Time to buy a luxury town home in NYC?

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For the select few who can contemplate purchasing real estate in the $30 million+ market, you’ll be happy to hear that the market for these iconic mansions in New York City has been softening. These dream homes are now competing with the luxury condo boom in Manhattan, and there are many examples of prices coming down:

Seven E. 88th St. is a 24.5-foot-wide, six-story limestone town house a half-block from New York’s Central Park. Along with its 19 rooms (6 are bedrooms), it features a rooftop solarium, an elevator, a rear garden, and a fourth-floor balcony.

The mansion was listed at $44 million in 2014. A year later it was taken off the market, only to reappear in 2016 for $34.95 million, where it languished for a year and a half, according to Zillow. In October the price was cut yet again: It’s now listed with Leslie J. Garfield & Co., a boutique real estate agency that specializes in town house sales, for $29.95 million, almost 33 percent below its original asking price.

This is a very select market, and despite the prestige, these spectacular town homes don’t come with a view. Also, may people just don’t like dealing with all the stairs (even if this is great for long-term health!).

The luxury real estate market is on fire in most big cities, and especially in Manhattan, but at the very top the atmosphere can be very different!

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