Harlem is HOT

As recently as two years ago, you could get a lovely three bedroom in a great Harlem location for under $1 million.

Those days are gone.

To clarify, the area I'm specifically referring to is part of Central Harlem, loosely from 112-125th street, from Morningside Park to Lenox. I like other areas of Central Harlem as well (Striver's Row, Mt. Morris, CCNY), but I'm confining this discussion to these parameters, which I know best.

A three bedroom, from about 1200 sf to about 1500 sf could reliably be found from just under $1 million to about $1.3 on the high ish end. Obviously they go higher for more amenities or outdoor space, or a newer building, but this was a reliable range.

As of today, there are only a few which fit into this criteria:

1. OK, this is my listing, so the blog seems totally self serving. Which is fine--it's my blog. But it doesn't mean it's not true. This is is 1300 sf in a great location. pretty view, apartment in good condition. Under $1,200,000. It's the best deal out there in Harlem.

http://www.randny.com/listing/2235-Frederick-Douglass-B/10377702

2.  http://www.halstead.com/sale/ny/manhattan/harlem/1845-adam-clayton-powell/condo/11297655

This is not even 1200 sf and it's first floor. It's over $ 1 Million.

3.  http://www.corcoran.com/nyc/Listings/Display/3357131

This is a lovely building and a spacious apt. It's asking $1,350,000, which is out of range for a lot of the buyers looking to spend closer to $1 Million. These apts were asking $100,000 less only a year ago, and selling for that range as well.

Even if you go up to $1.7, there aren't a lot of choices.  I think there's less inventory, but when new construction apartments appear, they seem to go very quickly as well.

Frederick Douglass Boulevard is a fantastic place to live. Close to the B and C train, and not far from the 2 or 3 or the A train at 125th street. Lots of lovely local restaurants, but also services like a butcher, a local wine shop, dry cleaners, a French patisserie. This area will only continue to climb as new developments continue to hit the market.

The Value of Shopping Local

Today I walked out of my local market, Mani Market, feeling grateful to have them in my neighborhood. Mani is a local treasure, run by two Greek brothers. It has fantastic produce, often local when possible, but also incredible spinach pie, homemade Greek Yogurt, and the best sandwiches on the Upper West Side.

Mani has been squeezed for years--first by Fresh Direct, then by Whole Foods. I admit to shopping there less since Whole Foods appeared, but there's a renewed sense of urgency because I wouldn't want to lose them.

What would happen if Mani disappeared? Besides people losing their livelihood, the neighborhood loses a piece of itself. We know that another grocery store won't take it's place, so what--a nail salon? A bank? A CVS? Something will replace it that will chip away at the fiber of what makes that corner special. So I'm making every effort to shop there every day.

Incidentally, Rand Realty is local too. We know the area so well because we live here, our children grow up here, go to school here. We walk our dogs here, we play in the parks here.

Shop local, it makes the neighborhood a more vibrant place.