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A breakdown of townhouse submarket shifts from 2009–2011. (Corcoran)
Last year 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 percent increase compared to 2010, according to Corcoran’s latest townhouse report. This report uses marketwide data based on transactions that closed in 2011 and compares it to closings that took place in 2010.
Single-family townhouse average price increased 3 percent to $8.15 million. Due to this shift in market share Uptown, single-family median price declined 6 percent to $5.5 million and average price per square foot declined 5 percent to $1,546.
Traditional single-family townhouse submarkets like the Upper East Side, Upper West Side, and Greenwich Village continue to attract ultrahigh-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 multifamily townhouse closings in 2011, only five sales fewer than 2010. Multifamily sales were down in every submarket except for Downtown, where they increased 26 percent due to increased demand over $5 million.
Marketwide, multifamily average price declined 8 percent to $2.6 million, while median price declined 9 percent to $1.5 million. The average size of a multifamily sale.
With 11 transactions, the number of West Side single-family sales declined 21 percent compared to 2010. Price metrics appreciated markedly from a year ago, with average price up 22 percent to almost $9 million and median price up 8 percent to $6.35 million. Average price per square foot increased 18 percent to $1,590.
Average size increased modestly by only 3 percent 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 multifamily 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.
Mitchell Hall is a Corcoran Group broker and the blogger behind http://nycblogestate.com/
