Sluggish Market Shows Signs of Life

Posted March 5th, 2019 by Richard Pretsfelder, Sophie Smadbeck

Sluggish sales volume continues to be the defining characteristic of the current Upper West Side townhouse market as the first two months of 2019 saw four transactions compared to 12 during the same period in 2018. As for pricing, it's too early to draw any meaningful conclusions given the small sample size. Year to date pricing is down over 2018, particularly as January and February of last year had 3 of the highest priced townhouse sales in the neighborhood, but with seven properties currently in contract, including two asking $10.0+ million, we'll have a better sense of where the market is trending in the next month or two. Our recent sale at 213 West 85th Street for $8.25M, a 6 unit elevatored building consisting of 4 three bedroom apartments, 1 studio and 1 one-bedroom was a positive indicator for the market. The contract was signed within roughly 3 months of coming to market, and closed in 4 months. Looking forward, we are actively seeking buyers with some sense of urgency, either due to a 1031 requirement or corporate re-location to help accelerate the sales cycle.

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