The national real estate market may be struggling, but apparently high-end townhouses on the Upper West Side are doing just fine.
The neighborhood is seeing an “unprecedented” rise in townhouses with asking prices over $10 million.
Four [$10 MM+ townhouses] were sold last year, two are currently in contract, and another seven are on the market. In the past five years, no more than two townhouses were ever sold in the $10M+ price range in the same year.
Crain’s offers this theory:
Why are there so many coming on the market now? A closer look at the recent sales reveals that the houses were formerly six- to 10-unit multifamily properties bought before the recession, when financing for such speculative projects was easy to get and prices were soaring. But since it takes at least two years to convert them to single-family houses, they have only recently started to come on the market.
Curbed has a map of nine $10+ million UWS townhouses either currently on the market or sold within the last year, including links to their StreetEasy listings. Five of those properties have previously been featured as “Unattainable Apartments” on MUW:
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