Townhouse Cooldown

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Townhouse Cooldown

As New York’s condo market becomes increasingly oversupplied with large, luxurious four and five bedroom units, market for townhouses has cooled off. Once a symbol of the ultimate ‘I Made It’ status, townhouses (which represent 2.5 percent of all Manhattan sales) have languished in price. The median sales price for a Manhattan townhouse fell by 5.3 percent last year to $4.97 million after several years of consecutive increases and the number of days spent on the market averaged 164 in 2016, up by 47 percent from 2015, according to a Miller Samuel report.

As such, sellers are increasingly more willing to negotiate — the average listing discount tripled to 10.7 percent from 2015 to 2016.

Yet, there are still some positive anomalies — for example, townhouse at 12 East 73rd Street was sold for $41 million last month, representing an $18 million profit over what the owner Andrew Farkas paid in 2007.