Upper Manhattan Real Estate Update: The Condominium Market

By Robert ‘Robb’ Pair

Welcome to the third article of the Harlem Lofts Upper Manhattan Real Estate Update for Harlem World Magazine

Harlem Lofts is a boutique real estate firm incorporated in 2002.  We keep a sharp focus on Seller representation in the townhouse and condominium markets while maintaining an extensive Buyer database.

Our latest Market Analysis video launched on our YouTube channel Friday, November 18th, 2022 on our Harlem Lofts Youtube platform.

Related: Read previous Upper Manhattan Real Estate Update articles.

This article focuses on the current state of the Upper Manhattan Condominium Market.  As mentioned in last month’s column, after a busy year in 2021 the residential real estate market faces economic uncertainty and higher interest rates. 

Interestingly, however, our Research shows that the Condominium Sector has not been as severely impacted as the Townhouse Sector, where inventory and Seller discounts surged in the second half of 2022.


Graphs 1 and 2 illustrate Condominium Transaction Number and Volume, Year on Year 2019-2022.

The graph show

  • Sales from Oct 2021-Sept 22 (545) were 46.9% higher than 2020-21 (371) (Graph 1, green vs. red asterisks).  Transaction number in 2021-22 was also 155.9% higher than 2019-20 (213).
  • Sales volume in 2021-22 ($560.7 million) was 66.9% higher than 2020 ($335.9 million) (Graph 2, green vs. red asterisks).  Volume in 2021-22 was also 196.8% higher than 2019-20 ($188.9M).

What are the factors underlying the strong post-COVID rebound in sales in the Condominium Market? 

Our Research suggests that two factors are important

  1. Our Research shows that Condominium Sales in 2021-2022 were boosted by large condominium development sellouts, which had been put on hold during 2020-2021 but were then rolled out in 2021-2022.
  2. The Condominium Sector differs fundamentally from the Townhouse Sector in that it is characterized by more numerous sales of lower-priced properties, likely to be less severely impacted by increasing interest rates.

Harlem Lofts is tracking and comparing the condominium and market trajectories and will bring you further updates in next month’s column!


Resources

Final Thoughts

We hope you enjoy this article!  Our understanding of the Market put us in a unique position to help our clients.  Future articles will focus on the Upper Manhattan condo and rental markets. 

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/

#Upper Manhattan townhouse #Harlem condo #Harlem condominium #Upper Manhattan condo #Harlem rental #Upper Manhattan rental

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