In the Bronx submarket, we have had $423 million in sales volume thus far in 2011. On an annualized basis, this would lead to $564 million in sales, about 14 percent above the $495 million that sold last year. The 2011 pace is 44 percent ahead of the $391 million of sales that occurred in 2009. In the Bronx market, the 2011 totals would be about 74 percent below the $2.2 billion that occurred at the peak of the market in 2007, coming close to the biggest drop of 76 percent in Northern Manhattan.
In terms of the number of properties sold, there were 60 buildings traded in the third quarter, the highest quarterly total this year. In the first three quarters, there have been 176 properties sold, leading to a projected 235 sales for the year. This total represents a 25 percent increase from the 188 properties sold last year, but only a 14 percent increase from the 205 properties sold in 2009. Therefore, 2010 will prove to be the low point for the Bronx in terms of number of properties sold. If our projection of 235 properties sell in the Bronx this year, it would represent a total 67 percent below the 701 properties that sold in 2007.
