New York Townhouse Market Poised for Spring Surge
New York: skyscrapers, Wall Street, high-rise apartments…and townhouses?
Hey, eight million New Yorkers gotta live somewhere (fughedaboudit).
A new report from Leslie J. Garfield, New York, says the New York townhouse market, currently in a slump, is poised for a springtime boost–at New York prices.
The company’s first quarter report said some city neighborhoods are seeing nearly triple-digit jumps in sales, giving hope that the busy spring market will jumpstart townhouse sales.
For example, Manhattan’s Upper West Side saw more than $118 million in first quarter sales, an 88 percent increase from a year ago. The average sale prices soared to more than $8 million.
The report said Manhattan’s Upper East Side, Midtown East, Greenwich/West Village and Gramercy all reported a rise in average sale prices in the first quarter, with Midtown East and Gramercy both reporting an increase in average price per square foot. Brooklyn’s Park Slope neighborhood also performed well, reporting more than $100 million in sales, a 105 percent increase from a year ago with a 90 percent increase in transaction.
However, Garfield said the first quarter overall saw a general market slowdown, attributed in part to economic and political uncertainty. Jed Garfield, president of Leslie J. Garfield, said the new Administration, recent stock market gains and increased consumer confidence should translate into a “significant bounceback” in the coming months. He cited several noteworthy sales, including 12 East 73rd Street for $41 million and 7 East 76th Street for $33.2 million.
“While we have witnessed somewhat of a slowdown in the New York townhouse market, we expect that this will be temporary, and have continued to experience strong interest from buyers,” Garfield said. “With the election cycle now complete, we have already witnessed a rise of the stock market, coupled with ongoing GDP growth, and we fully expect that these factors will lead to an improved performance on the townhouse market.”
