Manhattan Townhouse Market Report - 2011

The Corcoran Townhouse Report

Corcoran's annual examination of Manhattan’s single- and multi-family townhouse market. This report uses market-wide data based on transactions that closed in 2011 and compares it to closings that took place in 2010.

2011 proved to be another solid year for townhouse sales. There were 201 Manhattan townhouse sales in 2011. Led by a surge of transactions Uptown, there were 106 single-family townhouse sales, a 10% increase compared to 2010.

Single-family townhouse average price increased 3% to $8.15 million. Due to this shift in market share Uptown, single-family median price declined 6% to $5.5 million and average price per square foot declined 5% to $1,546.

Traditional single-family townhouse submarkets like the Upper East Side, Upper West Side and Greenwich Village continue to attract ultra high-net worth purchasers willing to spend eight-figures. In 2011, there were 27 sales over $10 million, eight of which were over $20 million. In 2010, there were 28 sales over $10 million but only four of which were over $20 million.

There were 95 multi-family townhouse closings in 2011, only five sales fewer than 2010. Multi-family sales were down in every submarket except for Downtown, where they increased 26% due to increased demand over $5 million.

 Market-wide, multi-family average price declined 8% to $2.6 million while median price declined 9% to $1.5 million. The average size of a multi-family sale.

 

With 11 transactions, the number of West Side single-family sales declined 21% compared to 2010. Price metrics appreciated markedly from a year ago, with average price up 22% to almost $9 million and median price up 8% to $6.35 million. Average price per square foot increased 18% to $1,590. Average size increased modestly by only 3% to 5,660 square feet. The increases in pricing can be attributed to four sales over $11 million, with three sales over $2,000 per square foot. The most expensive sale on the West Side this year was at 247 Central Park West, which closed in December for $22.375 million, or $3,579 per square foot.

 

For the purposes of this report, we are defining multi-family townhouses as two- to four-family townhomes. This study presents information only on arms-length transactions (a sale between two unconnected parties). Excluded are certain other types of sales, including: foreclosure or short sales, changes in legal status or ownership entity, properties that required gut renovation or demolition, bulk or investment sales, as well as townhouse condominiums in new development properties.

Download complete report: Manhattan Townhouse Report 

Mixed-use Townhouses with Commercial Space Mixed-use Townhouses with Commercial Space


Contact me @ 917-312-0924 to buy or sell a Manhattan Townhouse

Townhouse listings
Townhouse Seller