“A lot of product that has sat on the market this year is just not realistic,” said Prince Dockery, a broker at Town Residential , speaking about prices in the townhouse sector.
Dockery said the drop in townhouse sales is part of the overall softening at the top of the market. He said some townhouse sellers uptown are setting asking prices too high and not seeing much interest, prompting them to shift strategies and rent their homes.
“About a third of our buyers are coming from other boroughs,” said Manny Pantiga, founder of the Bronx-based Pantiga Group brokerage. Buyers are pouncing because prices in their own boroughs have gotten too high, he said.