UNIVERSITY HEIGHTS — It is still possible to buy a one-bedroom co-op in University Heights for less than $80,000 — but just barely.
The 10 cheapest properties in the neighborhood range from a one-bedroom co-op at 3 Fordham Hill Oval for $79,999 to a house at 11 W. 184th St. selling for $369,000, according to a study from real estate analytics firm NeighborhoodX.
Other affordable properties in the neighborhood include a one-bedroom co-op at 6 Fordham Hill Oval for $99,000, a two-bedroom co-op at 6 Fordham Hill Oval for $199,000, and a three-bedroom co-op at 3 Fordham Hill Oval for $250,000.
Nine out of the 10 cheapest properties were co-ops in Fordham Hill Oval, with the only exception being the house on West 184th Street. (NeighborhoodX excludes some residences including those with long-term rent controlled tenants, affordable housing, age-restricted housing, listings with incomplete or contradictory information and studios.)
Price per square foot was only available at five out of the 10 properties and ranged from $108 to $173, according to NeighborhoodX.
Properties in the neighborhood were significantly cheaper than those in Concourse, which ranged from $175,000 to $595,000, according to NeighborhoodX.
NeighborhoodX co-founder Constantine Valhouli attributed this to multiple factors, including Concourse's strong reputation for good architecture and its relatively closer location to Manhattan.
"There’s also the recognition factor, that people tend to have gone to Concourse if they’ve gone to Yankee Stadium," he said. "There’s a familiarity with it."
University Heights is even more affordable when compared to Manhattan neighborhoods like the Upper West Side and Upper East Side and Brooklyn neighborhoods like Cobble Hill and Brooklyn Heights, where the cheapest properties all cost significantly more than the most expensive property in University Heights.
Valhouli singled out the roughly $80,000 co-op at 3 Fordham Hill Oval for as a particularly affordable place in the city.
"That’s doable. That’s a foothold in New York City that’s actually attainable," he said.
Overall, Valhouli characterized real estate prices in The Bronx as similar to real estate prices in other parts of the city decades earlier.
"In some ways, looking at the prices in The Bronx felt like stepping back in time to 1996 Manhattan," he said.
