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The Townhouse Opportunity

01/28/18

Besides being my ultimate New York dream home, they have recently become a little known value opportunity (and they say that doesn't exist in Manhattan)

We Are Talking Townhouses Today.

Besides being my ultimate New York dream home, they have recently become a little known value opportunity (and they say that doesn't exist in Manhattan). Prices have taken a dive since 2015, particularly dramatically in certain areas. However these statistics just aren't splashed around like they are with condos and coops.

​​​​​​​So here is a snapshot from the inside:

On the Upper West Side

  • 8 single family homes sold in the last 6 months 
  • The average price per square foot was approximately $1,500 (by comparison, average price per square foot of 4 bedroom UWS condos was $2,300)
  • Each of these sold for significantly less than the original asking price-the average was an unbelievable 32% off the original asking price. 
  • Homes were on the market an average of approximately 600 days. 

28 West 76th Street

  • Listed February 2017 for $17,950,000
  • Sold January 2018 for $13,100,000

This house was gut renovated, 20 feet wide, and located on the block between Columbus and Central Park West- the trifecta for top dollar on the Upper West Side. And yet, it closed at a 27% reduction from original asking price.

32 West 80th Street

  • Listed June 2015 for $14,000,000
  • Sold November 2017 for $7,650, 000

6,358 square feet and lots of original details which sadly do not always resonate with today's buyers.

​​​​​​​Where the price drops on other houses were necessitated by a change in the market, this one was mis-priced even for 2015.

351 West End Avenue

  • Originally Listed December 2014 for $10,900,000
  • Sold August 2017 for $6,750,000

The top gripe about townhouse living seems to be the sunlight. However that was no issue in this 20 foot wide East Facing home. We listed this house in 2014 according to recent comps. It came off the market for awhile, and by the time the sellers were ready, the market had shifted dramatically.

39 West 70th Street

  • Listed February 2017 for $19,000,000
  • Sold December 2017 for $15,000,000

This particularly large house sold quickly by comparison because of the high end renovation and the coveted location near Central Park. Even still they sold at a 21% reduction from the original asking.

The West Village Is Overall More Expensive and Fared Slightly Better

  • 7 single family homes sold in the last 6 months
  • The average price per square foot was approximately $3,000
  • The reduction from the original asking price averaged 20%
  • Each home was on the market an average of approximately 440 days

149 West 10th Street

  • Listed April 2015 for $15,000,000
  • Closed August 2017 for $9,600,000

Extra wide at 22 feet with a garden, terraces, a roofdeck, and original details, this house is lovely but not recently renovated and it sold for 36% off the original asking price.

75 Bedford Street

  • Listed April 2015 for $12,500,000
  • Sold August 2017 for $7,800,000

The interiors here are by the same person who did Chateau Marmont. Some of the dramatic design elements may not have spoken to all buyers, and it sold after 850 days on the market at 37% off the original asking price.

Townhouses are real property and can therefore be purchased with zero restrictions by international investors or others who might not pass a co-op board.

​​​​​​​When looking at the considerable townhouse inventory available today, it is important to carefully analyze the value based upon the recent market.

The maintenance of owning a home can be intimidating to some, however there are companies such as NYC Brownstone that will handle it all. You also avoid noisy upstairs neighbors and nosey doormen!

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