Upper Manhattan Real Estate Update: Analysis Of The Spring 2023 Market!

April 7, 2023

By Robert ‘Robb’ Pair, Harlem Lofts Inc.

Harlem Lofts is a boutique real estate firm incorporated in 2002 and located at 272 Lenox Avenue in Harlem, NY.

Using a Research-based strategy, we keep a sharp focus on Seller representation while maintaining an extensive database of well-qualified Buyers.

The Spring Market is launching!  This article analyzes where the Townhouse and Condominium market sectors currently stand, and where we think they are headed this year:

  • In 2022, the rebounding Upper Manhattan real estate market was again cut short by a mid-March turn of events!  Sound familiar? Well, it wasn’t another 2020, but there are similarities. 
  • If you are buying or selling in 2023/24, your Real Estate Advisor should be directing you to take note of historical trends of 2009/10 and 2020/2. Remember, history repeats itself!

Townhouses – a Great Time to Buy, and Early Signs of Recovery

  • In late March 2022, the record Federal interest rate hike plan was launched, and economic uncertainty sent the real estate market scrambling. 
  • Upper Manhattan saw a record number of properties enter the market in 2022 but this was balanced by a record number being removed from the same market.  Plus, 50% of listings in 2022 showed discounts while on the market.   
  • The Urban markets are responding city by city as the Upper Manhattan Townhouse and Condominium Markets continue to prove their underlying strength.

Condominium Market – Record Sales, Driven by New Development

  • While Upper Manhattan Townhouses have held their value through the major economic market shifts over the past 5 years, the Condominium Market in Upper Manhattan has benefited from increased volume, and sale prices.
  • There was a record number of sales in 2022, driven by new development, low entry price points, and high rents. 
  • If you didn’t buy your condo yet, no worries, there are 33 more new developments currently approved/underway!

Market Outlook

  • My Upper Manhattan Outlook is simple this year.  Buy!  Then consider refinancing in 2-3 years.
  • The Condo Market will remain a solid investment through 2023 but buyers should take it slow and make sure their advisor knows, not just what’s on the market, but what’s coming to market.
  • Townhouse Buyers will benefit from increased inventory resulting in more quality townhouses to choose from than we have seen for the past 7-8 years.
  • Owner Occupant Buyers will follow Investors to take advantage of the quality on the market in Spring 2023. 

More details about the current market are in our 2023 Upper Manhattan Real Estate Report and accompanying video – sign up for a FREE copy of the Report at https://harlemlofts.com/market-report/, and watch the video at https://tinyurl.com/HLIYouTube!

Final Thoughts

We hope you enjoy this article! Our understanding of the markets puts us in a unique position to help our clients. Reach out to us at info@harlemlofts.com with your real estate needs, and on our website at https://harlemlofts.com/.

Robert ‘Robb’ Pair, Harlem Lofts Inc.

Harlem Lofts Inc. is a boutique real estate firm incorporated in 2002 by our founder Robert ‘Robb’ Pair. We are located in the former studio space of the famous Harlem Renaissance photographer, James Van Der Zee. The firm covers all major residential property transaction types in Upper Manhattan and is the acknowledged expert in Upper Manhattan real estate. Harlem Lofts Inc., 272 Lenox Avenue in Harlem, New York, 917.791.6986, robert.p@daniel-tlemlofts.com, https://harlemlofts.com/info@harlemlofts.com

Photo credit: 1-2) Harlem Lofts.

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