Manhattan townhouse market picking up

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The pricey Manhattan townhouses that have been languishing on the market during the downturn are reportedly beginning to get more bites. Brokers and owners are anecdotally noticing more interested buyers and first-quarter numbers show that townhouse sales doubled to 41 this year, compared with the same period in 2009, according to The number of signed contracts has tripled to 33. At the peak of the market, prices skyrocketed as the city’s relatively tiny supply of townhouses met with plenty of buyers with pockets that were eight figures deep. When the buyers disappeared, sales activity dipped by more than 40 percent. Lately, steep price cuts appear to be fueling the upturn. The four-story home at 234 West 11th Street, which has been on the market for three years, is now listed for $7.85 million, a 19 percent cut from its original asking price. A home at 12 East 63rd Street just went into contract for $24.5 million, 15 percent below its listing price two years ago. [Crain’s]

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