We just had to put in our opinion about this week's much talked-about NY Times article on townhouses not selling on West 134th Street. The writer seemed to have been using this particular street as an example for the sad state of the brownstone market -- when it really just showcased investors who bought shells at the height of the market who then intended to flip to double their profits. Seeing that the average cost for a move-in-ready brownstone jumped from about $555K in 2004 to $1.4 million at the height of the market in 2007, many developers jumped in to buy shells in the last couple of years for that $500k range, hoping to eventually make $400-500k after the renovation work. It just seems that the super-excited folks that overpriced the market were the ones with money and wanted to only make more money off of a great and affordable neighborhood. Ultimately, these are the people that today are disappointed in the Harlem market.
They should really start having more stories on folks who bought a house for their family and compare the cost of living between Manhattan's brownstone neighborhoods and how amenities have improved. This is a recession, and the focus should not be on excess or those who had the means for absentee investment, but rather on the average families, couples and young people who are making a great new start in a rich and still affordable neighborhood. The above shot is that of one of the townhouses discussed in the article. Photo by Tina Fineberg for the New York Times. Read more in the NY Times article: LINK
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