Northern Manhattan Housing Update

Many of you have asked me about the progress of sales in the various Riverside Drive Condominiums and, I am happy to say that in recent months, it has been going like gangbusters. Just since the beginning of this year we have sold or contracted nine of the 15 available units and we have accepted offers on two of those last six apartments. Moreover, while we are not yet approaching the pre-mortgage crisis prices, we are seeing significant price appreciation that, combined with several all-cash offers, seem to indicate the market is heading in the right direction.

Overall, in Northern Manhattan, we’re seeing this trend echoed as well. According to the well-regarded web site, UrbanDigs.com, the number of signed contracts in Washington Heights and Inwood are up 84.6% over the same time last year. While the mild temperatures this winter certainly helped spawn an early sales season, it doesn’t tell the whole story: the number of units in contracts now are almost identical to what we had at the HIGH point of last year in June/July (see chart below).

And across the city, StreetEasy.com has reported the average time an apartment is on the market has dropped five percent from where it was a year ago; inventory is also down by five percent.

That being said, we have a few great apartments currently available. Check out the next post to see them and make sure you tell your friends. Who better would you want to live near you than them?