Checking up on 605 West 147th Street reveals that the narrow 13 foot wide townhouse right by Riverside Drive in Hamilton Heights went into contract a couple of months back. The building which is basically a one family house has loads of original wood details to it and appears to be in good condition but was priced on the high end 3 years ago. At $2.15 million, the initial asking didn't move the property and the price that got some attention was basically half the cost at $999K. This property is close to the local 1 train but is on the small side and not in proximity to a lot of better amenities. Final closing price still pending.
I visited Harlem recently, as a tourist (I live in Birmingham, UK) and thought it was a wonderful place. Which is why I follow H+B.
ReplyDeleteOne thing that I notice with a lot of these listings is that they are extravagantly priced, often for a long period, before they sell at a lower price. Why is Harlem pricing so unrealistic?
Partly because before the real estate bubble popped, prices had reached record high levels. One condo or Brownstone on every block probably sold at record high prices during that time (2005 - early 2008). Owners think they deserve that kind of money and brokers think that there must be at least one person foolish enough to buy it at that price.
ReplyDeleteI suggest taking a look at the following link:
ReplyDeletehttp://harlembespoke.blogspot.com/2011/06/dwell-few-harlem-condos-selling-higher.html
It would appear the bulk of condominium buildings are fairing rather well. $700+ sq? Not too shabby. Of course, the range depending on the building is anywhere from $600-700 sq. ft. There may be one or two brownstone townhouses that are on the unrealistic side, but for the most part people are buying in Harlem. Charlie, get yourself over here from the UK mate and stop messing about ;)