Colorado Springs, CO
- Mount Vernon, Anacortes, WA
- Olympia–Turnwater, WA
- Tacoma–Lakewood, WA
- Visalia–Porterville, CA
- Washington–Arlington–Alexandria, DC-VA-MD
- Raleigh, NC
- Indianapolis–Carmel–Anderson, IN
- Sacramento–Roseville–Arden-Arcade, CA
- Kansas City, MO-KS
Interesting to see the Washington–Arlington, DC-VA-MD CBSA made the Top Ten this month. With President-elect Donald Trump and the inevitable change in Party rule on Capitol Hill, we wonder if there will be an up-tick in active listings in the coming months. In previous elections, the area hasn’t seen a dramatic impact on real estate. This one may be different if Trump stays true to his promise to bring in more outsiders to “drain the swamp.”
Bottom 10 CBSAs this month include:
- Youngstown–Warren–Boardman, OH-PA
- Huntington–Ashland, WV-KY-OH
- Joplin, MO
- Toledo, OH
- McAllen–Edinburg–Mission, TX
- Miami–Miami Beach–Kendall, FL
- Abilene, TX
- Midland, TX
- Jacksonville, NC
- Atlantic City–Hammonton, NJ
Atlantic City is once again our bottom real estate market in the country. Coincidentally, President-elect Trump was part of the rise and fall of Atlantic City, with his companies filing four bankruptcies there between 1991 and 2009. The rise of other gambling options, including other casino options closer to people’s homes, online betting and the transformation of Las Vegas into a multi-use destination all played a part in Atlantic City’s demise.
On election day, New Jersey voters rejected a proposal to expand casinos outside of Atlantic City – a day later the state took control of the city. We will keep an eye out to see if the area can be revitalized around the seven remaining casinos.
About Home Value Forecast
Home Value Forecast (HVF) is brought to you by Pro Teck Valuation Services. HVF provides insight into the current and future state of the U.S. housing market, and delivers 14 market snapshot graphs from the top 30 CBSAs.
HVF is built using numerous housing and economic data sources. The top 750 CBSAs as well as data down to the ZIP code level for approximately 18,000 ZIPs are available with a corporate subscription to the service. To learn more about Home Value Forecast and Pro Teck’s full suite of residential real estate valuation products, visit www.proteckservices.com. You can also find Pro Teck on Twitter at @ProTeckServices.
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