To understand what’s happening in the Morningside Heights real estate market, we interviewed an award-winning Certified TopAgent who specializes in the area.
James Perez, Brown Harris Stevens: Jim has been selling Upper West Side and Morningside Heights homes for over 12 years. He is intimately familiar with the neighborhood as he is a graduate of Columbia College and received his MBA from Columbia University.
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What are some of Morningside Heights’s defining characteristics?
When I started in the business, we had to market the Upper-Upper West Side and Morningside Heights. Today, we no longer have to. Demand for homes in Morningside Heights is strong for a few reasons: The architecture is stunning; there are several private schools north of 110th Street that are attracting a lot of interest, and there are four or five new developments on Broadway north of 96th Street that have sprung up over the last few years. Finally more people have realized that for an extra one or two subway stops you’re in a totally different environment that is brighter, less congested, quieter and of course still less expensive. You just feel the difference immediately.
What is the housing stock in Morningside Heights?
The Morningside Heights home sale market is still comprised of mostly co-ops, but new developments – both new construction and conversions – are changing that. However much of the housing stock in the area is owned by Columbia University, and is provided as rentals to students, faculty, and staff. This greatly reduces the number of Morningside Heights homes that might otherwise be available for sale.
What do you see happening in the Morningside Heights home market these days?
We’re actually seeing a tightening of supply — we have more and more buyers who are having a hard time finding properties to look at, much less to buy. We’ve seen a lot of Morningside Heights homes purchased that were recently put on the market, and even some of the older listings are finally selling. Between the sales activity and the fact that quite a few owners took their apartments off the market earlier this year, we’re actually seeing a frustrating supply situation for buyers.
What advice would you give to a buyer looking for a home in Morningside Heights?
You really have to stay on top of things. The Morningside Heights home market does not have a lot of supply: West End Avenue ends at 107th, and north of that is Riverside Drive, Broadway, and Columbia, so the geography is limited. Columbia’s ownership of the housing stock strongly limits a buyer’s options, as well. Because it can be difficult to find apartments in Morningside Heights it is important tow work with a broker who has his finger on the pulse of this market and has a lot of local contacts.
What advice would you give to someone selling his/her Morningside Heights home?
First of all Morningside Heights home sellers should work with brokers who have a long and proven track record in the neighborhood, can properly price and present, and successfully close on deals due to their familiarity with the buildings, management companies, and policies.
Next, each property is different, but staging is always important. Some apartments need more work than others. No matter what it is always a good idea to de-clutter and clean your home. This might entail having a professional stager involved. Unquestionably presenting it in its best light is absolutely necessary.
Last, and perhaps most critical, is pricing. Buyers are willing to pull the trigger when they see a good property, but if the seller is being unrealistic they’re willing to look elsewhere.
What do you see happening in the Morningside Heights home market in the next 6-12 months?
Forecasting is tough, but the Morningside Heights home market feels really good right now. The market feels strong because good properties are selling quickly. We’ve had a number of bidding wars, so if you’re a buyer, you have to ask if you can run the risk of waiting any longer. Nine months ago buyers waited as prices continued to drop, but now things have changed and buyers have to make a decision whether the price drops will continue or not.
For sellers, you should cast your line into the water. Consider going to market immediately because the fish are biting, so to speak, and who knows what will happen down the road.
