Category Archives: BuyingtipsforManhattanproperty

Harlem starter townhouse inventory increasing

The last two months showed inventory for below $ 2 million in the Central Harlem, Hamilton Heights market stay steady at 9 townhouses. This is nearly double the amount that was present in the market only two months ago of 5 properties. In the last 2 months, 2 sales were recorded under $2 million and one was an off market deal on Astor Row. If you take a closer look at the inventory under $2 million, you are seeing a fair amount of SROs: some with a certificate of no harassment and some without it. You are also seeing inventory with rent stabilized tenants or other tenancy that would complicate the conversion of a building.

With several townhouses on the cusp of asking under $2 million, it can be expected that these properties will lower their asking price and will see even more attractive offers in the coming months under $2 million. Now and in 2019, might be the most attractive time for a buyer to purchase their first townhouse in the Harlem market at a discount.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

Harlem townhouse November market report

In November, there were 11 new listings in the Central Harlem, Hamilton Heights market and 3 sales. The 3 sales ranged from a South Harlem fixer-upper for $2.2 million to a Striver’s Row townhouse for just under $3 million.

Current inventory is 80 townhouses up from 79 in October.  The amount of time to absorb all of the existing inventory would be 27 months. Days on the market average for all active listings is 132 days.

< $2 mm 9
$2.0- $2.99mm 43
$3.0-$3.99 19
$ 4.0 mm + 9

 

Harlem townhouse October report

Harlem townhouse September report

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

21 Open houses for Harlem townhouses set for tomorrow December 2

21 townhouses in the Harlem area, are planning to be held open tomorrow. The least expensive is a 4 family on West 141st street for a reduced $1,850,000 and the most expensive is a large townhouse at 730 Saint Nicholas for $5,250,000.

Complete list of Harlem townhouse open houses here

 

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

 

24 luxury contracts signed last week in Manhattan

24 luxury contracts were signed last week according to the Olshan Report. An 80th floor apartment in One57, Extell’s luxury tower on Billionaire’s Row went into contract after asking $19.9 million. A seller at 150 Charles managed a $4 million profit after buying his condo for just north of $12 million off floor plans back in 2012 as well.

TRD coverage

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

Why do some Manhattan buildings have so few units for sale?

I always find it interesting to see that in some Manhattan buildings that are very few apartments for sale. In 400 Central Park west, a 414 unit condominium there are 6 apartments for sale, and 2 of those are in contract. So out of 414 units, there are 4 units available for sale or less than 1% of the building.

Contrast that with 120 Riverside boulevard, which has 23 units for sale with only 2 of those in contract. The 14 year old building has 276 units and many amenities. But taxes for a 1292 sqft 2bd/2ba run around $21,000 per year. Perhaps, this is the clearest example of the effect of the Tax Reform? Either way, with nearly 8% of the building for sale, it might create a pause in a buyer looking to purchase.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

 

33 townhouse Open houses today in Harlem

In the Hamilton Heights, Central Harlem, market there are 33 open houses set for today. As listings linger on the market and sellers start to come to grips with the idea that the market is in favor of the buyers, some listings sit on the market. As a result, the amount of open houses is at a staggering number. However, the market under $2.5 million is still low on inventory as only 4 of the 33 open houses are for that price point and only 1 open house for a listing under $2 million. The inventory under $2 million has not budged at all in the last several months and the choices are limited.

Harlem townhouse Open house list for Sunday

Harlem townhouse September market report

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

Harlem townhouse market price adjustments

Just two months ago, the Harlem townhouse market report showed 17 listings at $4 million and above. Now as of September 30th, that number has halved to 8. Those listings did not sell as only 4 listings over $4 million have sold this year in the Harlem,Hamilton Heights townhouse market. Either they reduced the price and joined the under $4 million club or they gave up.

In the last 2 months, the number of listings available from $3 million to $3.99 million, has increased from 26 to 31. The number of listings from $2 million to $2.99 million has increased in the same time period from 33 to 40. These numbers tend to support the trend that price reductions are forcing sellers to readjust their expectations.

However, the market segment least affected is the below $2 million which currently has 5 available listings while the May Harlem townhouse report showed 7. This suggests that inventory is still very tight in the <$2 million/starter townhouse range.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

How CEMAs help Manhattan buyers and sellers save money

Please note always consult with an attorney on legal matters as this blog is not meant to be substituted for competent legal advice. 

CEMAs aka Consolidation extension modification agreement, allow buyers who are purchasing real property (not coops) in New York City save $ on their mortgage recording tax and help sellers to save on their NYS transfer tax. This can work if the below conditions are met and strangely is used only in about 1/4 transactions that are eligible.

1- Seller has a mortgage

2-Seller’s mortgage lender allows assignments of mortgages

3- Buyer is working with a lender that allows purchase CEMAs.

Example

Sale Price $3,000,000
Seller Mortgage balance $2,000,000
Buyer Mortgage amount $2,200,000
Mortgage tax 1.925%

Buyer will save approximately $39,500 in mortgage recording tax minus transaction costs and seller will only pay NYS transfer tax on not the total sale price of $3mm which would be $12,000 but rather on the difference of $3mm-$2mm which would be $1 million or $4,000.  Buyer and seller both win.

You will need to consult with an attorney that understands this process and also it’s an easier process with a lender that can also aid in the process as well.

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

 

Harlem townhouse August market report

In the month of August the Central Harlem,Hamilton Heights market was quiet with only 4 new listings coming to the market.

Among the 4 new listings, there is an SRO sold without the certificate of no harassment for $2.1 million looking for cash buyers according to the listing which is the least expensive listing. Also listed this month is a home at 210 W 122nd street which appears to be renovated though the DOB records indicate SRO as well asking $3.995 million. Rounding out the new listings are an 8 unit for sale near Fifth avenue and a 3 family with side yard at 517 W 152nd street which was listed previously.

On the sale side(see table below), there were 5 sales and some properties went to contract or were removed from the market which resulted in a decrease of inventory from 82 available listings in July to 70 in August. This led to a corresponding decrease in inventory levels to only 14 months from 21 months in July.

Sold properties for August
Sale Price # Units
160 W 130 ST $2,400,000 8
37 W 126 ST $2,544,000 4
127 W 120 ST $3,451,000 3
106 W 120 ST $3,375,000 3
17 W 120 ST $3,750,000 6
# Active listings Inventory (months)
70 14
<$2mm 5
$2mm-$2.99mm 33
$3mm-$3.99 mm 25
$4mm + 8

July Harlem townhouse report

June Harlem townhouse report

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.

Thinking of buying a Manhattan apartment for investment?

This is the 1st in a series of articles for buyers who are considering buying a Manhattan apartment as an investment. 

I  once read an article where someone commented that NYC property is like a Swiss bank account for investors because it’s considered so low risk and certainly will go up in the future. But where do you buy and for how much? Should you get a loan or pay CASH? Here’s some advice that may help you to decide.

So let’s say you have $1 million just as an example and you want to invest. What are your options assuming you will not live there? Click through for guidelines.

Continue reading Thinking of buying a Manhattan apartment for investment?