Category Archives: Marketreports

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, Marketreports, Townhouse

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.

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, Listings, Marketreports, Selling tips

Harlem townhouse November market report

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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.

Commercial, Harlem, Marketreports, multifamily

NYC Commercial real estate prices remain strong

According to the latest study from Ariel Property Advisors, the dollar volume of commercial real estate deals is up about 28% year to date over the same period in 2017. Additionally, 4 of the 5 boroughs are showing price increases in multi-family. Manhattan was up 16% price per unit versus last year. Only Brooklyn’s price per unit decreased.

This is consistent with what I am seeing which is continued foot traffic at my exclusives which include a 12 unit near Madison avenue in Central Harlem for $5.7 million and a 4500 sqft SRO in Mount Morris. Additionally, there is plenty of interest in 20-40 unit buildings Uptown with little inventory.

Commercial Observer 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.

Buying tips for your NYC apartment, BuyingtipsforManhattanproperty, Luxury, Marketreports

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.

HamiltonHeights, Harlem, Marketreports, Townhouse

Harlem October Townhouse Market report

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In the month of October there were 5 sales and 10 new listings. This is a dip from the last month when there were 20 new listings and almost no sales. The most expensive sale of the month was 123 W 120th street which a 4 family 20′ wide sold for $3.25 million down from it’s asking price of $3.75 million.

79 Harlem townhouse listings are available for sale and for the first time the under $2 million price range is seeing an increase. Last month there were only 5 listings under $2 mm and now there are 9 listings in that price range.

< $2 million 9
$2-$2.99million 38
$3.0-$3.99 million 23
> $4 million 9

134 days on the market is average for all Harlem townhouses. The number of months to absorb all of the inventory is 16 currently.

Harlem townhouse September report

Harlem townhouse August 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.

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, Inventory, Marketreports

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.

Manhattan, Marketreports, Rentals

Manhattan rental prices starting to increase

The Manhattan median rental price inched up 1.8% to $3,394 according to the latest report while the luxury rents stayed static at $8,194. According to the broker feedback there is a lot of inventory to absorbed into the market and concessions and price still drive the Manhattan rental market. While buyers are staying on the sidelines, you would think that rents were begin to increase but while lease activity in September has increased market wide we have to enter into a new cycle of rent increases. There is so much parity in the market in terms of choices and Manhattan has competition from both Queens and Brooklyn in terms of offerings and types of buildings.

TRD coverage

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, Marketreports, Townhouse

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.

HamiltonHeights, Harlem, Marketreports

13 new listings in Harlem townhouse market so far in September

13 new listings have come on the market so far in September which is a healthy amount especially since last month there were only 4 new listings.

This is the breakdown of the new listings by price.

<$3mm 5
$3-$4mm 7
>$4mm 1

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.

BuyingtipsforManhattanproperty, HamiltonHeights, Harlem, Marketreports, Selling tips, Townhouse

Harlem townhouse August market report

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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.