Super high-end condos may grab the headlines, but single-family homes still retain their classic appeal.
“It’s a unique buyer that buys a townhouse versus another condo or co-op,” Corcoran broker Timothy Scott said. “That’s what makes townhouses special—there are only a handful of them.”
“It’s a fixed asset class,” agreed Core broker Jim St. Andre. “The limited supply makes it infinitely more interesting.”
As the ultra-high-end market sees some frothing, price has become even more important. “You’ve seen some compromising on pricing from sellers, but I think the market in general got too enthusiastic at one point,” Mr. St. Andre said. “Anyone who owned a townhouse that was 20 feet or wider downtown in the Village thought the house was worth $20-something million immediately!”
“The townhouse is the most stable part of the luxury market—it’s much less influenced by international buyers than the condo market,” Douglas Elliman broker George van der Ploeg said. “The townhouse market is dominated much more by well-to-do New Yorkers.”
Check out a list of the best townhouses currently on the market where CORE’s 38 Prince Street was included in the mix.