Posted by Jonathan J. Miller -Thursday, February 2, 2012, 10:10 PM
We released our report on the Manhattan Townhouse Market for 2002-2011 this morning. I define a “townhouse” as a 1-5 family house that can be delivered vacant. It’s one of my favorite reports to work on because the market is so unique.
One of the things that drives the 2-family and 3-5 family markets are owner/users. Purchasers rarely view these properties as vehicles for cash flow – in appraisal parlance, their “highest and best use” is eventual conversion to single family occupancy.
I’ve been authoring this market report series for Douglas Elliman since 1994.
The market consistently accounts for roughly 2% of Manhattan residential sales – it’s a high end niche market.
Here’s an excerpt from the report:
The Manhattan housing market saw the largest number of sales since the credit crunch began, reaching a yearly sales level consistent with the annual average of the past decade. The robust apartment rental market influenced the gain in 2-family and 3-5 family market share as 1-family market share slipped over the past year. The jump in market share of lower priced multi-family sales pulled the price indicators lower. Listing inventory as well as days on market expanded year-over-year as all price indicators slipped. The townhouse price indicators were more than double their respective 2002 levels. East Side and West Side market share of Manhattan sales fell as Downtown and Uptown market share expanded over the same period.
The custom data tables are updated and ready for you to play with. The chart section on the new site remains a work in progress.
The Elliman Report: Manhattan Townhouses 2002-2011 [Prudential Douglas Elliman]
The Elliman Report: Manhattan Townhouses 2002-2011 [Miller Samuel]