LATEST NEWS

Harlem And Beyond Is On Fire As Buyers Look For More Affordable Properties

North Manhattan hits the sweet spot for buyers looking for condos under $600K

By Jeff Vasishta February 6, 2017

Harlem is the new Brooklyn. Wait, what? Where hasn’t been called the new Brooklyn? Harlem, with its rich cultural heritage, may take particular umbrage at being referred to as a follower of its NYC borough rival. But in the same way as buyers from Manhattan were once flocking to Brooklyn, they are now heading uptown.

Harlem’s not the only northerly neighborhood attracting buyers. Washington Heights, Fort George, and Inwood also registered strongly on Douglas Elliman Real Estate and appraisal firm Miller Samuel’s recently released condo and co-op market report for Upper Manhattan.

RelatedDecrepit To Epic — An Entire Block Of Harlem Brownstones Is Transformed To Affordable Housing

Median home prices were up 9.5 percent year-over-year at $575,000 in the final three months of 2016. The number of sales surged almost 40 percent from 199 to 277 as the market provided more affordable offerings than other parts of the city, particularly Manhattan and Brooklyn.

“It’s right in the middle of the sweet spot in terms of what people are able to pay,” Jonathan Miller, chief executive of appraisal firm Miller Samuel and author of the report, told Mansion Global.

Indeed, that sweet spot would, according to a recent survey by real estate site StreetEasy, be between $400,000 and $600,000, which gathered 14 percent of the searches below the million mark. Next popular was the $600,000-$800,000 category with 13 percent of the searches. For those price points, supply has yet to reach demand.

RelatedBrooklyn Bridge Park’s Pier 5 Adds More Greenery To The East River Waterfront

“New Yorkers are actively searching for homes that fit their budget and their lifestyle,” StreetEasy data scientist Krishna Rao told the publication. “As we’ve seen over the past few quarters, there is much less demand for high-priced luxury units and increasing competition for homes at the bottom of the market.”

And there are not many markets where the “bottom” is over half a million dollars. Manhattan co-ops and condominiums collectively had a median sale price of $1.1 million in 2016—an increase of 28 percent from the $860,000 median price a decade ago. Too bad if you didn’t buy a decade ago. Now buyers are heading to North Manhattan. Also digestible is Queens, where the median price for the last quarter of 2016 was a comforting $498,000, and the Bronx, where it was $390,000.

“Buyers searching within this price range in up-and-coming neighborhoods should anticipate the possibility of having to pay the full asking price and should definitely arrive to open houses with their checkbook in hand and finances in order,” StreetEasy’s Krishna Rao said.

 

Jeff Vasishta

ABOUT THE AUTHOR Jeff Vasishta

ABOUT THE AUTHOR Jeff Vasishta

Jeff is a writer, husband and father but not necessarily in that order. As a music journalist he counts Prince, Beyonce and Quincy Jones amongst those he’s interviewed. He's also owned and flipped homes in Brooklyn, NJ, CT and PA.

  • AGORAFY
    Avocado toasts are the reason why millennials can’t afford a home, says one Australian real estate developer. #AvocadoToast #Millennials https://goo.gl/TBCPnv
  • AGORAFY
    Five years on since Superstorm Sandy, Queens’ coastal peninsula is in the midst of a development boom. #Development #Rockaways https://goo.gl/BRKRrD
  • AGORAFY
    It turns out, renters can’t get enough of good ol’ no-doorman-no-frills apartments. Too bad developers aren’t building any. #Doorman #LuxuryRentals https://goo.gl/pdnbo6
The Housing Market In Shenzhen, The Silicon Valley of China, Slows In 2017
The city of Shenzhen has been on the real estate radar for quite some time. It is known as the Silicon Valley of China. Many…
Developers Jump Aboard The Trend To Revamp Transit Hubs And Remake Cities
Never has the often used marketing term, “close to transportation” been more important when attracting home buyers. These days it’s not just homes that are…
Millennials Are Fueling The Current Sizzling Real Estate Market
Ever wondered why the hosts of home improvement shows seem to be getting progressively younger, along with the fresh-faced couples getting their new properties made…
The Best Cities For Recent Grads To Rent – Without Blowing Their Entire Paycheck
What’s next post graduation? For most, the logical answer is to find a job. After the excitement of finishing your studies and the big celebration,…
Luxury Knows No Limit In Malaysia As A Deluge Of New Developments Hit The Market
The amount of newly constructed high-end real estate in Malaysia is almost as abundant as the lush vegetation which covers the tropical landscape. Despite vacant…
Don’t Call It A Commune – Upscale Co-Living Is Attracting Major Development
What may have once been referred to as a commune is today termed a co-living space. The big news that it’s not hippies with hemp…
It’s Official—New York Is Now The Most Expensive City In The World To Build
As if you didn’t already know, it’s expensive to build in New York City. Not just expensive but now officially the most expensive place in…
An Ultimate Destination For The Most Comprehensive Real Estate Data, Agorafy Prepares To Launch Nationwide
In the coming days, Agorafy will be entering a new chapter. It is the beginning of a new growth cycle in real estate technology with…

TOP 10