|A peaceful garden terrace near Morningside Park|
How’s the Market?
The market is extremely active in Morningside Heights and around Morningside Park right now. Several single-family or restored live-with-income townhouses have come on the market in the past few months, and many have elicited multiple bids.
Buyers know that values in this area are rising. End-users can expect a healthy return on a relatively small investment. They can also expect a terrific quality of life – Columbia University, Morningside Park, express trains, and a flourishing restaurant scene are all in the neighborhood.
Developers are beginning to pounce on Morningside Heights and Central Harlem. Each new upscale condo development solidifies the neighborhood’s values.
Another huge perk is low taxes. Throughout Harlem, townhouse real estate taxes are a fraction of what you would pay on the Upper West Side or elsewhere. It’s not uncommon to see taxes under $5,000/year, although rising prices promise tax increases over the next few decades.
Our exclusive listing at 360 West 118th Street closed recently for $2,999,000. Unlike in 2012, when our $3,000,000 sale at 357 West 121st Street broke records, today’s asking prices are routinely in the high 2’s and 3’s.
345 West 121st Street is another Morningside Park block townhouse in contract with our buyer right now. It was asking $3,200,000.
If you are interested in buying near Morningside Park, call 212.769.2900 and speak to Jennifer or Cathy about your townhouse search.