The Midtown West Neighborhood is definitely being categorized as a hot commodity right now. You can find more and more articles about the transformation of Hells Kitchen from a gritty neighborhood to a trendy destination. New condominium projects such as 540 West 49th Street are selling extremely well, higher end luxury condominiums are in development with a number of large luxury rental projects currently being built. Phrases such as the "next Chelsea" are becoming more commonplace when describing Hells Kitchen. Exciting new condominium and rental projects always bring demand with them.
A project like 540 West is a good example of how when priced and developed within the expectations of the buyer demand for a particular neighborhood you will see a large turnout and apartments will sell fast. One bedroom new construction condos priced less than $1.1 Million is near impossible to find now, but most of the inventory at 540 West was priced in this in demand segment of the one bedroom market.With a variety of buildings planned for development in the neighborhood it will be exciting to see new inventory come on the market and how it sells within the context of what is already available.We see 41 condominiums currently active for sale in Midtown West, ranging in price from $450,000 up to $5,995,000.
This is down from 61 Condominiums we were tracking during the 4th Quarter of 2013.9
- Studio's currently for sale ranging in price from $450,000 up to $1,100,00014
- One Bedroom's currently for sale ranging in price from $799,000 up to $2,400,00011
- Two Bedroom's currently for sale ranging in price from $1,100,000 up to $3,200,0006
- Three Bedroom's Currently for sale ranging in price from $2,395,000 up to $5,995,000
- Four Bedroom asking $3,997,000We track 72 condominiums currently in-contract in Midtown West, ranging in price from $499,000 up to $4,900,000.
This is up from 55 Condominiums currently in-contract as of the 4th Quarter of 2013.When priced within the contexts of recent sales or other competitive apartments within the neighborhood an owner could expect good offers. A by-product of a robust sales market were some listings coming available that were priced well beyond any current sale. This is something that we plan to see more of in 2014.We represented many condo buyers and sellers in the Midtown West neighborhood of Manhattan. If you are a seller interested in maxmize your investment in today's market, call us (917)837-8869. If you are a buyer that would like us to help you navigate in buying a condo in NYC, we would happy to discuss your search with you.
Eileen Hsu 許雅嵐 (email: EHSU(@)elliman.com)
Our team specialize in Manhattan New York Condominiums, townhouses, and condops.