There's pretty much two sides to the Harlem condo situation that the media likes to point out: Total Glut of Inventory or South Harlem Momentum. Soha 118 is an interesting building to look at since it brought Best Yet Market to the neighborhood (along with a Starbucks) and just might prove that having reliable commercial tenants are the key to make a building attractive to buyers. Based on Streeteasy, sales of remaining units were relatively slow in the beginning of the year but 4 condos have now closed in the past month: LINK. Selling prices look to be in the $700 per square foot range and a penthouse was sold above asking. There are now 7 listings that are active so is it safe to say this building is part of the momentum? Soha 118 is at FDB/8th Avenue and 118th Street and the closest subways are the B,C at 116th Street or the A,B,C,D trains at 125th. Facade photo by Ulysses. www.Soha118.com
Thursday, August 12, 2010
☞ DWELL: Soha 118 Condominiums
There's pretty much two sides to the Harlem condo situation that the media likes to point out: Total Glut of Inventory or South Harlem Momentum. Soha 118 is an interesting building to look at since it brought Best Yet Market to the neighborhood (along with a Starbucks) and just might prove that having reliable commercial tenants are the key to make a building attractive to buyers. Based on Streeteasy, sales of remaining units were relatively slow in the beginning of the year but 4 condos have now closed in the past month: LINK. Selling prices look to be in the $700 per square foot range and a penthouse was sold above asking. There are now 7 listings that are active so is it safe to say this building is part of the momentum? Soha 118 is at FDB/8th Avenue and 118th Street and the closest subways are the B,C at 116th Street or the A,B,C,D trains at 125th. Facade photo by Ulysses. www.Soha118.com
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The numbers for Soha 118th are impressive. The July 1st sale of this year was in the region of $700 sq. ft. I think attractive commercial tenants definitely make a difference and as highlighted in the other thread, Busboys & Poets setting up shop at 2280 FDB will certainly attract attention. If anything, it sends a positive message to prospective buyers.
ReplyDeleteI definitely agree that having solid commercial tenants is a big plus, given the amount of competition between new buildings in the immediate vicinity.
ReplyDeleteGlad to see that things are filling out, slowly but surely.
A lesson for Harlem from the Hamptons. 8/10/10 - As of the second quarter, properties had lost about 24 percent of their value--a steeper decline than in Manhattan--since peaking above an average of $2 million in 2007. Owners who couldn’t sell in the past two years are trying again, keeping the sale inventory high. Some need to sell urgently. Default notices in the east end of Long Island rose 62 percent to 276 in the first quarter, according to Long Island Profiles, a real estate data service. Lenders have even become amenable to short sales, in which they accept less than the balance owed on a property. “If you can identify the value of something in 2004, you can be pretty certain that that would be the value today,” says Michael Daly, founder of brokerage True North Realty Associates in North Haven and author of Hamptons Real Estate Blog. END
ReplyDeletehttp://www.bloomberg.com/news/2010-08-10/deals-in-the-hamptons.html
Wall St drives Hamptons AND Manhattan real estate prices entirely. It starts at the top and trickles down my friends. The Hamptons are simply the Harbinger of what's to come. If in '04 someone said the Hamptons won't appreciate a dime in the next 6+ years, they would have told you "impossible", "real estate always goes up", and that you are crazy. Harlem is on the onset of what's happening in the Hamptons. We've seen in the NYT in the last month Harlem Brownstone short sales, Harlem developers of new inventory going bankrupt, defaults of large scale projects (Developers of Savoy Park & The Riverton). The downward cycle will continue its descent through the next elections.
You can cheerlead and place all the lipstick on the pig Harlem real estate is at the moment. The glass is half empty going forward my friends, a great NYT piece came out today summing up the outlook.
http://economix.blogs.nytimes.com/2010/08/12/glass-half-empty/?src=busln
I will buy a new Harlem condo in Soha for $400ppsf in Q4 2011, watch!
You don't have to be an FBI agent to recognize the 'signature' of this guy...'my friends' :)
ReplyDeletePennyBags, absolute drivel and in the face of apartments closing at $700 sq.ft still you persist in spouting your nonsense and bizarre comparisons to the Hamptons.
Boring.
Chris, the nexus between Manhattan real estate prices & Wall street is "101" stuff "my friend". That exact same is true for the Hamptons, again common knowledge. The Hamptons are just the harbinger, ahead of the curve.
ReplyDelete1/13/10 - "Meanwhile, at PS90, a Harlem elementary school converted into condos, a financial-services employee is expected to sign a contract for a two-bedroom penthouse with an asking price of $799,000 by Friday. The potential buyer declined to be interviewed. The expected deal shows how some secondary condo markets are feeling the ripples. New York apartment sales have long been tied to the fortunes of Wall Street, as bankers, traders and money managers used a large portion of their bonuses to find new digs."
http://online.wsj.com/article/NA_WSJ_PUB:SB10001424052748703672104574654812580706286.html
I'm throwing you a bone Chris. However I gather this is the exception, and not the rule, if it were, Harlem condos would be sold out. But don't fool yourself, as goes Wall St, so goes the Hamptons AND Manhattan real estate and no one will dispute that. There's just a lag - that's all.
@Pennybags. I fail to understand your glee at the prospect of hardship for many. The smell of schadenfreude fills the air.
ReplyDeleteThe Harlem-Hamptons comparison is ridiculous. Certainly activity on Wall Street drives real estate, but that's hardly the only factor. In fact, it's patently absurd to compare the purchase of a summer home in the Hamptons with a domicile in Harlem. These are two very different markets.
ReplyDeletePennybags' predictions are like all others - worth their grain of salt. Pennybags - you saw the crash of 08 years beforehand, right? I thought so.