Monday, August 7, 2017

DWELL: A BROWNSTONE SHELL ON WEST 120TH


Harlem Bespoke: Looking back during the most recent recession, we noticed that prices for SRO brownstone shelsl dropped a bit and were are quite different 6 years later.  The above townhouse on West 120th Street by St. Nicholas Avenue sold for $620K back in 2011 but now that price point is a rare find.  Recent SRO sales in the past year have gone well over $1 million for houses further up north and some have hit the $2 million price point below 125th Street.  Usually the much needed Certificate of Non Harassment is in place for these type of record sales since renovation work can be stalled for months or even years without it.  With all that said, expert developers are really the ones now working within this segment of the market since all-cash deals are the standard for a sale since it is difficult to get a mortgage from a bank for this type of property.

There was also a time back in the 90s when the city sold abandoned brownstones for $40K via the housing lottery but those days are long gone: LINK

HarlemBespoke.com 2017

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