South Bronx a Hot Market for Investors
Our neighborhood has come a long way over the last 40 years. The Bronx is no longer burning, and it is no longer making headlines over its high crime rate. To the contrary, a recent flurry of headlines have reported on how new development has made the South Bronx an up-and-coming place for investors looking for new, fresh markets. The reduction of the crime rate, combined with the benefits of being in close proximity to Manhattan, has caught the eye of a number of developers, and a flourishing artistic community, new dining venues, and the potential for waterfront views are reeling potential buyers in. We’re proud of the positive changes in our neighborhoods, and if you’re looking to invest in property in South Bronx, you’ve come to the right place.
New Development in the South Bronx
A recent Wall Street Journal article detailed some of the plans that lie ahead for the Bronx real estate market, particularly new developments in the South Bronx. Thus far, plans include the following:
- Development of residential communities and rental apartments;
- Plans to provide space for offices and light manufacturing;
- Development of retail outlets, specialty shops, and restaurants; and
- Public space, including a shoreline walkway, parks, and recreational facilities.
There’s also talk of developing a tech campus, as well as artist studios and workshops. While many of these projects are only in the planning stages, it’s a welcome and positive sign for the community at large.
Prime Time For Investors
As the South Bronx leaves its troubled past behind it, a new vision for the future is slowly unfolding. Investors are drawn to the market in increasing numbers, with an eye toward getting in on the ground floor of what could turn out to be a major turnaround for a place once known for its high foreclosure rate and poverty. A recent story in the New York Daily News states the investors are buying existing buildings with an eye towards renovation, as well as investing in new construction. Multifamily unit sales are up 67 percent and sales of development sites are up by an incredible 85 percent. The city has seen this type of growth in the past; these are the same kinds of numbers that resulted in the revitalization of the Lower East Side 10 years ago.
Contact Our Experienced Real Estate Attorneys Today
If you’re thinking about investing in property in the South Bronx, or anywhere in the city, contact our experienced New York real estate attorneys today. At Cavallo & Cavallo, our attorneys have many years of experience in the New York real estate market. We’ve seen trends come and go, and we’ve been able to advise our clients on the best ways to invest when the market is hot. We can help guide and assist you through the entire investment process, all the while making sure your current assets are being protected. Whether you’re looking for an investment property, or simply a place to call home, call us today. With offices in the Bronx and Westchester, we’re your neighborhood law firm, and will provide you with the efficient and effective legal service you need to handle all your real estate planning needs.