NYC Townhouses win in 2021 as the pandemic changed the way we live. Privacy, outdoor space and room to Zoom are some of the reasons more buyers are seeking this housing option. In Manhattan, townhouses represent a mere one percent of the overall housing stock. While that sounds small bear in mind it is a big city so you have options. Some of the best-known neighborhoods for townhouses include Harlem, Hamilton Heights, the Upper East, the Upper West side, Murray Hill and the West Village.
Right now there are 253 active townhouse listings on the market in Manhattan. They range in price from $1 to $80 million. While the average price is $11 million, you can find nice homes in the $4 million to $5 million range further uptown. There are townhouses priced in this more approachable range below 96th Street however pay close attention to the taxes as they can vary widely from one neighborhood to the next. An annual tax bill for a townhouse can run anywhere between $6,000 all the way up to $200,000 for a luxury home on the Upper East side.
Making sense of pricing in the townhouse can be challenging because so many factors go into the mix. You are not only evaluating the location and the finishes but also the zoning, which will determine how you can use the property and potentially add value. If it is on a landmarked block, which preserves the value of your investment, landmarks will also restrict what improvements you might undertake? As the owner, you are responsible for the entire property, which is not common in New York City. We are used to being jointly responsible for the operation of the building with the other owners in our building. When you are buying you will need a thorough inspection to understand exactly what your risk for future repairs might be.
Recently in Manhattan 216 townhouses found new owners. Meanwhile, the Brooklyn townhouse market has experienced many bidding wars with houses going over the asking price and driving townhouse buyers into the Manhattan market. If you think a townhouse might be the right option for you, reach out to me today to discover the possibilities.
Thank you for watching another episode of Monday Market Stats where I bring you the numbers and the stories behind them.