Spike in "budget" West Village townhouse sales

David Goldsmith

All Powerful Moderator
Staff member
I just saw an announcement that 34 Barrow St is in contract.

It seemed to me we have seen a number of sub $6 million townhouses in the area sold this year. It looks like this makes the 8th such sale this year:
79 Christopher St
23 Eighth Ave
357 Bleecker St
65 Horatio St
232 West 10th St
34 Commerce St
38 Bedford St

So for those who guessed there would be a jump in townhouse sales due to buyer's changing desires post pandemic perhaps you were right.
 

David Goldsmith

All Powerful Moderator
Staff member

New York Townhouse Sales Skyrocketed in Second Half of 2021 as Buyers Sought Space​

Downtown Manhattan had the highest median sales price at $9.31 million​

Manhattan and northwest Brooklyn registered record-high townhouse sales in the second half of 2021 as New Yorkers increasingly sought homes with more privacy amid the Covid-19 pandemic.

Even as townhouse inventory plunged, the number of sales in Manhattan and northwest Brooklyn increased to 356, up 120% from 2020, according to the SERHANT Year-End 2021 Townhouse Report released Thursday. Total sales volume also more than doubled to $1.9 billion.

The median sale price was $3.73 million marketwide, a 4% increase from a year ago. The Upper East Side at $7.9 million and downtown Manhattan at $9.31 million were the priciest neighborhoods, according to the report.
The top-three most expensive sales were recorded in Greenwich Village. Ranking No. 1 was a $29 million five-story townhouse built in 1900. The single-family mansion features seven bedrooms, 10 bathrooms, a garden, a rooftop deck and two terraces. The next two highest-priced homes, in the West Village, sold for $27.22 million and $26.75 million.

“We see a lot of high-net-worth people purchasing, renovating and combining townhomes to create streets of mansions in the West Village,” Garrett Derderian, director of market intelligence at SERHANT, told Mansion Global. “It is almost a ‘billionaires’ row’ on West 11th Street in the West Village.”

Townhouses offer more private and socially distant spaces such as rooftops, garages and pools, which attracted more wealthy New Yorkers amid the pandemic and led to the increase in sales, according to Mr. Derderian.


In addition to the usual popularity of Manhattan townhouses, northwest Brooklyn had 226 townhouse sales, which was the highest number among all regions broken out in the report, with a total sale volume of around $844.2 million. Northwest Brooklyn consists of Brooklyn Heights, Carroll Gardens, Clinton Hill and other trendy neighborhoods.

“What has changed since the pandemic is that these buyers are seeking out less than less populated areas, which made Brooklyn very attractive especially,” Mr. Derderian said. He explained that having parks and the waterfront in a walking distance had made Brooklyn more appealing to the luxury home buyers.

The increase in townhouse sales will likely continue for the first half of 2022, according to Mr. Derderian. “As we get into the second half of the year, mortgage rates are likely to creep up slightly. We may return to a more balanced market in the second half of the year versus the strong seller’s market we are in right now.”
 
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