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2018 Manhattan Townhouse Sales Market Forecast - accelerated velocity as sellers "meet the market"

January 19, 2018

  

According to the brokerage Olshan Realty, Manhattan’s townhouse sales market has been struggling since 2015, though signs are pointing towards a positive growth in 2018. As of late 2017, there were were only 100 contracts signed on Manhattan townhouses asking $4+ million, which was down from 11% from 2016. Overall in 2016, there were 454 townhouse sale deals valued at $3.1 billion — down from 492 deals totaling $4.2 billion in 2015, according to data from the townhouse brokerage Leslie J. Garfield.

 

However, brokers like Jed Garfield of Leslie J. Garfield are reportedly noticing a slight uptick in the market — even if it takes longer for deals to close.  Said Mr. Garfield: “For the first time in a while, I think we have 5 contracts out on the 60 or so townhouse we represent. That’s definitely a positive.” Brokers have reported that sellers sellers have needed to reduce  their asking prices to meet the market.  West Chelsea and Central Harlem in particular keep setting new townhouse sale price records. In December 2017, 208 Lenox Avenue sold for a record $4.59 million.  The sellers had bought this 1890 Queen Anne-style townhouse as a shell in 2010 for $825,000 and rebuilt every facet of the house from the engineering, to the design and construction.

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