With only 1 week left in the month, only 7 new listings for Central Harlem and Hamilton Heights townhouses have been brought to the market in June, so far. Two of those listings were for under $2 million.
The most expensive June listings are two Hamilton Heights homes which have the same price tag of $4 million each. This is in stark contrast to the months of April and May where there were nearly 20 new listings each month and very few contracts. Full report coming next week.
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.
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.
The 2 family townhouse at 189 Edgecombe avenue has now rented. It has a garden apartment 1 bedroom with washer/dryer and a triplex apartment with 4 bedrooms and 4.5 bathrooms. The triplex rented for $6,100 and the garden apartment for $2,200. Both apartments rented within 2 weeks of being listed.
The house underwent a full, gut renovation and restoration which took just over a year to complete.
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.
If you are thinking about selling your Manhattan single room occupancy(SRO), now is the time to apply for the certificate of no harassment. Changes are coming starting to the application process,in September. Suffice is to say that the City is expanding the program to encompass areas where tenants are susceptible to harassment in rapidly gentrifying areas like West Harlem, East Harlem and several parts of the Bronx. The new program will have a 5 year look back and will not just be for SROs but will include as well properties with a history of proven harassment as well as an expanded set of buildings in the pilot areas.
Continue reading Thinking of selling your Manhattan SRO-apply for CNH now
Since April 1st, 22 townhouses have been in the market. The lowest price offering was for an SRO priced at just under $2 million to a historic home asking $5.25 million on Lenox avenue. This is a pretty significant amount of townhouses put in the market. Streeteasy is currently showing 19 townhouses in contract. Most of the townhouses have gone into contract in the first 4 months of the year. 4 contracts for Harlem townhouses were signed since April 1st. At that pace it would take about 6 months to sell off just the supply of houses that came on the market in April.
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.
Many townhouse buyers like the idea of buying a Manhattan fixer upper but underestimate both the cost, time and effort involved with a renovation. If you purchase a fixer upper, the positives are that you can make the home exactly as you want from unit number, to finishes to outdoor space like a roof terrace or penthouse. But you will pay for that convenience in renovation costs which could be as low as $150 per square foot to as much as $700 or more per square for a high end renovation.
Additionally, a renovation will require approvals from Department of Buildings, as well as Landmarks Preservation Commission (LPC) if the building is one of the coveted Manhattan historic districts. Also there is no guarantee that if you purchase a $7 million Upper West side townhouse and add $4 million that your space is worth more than $11mm total.
I think the questions you should ask are:
1- Can you find something in a higher price range that is already finished close to what I am looking for in a townhouse?
2- Do you have all of the necessary capital to pay for the renovation including architecture fees, permits and expediters? Also, do you have the time to dedicate to supervising the work and making sure your expectations are met?
3- Do you have the patience to wait between 1-3 years or more for the townhouse to be finished while undergoing renovation?
4- Do you have enough capital to cover the cost overruns or increased costs associated with the unanticipated items?
5- Are you okay with the potential increase in real estate taxes due to the renovation and potential alteration? Speak to your real estate tax attorney for more details on that.
A townhouse renovation is not for the faint of heart and should be entered into with care and tons of research. Perhaps it might be wise instead, to purchase a Manhattan townhouse that is already renovated and ready for occupancy.
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.
401 West 147th street, a 16′ wide townhouse that has been abandoned for the last several years, in the Historic district of Sugar Hill, is being cleaned up. A crew of 2-3 people were in the house yesterday loading up a full dumpster’s worth of materials. No permits are filed to give an indication of what work will be done. But at least, this may be the beginning of the end of this being an eyesore of one of Manhattan’s most beautiful blocks.
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.
Virtual reality and augmented reality are very slowly starting to enter the real estate brokerage business. In some new developments you can take a VR tour when a building is in the pre-construction phase. More often than not, a model apartment is created so that the buyer can see, and feel the touches of a new luxury apartment in Manhattan. Real estate brokerages and agents tend to be slow adopters of new technology however and as a result, very few listings even ones in the luxury and super luxury market have a VR tour which does not require technology like a viewer. You can tour the property just like you use google maps navigating through in the way that you would like. Very few listings even have a video tour. I would estimate 5-10% of all listings. Take a look at an example below of a VR tour and a video tour. One photographer said he felt that VR was a fad. I am not sure I agree as I think it is a tool that allows property to be truly showcased 24/7 and the buyer can zoom in on the details that they want to see.
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.
A Hamilton Heights home at 72 Hamilton Terrace has set a new sales record above 125th street, with it’s sale at $5.1 million. The home was nearly destroyed by a fire 10 years and was bought by an investor who has experience renovating and reselling homes on Hamilton Terrace and in this area. A complete renovation was undertaken and the home has now closed and broken the $5 million mark.
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.
Is is the most beautiful street in Manhattan? This is West 147th street in Hamilton Heights between Convent avenue and St. Nicholas avenue in the Historic district. There are a variety of well maintained homes. Recent sales have consistently topped $3 million.
