Though inventory has increased in the Harlem townhouse market in the last few months, the under $ 2 million range is still experiencing a shortage of inventory. Currently, there are 12 townhouses priced at $2.25 million or less but all but 4 of them are SROs. The four houses that are not SROs are all 4 family homes and the two that are priced at $2.25 million and $2 million are excellent values. One of the other 4 family homes has a contract out and the other one has a rent controlled tenant in place in one unit paying $200.
At the next level of price, between $2.25 million and $2.5 million you will find 11 townhouses for sale and only one with major issues. The rest are more or less intact townhouses close to move in condition but in most cases not renovated. As days on the market increases the lower tier of the price may become more crowded as some of prices are lowered over the next few months.
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.