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Boris M, Home Buyer in

what do you think about prices for real estate in harlem for the next 6-12 months?

Asked by Boris M, Wed May 7, 2008

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I think Mitchell is dead on. I would underscore the short term *decline* that he mentions. Everyone thinks that Manhattan is and will be insulated from the tanking economy, and WE ARE NOT. Harlem, Washington Heights, Hudson Heights, Inwood, and all non-gentrified areas that are still in the process of turning are at greater risk of depreciation over the next 2 years. Wait another 6-9 months to buy in Harlem. I am an uptown resident and speak from first-hand knowledge. Harlem has been been "hot" for a while now and people have been trying to eek out profits and prices and have overpriced a LOT of the property here. Prices are already dropping a bit and those that have not dropped prices are quietly *very* negotiable right now with their asking prices. The general forecast is for the economy to hit bottom in late 2009 or early 2010. By mid 2010 we will be recovering. We are in a two year downturn right now and that is fine. The economy will recover and the world will go on....just don't expect to be flipping properties for a fat profit again for a while.

Also remember that as of July, there will no longer be tax abatements on new condo developments ...and the monthly cost of home ownership for condos will be as much higher for new condos being built.
0 votes Thank Flag Link Wed May 28, 2008
The City Planning Commission approved a major rezoning plan for 125th Street in March. The plan will create condos, performing arts space, new hotels, retail and an office tower. The rezoning will cover from 124th to 126th Street between Broadway and Second Avenue.

Columbia University has ambitious plans to expand the campus from Morningside Heights to include 18 acres from 129th St. to 133rd Street in the Manhattanville section of West Harlem. The expansion plan will take 25 years with phase 1 to be completed by 2015.

Harlem has shown significant growth in the last several years. While in the short term prices might stay flat or decline the new rezoning is designed to encourage the development of a regional business corridor by stimulating new investment. It will be a good long term investment. Harlem today is what the Upper West Side was like 20 years ago.
0 votes Thank Flag Link Thu May 8, 2008
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
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our market overview, prepared by miller samuel... appraiser and consultant... is based on closed sales. shows the Q1 2008 avg price per sq ft for uptown co-ops at just over $700 and for condos just under $800. Both increases over the prior quarter and prior year quarter. we also prepare a 10 year report which breaks out the different uptown neighborhoods and breaks down each by apartment size too...take a look. As for where it's going, we can only guess that like the rest of our market the increased inventory and longer marketing time will keep prices stable with limited growth through the, normally, strong 2nd Q.
0 votes Thank Flag Link Thu May 8, 2008
As it stands, Harlem is one of the more affordable neighborhoods in New York City. The average rent for a non doorman studio, 1 bedroom and 2 bedroom apartment as of April is $1,264, $1,707 and $2,212 respectively and with a doorman it would come out to an average $1,326, $1,726 and $2,627 so there isn't much of a difference if your considering service or no service. This information was gathered from January of this year until March and there has been a drop off in rent prices for every category i mentioned but now that peak season has arrived i expect a surge from now until August and then a dip once again from September on. I hope my response has helped and feel free to contact me if you have any additional questions
0 votes Thank Flag Link Wed May 7, 2008
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