Category Archives: Townhouse

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.

Harlem, Listings, Mount Morris, Townhouse

146 West 121 street listed showings start today

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146 West 121 street, a Harlem SRO building with 13 B rooms and 1 class A apartment is now back in the market after a deal had fallen through. The building comes with the certificate of non harassment, obtained in September of this year and 1 tenant who occupies 2 rooms on the 5th floor. The property is located in the Mount Morris Historic district and is 18′ wide with 5 stories.

Listing details

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.

HamiltonHeights, Harlem, Townhouse

18 Harlem townhouse open houses set for Marathon Sunday

18 Harlem townhouses will be holding open houses tomorrow on Marathon Sunday with the hopes that not everyone will be looking for the best place to see one of the 50,000 or so runners tomorrow.

Prices range from $2,250,000 for an intact 3 family home to just north of $5mm so there seems to be an offering for all ranges.

Sunday November 4th Open houses

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, 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.

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.

Harlem, Listings, Townhouse

361 West 116 street in contract

361 West 116th, an SRO building sold occupied without the certificate of no harassment has entered contract. The last asking price was $1,699,000 for this South Harlem townhouse. It had a renovated ground and 1st floor and 4 total bathrooms.

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, multifamily, Townhouse

Harlem townhouse shortage below $2 millon

According to the July Harlem townhouse report, not one townhouse below $2 million was listed for sale. In July,  2 of the 4 sales recorded in the Central Harlem,Hamilton Heights townhouse market, were below $2 million. That brings the number of available properties below $2mm to only 6 out of over 80 listings. I am seeing a little bit of a tug of war as sellers priced at around $2.3-2.6 now begin to see the market may not sustain these prices for their Harlem properties  and probably not for 4 family homes above 125th street.

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, Marketreports, multifamily, Townhouse

July Harlem townhouse market report

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The July market saw 13 new townhouse listings come on the market in the Central Harlem, Hamilton Heights area. The first table shows the number of new listings by price on the left side and the prices of the 4 sales on the right.

The 2nd  table shows the amount of active listings which has stayed steady the last several months and the amount of time it would take to sell the existing inventory.

The last table shows the current active listings by price range. 40% of the listings are in the $2-3 mm range and very few listings are less than $2 million.

average  $       3,225,000 4 sales
6 $2-3 mm 3,175,000
5 $3-4 mm 3,350,000
2 >$4mm 1,625,000
1,800,000
# active Inventory
82 21 months
Listings by price
<$2mm 6
$2mm-$2.99mm 33
$3mm-$3-99mm 26
$4mm + 17

June Harlem townhouse report

Harlem townhouse May 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.

HamiltonHeights, Harlem, Marketreports, Townhouse

Thinking of buying a Harlem townhouse around $2 million?

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.

June Harlem townhouse report

July mid month 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.