From the March issue: Recession notwithstanding, the median sales price of a Manhattan townhouse jumped 13.2 percent between 2009 and 2010, according to appraisal firm Miller Samuel. One reason for the jump is that, unlike condos, very few newly built townhouses have been added to the housing stock, according to Jonathan Miller, the president and CEO of Miller Samuel. That begs the question of why so many New Yorkers spend millions to painstakingly renovate historic brownstones, rather than just building new houses. After all, many Manhattanites love newly built condos, and modern McMansions have spread like wildfire across the country in recent years. [more]
Manhattan McMansions?
Despite love of condo development, buyers prefer their townhouses old, not new
March 24, 2011 04:33PM
By Candace Taylor
