There aren't many places in the world that offers the amenities that are located in the Upper East Side neighborhood of Manhattan. Everywhere you look, you see elite educational institutions, top rated restaurants and breathtaking views of Central Park. Despite all the these incredible features, the staple of this neighborhood has always been its beautiful townhouse homes. This week we sat down with Caylyn Sullivan to discuss the Upper East Side townhouse market and her thoughts what the future holds for the neighborhood.

LJG: What do you see being the advantage of a townhouse on the Upper East Side compared to other parts of the city?

CS: The convenience of the Upper East Side is unmatched by any other neighborhood. The neighborhood is home to some of the city’s top private schools including Dalton, Chapin and Nightingale-Bamford. There is an excellent selection of restaurants including Daniel and Sushi of Gari (The Penrose in Yorkville is one of my personal favorites for a drink and a bite to eat after work!). You'll find world class shopping on Madison Avenue and of course you have quick access to the beautiful sights in Central Park. In addition to convenience, much of the neighborhood's original character has been preserved due to the various historic districts within this neighborhood. Owners of townhouses and small buildings located within a historic district must have any facade work or additions (whether building up or back) approved by Landmarks Committees. All work must adhere to certain restrictions, and these restrictions can put an owner at ease knowing that a developer isn’t going to buy up the block and put in a new development next door to them. Over the years many of the Upper East Side blocks have remained filled with low rise, architecturally distinct historic buildings.

LJG: What's the most common question you hear from clients?

CS: The most common question I hear is "What's it worth?". There are a lot of factors that help us determine a homes worth - location, width, configuration, size, condition, and recent neighborhood sales. Because I focus on townhouses on the Upper East Side, I've been in most of the homes that recently sold or are still on the market. Based on that exposure, I can give a confident opinion on what range we should list a property.

LJG: Why do you feel clients are comfortable working with you?

CS: Every client has different needs and I adapt my services and LJG's services to each individual client to provide them with the best experience I possibly can. For example, the needs of a single family home owner differ from those of an estate and those of an institution.

LJG: What is your favorite part of working in the Townhouse market?

CS: I love seeing the amazing renovations that purchasers do. We often market and tour properties that are in need of "gut" renovations. When someone starts the required renovation, it's always exciting to hear what they are planning with their architects, the proposed renderings, and then to finally see the finished product. Townhouse purchasers have a lot of freedom on what they can do to the interior of these homes and it's always interesting to see what they come up with.

LJG: Where do you see the market going? Do you feel any of current world issues (stock market volatility, presidential election) will effect the market moving forward?

CS: On the Upper East Side, it seems that there is a lot of inventory sitting on the market particularly in the $15M + range suggesting the scale has tipped towards a buyer's market at this price point. There are many homes that have been listed for several months with several agents and some of the properties have undergone one or more price reductions. On the other hand, sellers with renovated properties under $8M (who have priced their homes appropriately) can expect the usual 3-4 month marketing process (if not shorter) and expect to receive a competitive sales price for their home. I would expect both of these trends to continue into the latter half of the year. Sellers of real estate in the $15M+ category will need to remain patient and consider what their home is worth TODAY based on the on-market competition and most recent sales and see if the reality aligns with their expectations. Historically, it seems that there is more correlation with the stock market than the election since so many of the people who purchase ultra prime property are making money on the market. However, there has been so much uncertainty around this years election and how it could impact the luxury real estate market. I expect that people may pause immediately post election, but life in the luxury real estate market will continue as normal in the following weeks.

For information on Upper East Side listings, please visit https://lesliegarfield.com/neighborhoods/upper-east-side or you may contact Caylyn Sullivan at csullivan@lesliegarfield.com