Friday, September 10, 2010

☞ DWELL: 7 West 131st Street Condominium

OPEN HOUSE: Sunday, September 12th, 4:30 PM-5:30 PM. There's a group of modern townhouse condos just west of 5th Avenue in Central Harlem and a triplex at 7 West 131st Street, No. A1 has re-entered the market this summer for the asking of $625K. There's a total of 1,500 square foot for the 3 levels, 3 bedrooms, 2 baths and 1 half bath. Common charges are at $665 and the overall neighborhood is residential in nature. The closest 2,3 trains can be found at Lenox and 135th Street which is a good 5 blocks away. It's pretty much all white walls and relatively new which might appeal to those looking for this type of space.

1 comment:

  1. Wow....originally listed by Corcoran at $836,150. As I recall these (7 - 11, W 131St) were the very first new and luxury condos to open in Harlem (2005). They seem to have a rather high monthly maintenance considering how few units there are. As I recall, the same sales team that handled The Lenox Grand before its bankruptcy, not to be confused with The Lenox, handled these when they hit the market.

    By '07 their prices, brand new dipped to $450-432 or so, I'd have to look at my notes to be 100% sure, but that's pretty much what happened, and these were the very best deal in Harlem, circa '07. The Southern Exposure is fantastic, and the street was once sketchy, however has improved a lot. I believe each unit has a fireplace as well...and they are big. I'm not crazy about the laundry mat & bodega adjacent to these, tends to attract a lot of loitering.

    When introduced, I suspect they never sold out due to the area not being the most desirable. Today I see it's at $417 ppsf. Wow. I've not bothered to research the pricing history of this specific unit however I suspect they are selling this unit at a lower price than what they paid. You're seeing the downward cycle in Harlem my friends, if you bought in in '06-'08/'09...there's a good chance your property is not worth today what you paid for it, as this seller is learning.

    These units had trouble moving at the height of the "mortgages for all with a pulse" era and at $450 - $430 ppsf. Seriously...they sat for 1+ years when mortgages were easy to get for minimally qualified people.....these are really nice units, however today? Way too much inventory out there in more desirable locations. A serious buyer can get a great deal on this unit, I am guessing in the upper 300 range ppsf. I will say the space, for the price, is prolly the best deal today in Harlem in a condo, these places are big.