WALTHAM, Mass., Nov. 29, 2016 /PRNewswire/ -- 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.