Narrow townhouses can be a tough sell

New York /
Dec.December 27, 2010 05:43 PM

Since many townhouse buyers insist on properties at least 20 feet wide, narrower homes can be difficult to sell, brokers told New York magazine. “The challenge is getting people through the door,” said Nan Shipley of Rand Realty, who is currently marketing a four-bedroom, 15-foot-wide Townhouse On West 95th Street. Jed Garfield, whose firm Leslie J. Garfield & Co. specializes in brownstones and townhouses, said he has never heard anyone say that they want a smaller house. “People almost always end up there by default,” he said.

According to appraiser Jonathan Miller of Miller Samuel, narrower houses are rapidly losing market share. Five years ago, houses 16 feet wide or less accounted for 25.9 percent of townhouse sales; in 2010 (as of Dec. 15), they constituted just 16.2 percent. Townhouses that are from 17 to 19 feet wide dropped to 33.8 percent of sales in 2010 from 37.4 percent of sales in 2005. The average square footage of houses sold in Manhattan has been rising every year since 2007. However, Garfield added, smaller homes may not necessarily be a bad place to live. “The challenges are, really, 100 percent a mental thing,” he said. “Quite frankly, narrower townhouses tend to be better laid out.” [NY Mag]

 

Related Articles

arrow_forward_ios
Bidding wars occurred in 35 percent of North Fork home sales. (iStock)
Bidding wars drive Long Island home prices to new highs
Bidding wars drive Long Island home prices to new highs
Pfizer Mansion (Douglas Elliman)
Pfizer Mansion sells for $9M, shattering Clinton Hill record
Pfizer Mansion sells for $9M, shattering Clinton Hill record
(iStock)
Brooklyn and Queens see record sale prices, bustling sale activity
Brooklyn and Queens see record sale prices, bustling sale activity
Competition for Rentals Heats Up in Manhattan, Brooklyn, Queens
Competition for NYC rentals intensifies as listings dwindle
Competition for NYC rentals intensifies as listings dwindle
11 East 93rd Street (Google Maps, Reza Nouranian Design)
Mystery buyer drops $16M on historic UES brownstone
Mystery buyer drops $16M on historic UES brownstone
Buyers of fixer-uppers can expect a substantial discount from the list price.
What discount to expect on stale listings, fixer-uppers
What discount to expect on stale listings, fixer-uppers
Aaron and Henry Manoucheri of Universe Holdings and Mariners Cove in Toms River (Universe Holdings, Google Maps)
Universe Holdings buys NJ townhomes for $60M in national expansion
Universe Holdings buys NJ townhomes for $60M in national expansion
The PHA unit of 895 Park Avenue was the top contract of the past week (Warburg Realty)
Manhattan townhouse deals reach record levels
Manhattan townhouse deals reach record levels
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...