Is Harlem a good neighborhood to buy a condo for a future investment?

Asked by Vanessa Souza, Bronx, NY Wed Feb 26, 2014

Hey guys,

Hubby and I are on the process of buying our first home. We will probably stay in NY for 2-3 years and then we want to rent it out our condo. Is Harlem a good place to buy our first/investment home? Will the real estate market in Harlem continue to grow? Any other area would be better? Our budget is 400k. Tks for your feedback.

Help the community by answering this question:

+ web reference
Web reference:

Answers

13
Carole Armst…, Agent, New York, NY
Wed Feb 26, 2014
I just searched and there were 17 apartments between $300,000 and $400,000 ranging from a 1 bedroom to a 4 bedroom needing renovations. Quite a few were around 500 sq feet but a few were larger. Most were elevator buildings but a few were walk-ups including a 6th floor. Also many of the units had income limitations meaning you can only earn so much a year as a buyer. Email me at Carole.armstrong@djkresidential.com or call me at 561-901-1017 if you want to take a look.
2 votes
Carole Armst…, Agent, New York, NY
Wed Feb 26, 2014
Harlem is an amazing investment and an area I am specializing in for that reason. You still get more space for your $'s than lower part of Manhattan. Sometimes you can get an extra bedroom for the same price. Having said that $400,000 is going to get you very little in Harlem. Let me know if I can be of further assistance.
1 vote
Martina Ryan, Agent, Bayside, NY
Wed Mar 12, 2014
Median sale price for homes in Harlem have increased 28% in the past year.
0 votes
Julie Audain, , New York, NY
Wed Mar 12, 2014
Harlem is a great place to buy. The neighborhood is great and you will love it. When ready to purchase, I can certainly help you on getting a mortgage loan. Welcome to Harlem.

Julie Audain
646-567-1049
0 votes
John Peitler, Agent, NY,
Wed Mar 12, 2014
Please call me to discuss your options. My name is Susan and I can be reached at 718-916-6899. Thank you and good luck.
0 votes
Danni Tyson, Agent, New York, NY
Sun Mar 2, 2014
As a Harlem broker I know that $400,000 is a tight budget for a 1 bedroom condo. Units listed lower are usually HDFC co-ops and can not be purchased as investment properties. So, renting would almost be impossible and the income restriction can be very low.

Central Harlem is a great place to settle and I have rented condo's in the area from $2,500 to $6,000 per month. I suggest you and hubby talk a walk through the neighborhood one warm Saturday or Sunday that is if we ever get another one.:-)

Did I mention I live in Central Harlem and serve on Community Board 10 which covers 110th to 155th Streets? Been here over 20 years and raised my daughter in this growing village.

All the Best,
Danni Tyson
Halstead Property
0 votes
Nardeen Bill…, Agent, New York, NY
Wed Feb 26, 2014
I was at a committee meeting this morning and we are seeing a huge gentrification across the board in Harlem, and Washington Heights and eventually this will reach Inwood. East Harlem is almost a little too late to find 'awesome' deals as the costs per square foot have increased exponentially as compared to prior years.

If you are a visual learner, you will see Whole Foods will be coming up next year, new innovative stores and brands and popping up.

If you like numbers, West Harlem went from 624 to 649 (in early 2013 from 2012). Now, East Harlem could average around 1000 a sq ft.
Washington Heights increased 80.34% from 2012 to 2013 going from 290 per sq ft to 523.

Buy, buy, Buy!

Email me at nardeen@rapartnersny.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Feb 26, 2014
Unfortunately none of us can say for sure where the market will head in the days ahead; therefore if you like the area, like the unit, know you'll be happy, no reason not to consider the purchase...
0 votes
Iris Shorin, , New York, NY
Wed Feb 26, 2014
Harlem and the environs is a great place to buy-East Harlem as well. In fact, we see a great deal of opportunity and growth in Hamilton Heights and Sugar Hill as well.

Prices depend on the size of the apartment, other features such as a highrise with a doorman verses a brownstone walk-up.

None of us can predict the future but data already indicates a high level of growth in the years to come.

Feel free to reach out to me for more information.

Sincerey,
Iris S.
ishorin@citihabitats.com
0 votes
Karen Cheung, Agent, New York, NY
Wed Feb 26, 2014
VFS,

It's great that you are thinking of buying. With rents continuing to rise and interest rates still relatively low, it's definitely a good choice.

I specialize working with first time home buyers. Having bought myself 3 years ago, I have first hand experience as a home buyer that I can share with you. My own experience led to looking at different neighborhoods across Manhattan, Brooklyn & Queens - East, West & Central Harlem included.

Harlem condo prices have gone up over the past 3 years - growing about $100-200k more that in 2010. It's hard to predict the future but there are telltale signs in neighborhoods with potential growth.

If your goal is to rent this out vs selling in 2-3 years, then there may be some factors to consider for rentability that most first time home buyers do not consider. I can give you comparable rent prices in the area as I work in both sales & rentals.

Lots more to share. Feel free to give me a call or email to discuss further.

Best,

Karen Cheung
917.334.9544
kcheung@citihabitats.com
0 votes
Nirmala Cara…, Agent, Bronx, NY
Wed Feb 26, 2014
VFS,

Harlem is a great place to buy. Harlen has seen exponential growth although it is cheaper than buying in other areas in Manhattan, there are some parts of Harlem that is also expensive. You will have to weigh your options and decide what is more financially viable for you and your goals. There are also more reasonably priced Condos in the Bronx, with that price range. Please do not hesitate to contact me do discuss further.
0 votes
Tom Dawson, Agent, New York, NY
Wed Feb 26, 2014
No one can predict the future. But there is certainly a lot of growth in Harlem with all kinds of buyers looking for investment properties like brownstones that can be turned into higher end rentals or condos.
And for first time buyers at your budget, there is probably no better place to buy a condo. I'm sure you know that condos make up a very small percentage of the Manhattan sales market. I can show you several that fall into your budget. They are typically in pre war buildings. And both the buildings and the condos are just renovated. You will certainly have far more condo choices priced around 400K in Harlem that other areas of Manhattan.
I'm seeing a lot of first time buyers that have been priced out of the UWS and other areas below 96th St that are looking at Harlem. That is not likely to change and more than likely, you'll see price appreciation. No guarantees.
E mail me at tom@citysolutions.com or call my cell 310-951-8993
0 votes
Patrick Louis, Agent, New York, NY
Wed Feb 26, 2014
Hi,

Harlem is a perfect area in manhattan to purchase a home for investment purposes. I will happily search for condos for you. Please email at PatrickJL@NestSeekers.com so you can tell me exactly what you are looking for. Thank you and I hope to hear from you soon!
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more