Category Archives: Inventory

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.

9 New Harlem townhouse listings so far in July

So far in the first half of July, we have seen 9 new townhouse listings come to the market in Harlem. That is fairly in line with the number of new listings that we saw come to market in April and May. June seemed to bring a pause in the rising inventory. The least expensive Harlem townhouse brought to the market was listed at $2.3 million but a recent 4 family lowered it’s ask to $2 million.

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 Manhattan market from Battery Park City to Washington Heights.

Harlem townhouses price reductions becoming more frequent

According to the latest data, there are 85 active listings in the market on the listings website streeteasy in Central Harlem and Hamilton Heights. 36 of these listings have at one point or another been reduced from their original asking prices and some more than once. This data shows that seller’s expectations were not in line with the current market and as a result, adjustments have been made to price sometimes not once but twice. In this market, buyers are even more hesitant to get involved with buildings that have issues or are expecting more of a discount to do so.

Between April and May we saw approximately 40 new townhouse listings and few contracts. Halfway through June, only 4 Harlem townhouses have been brought to the market.

Harlem townhouse May report

Harlem townhouse April 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.

Manhattan rental market stabilizing as sales market continues to slide

According to the latest report by Streeteasy, the Manhattan rental market is stabilizing ahead of the peak summer rental season as the sales market is still declining. I think this is supporting by what I am seeing with the summer rental market in full swing and the sales market struggling especially as owner’s expectations come to grips with the new buyer market conditions.

The median asking price on the upper west side of Manhattan is down about 10% year over year but this is also skewed by new development impact which pulls the median asking price higher. Now that the market has slowed, new development activity has slowed and the smart developers are bringing to market more affordable luxury product.

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.