To understand what’s happening in the market for Upper West Side condos and coops, we interviewed two award-winning Certified TopAgents who specialize in the area.
Doug Heddings, Charles Rutenberg Realty: Doug has been in the business for nearly 20 years and is an expert in the Upper West Side–for both condos and coops. In 2008, prior to joining Charles Rutenberg Realty, Doug received Prudential Douglas Elliman’s Legend Award.
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Lisa Lippman, Brown Harris Stevens: In 2007, the Wall Street Journal recognized Lisa as one of the top 50 brokers in America. She was named the Brown Harris Stevens West Side Office Broker of the Year in 2006, 2007 and 2008.
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What are some of Upper West Side’s defining characteristics?
Doug Heddings: As someone with a family and two kids, I can tell you there’s no other place I’d rather live in the city. My wife was born and raised on the Upper West Side, so she’s been here her whole life. The Upper West Side is a real Manhattan neighborhood.
The Upper West Side has luxury condos, co-ops, tenement housing, brownstones and townhouses, so you get a heterogeneous mix of people including single professionals, couples, young and old. There is great cultural, ethnic and socio-economic diversity.
The transportation on the Upper West Side is phenomenal. There’s the Central Park West lines (the 1, 2, 3) which are consistently rated the top lines in the city. The express subways at 72nd and 96th will take you Downtown – I can get from my office to exclusive properties in the Village in about 12 minutes. Even better, the Upper West Side has two parks, Central Park – which is phenomenal and famous worldwide, and Riverside Park which is our little, hidden gem. The city has connected the Hudson esplanade from Battery Park, and this Spring they’ll be putting in a new path that is suspended over the water that will take you all the way up to the George Washington Bridge. It’s a great place to train, bike, or run. You can bike to the Palisades if you want.
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Lisa Lippman: I would describe the Upper West Side as “leafy.” It’s quiet but active, and very residential with few office buildings. The neighborhood has lots of older buildings with very pretty architecture which adds a certain charm. The Upper West Side has a lot of services. There are wonderful stores, markets, and restaurants, but not so many that it is overwhelming. There are not many high-rises, so there is a lot of light. What I like about the Upper West Side is that you’re never too far from a park because the neighborhood is so narrow. You either have the Riverside Park or Central Park, and even in between, you can find some playgrounds. There are a lot of great public and private schools, as well as services for children. For culture lovers, there’s the Historical Society, Carnegie Hall and the Met. In addition to being a great place to live, the Upper West Side is very accessible to the rest of Manhattan. The subway runs down Broadway and the bus system is convenient, as well.
What is the housing stock like in regards to Upper West Side condos and coops?
Lisa Lippman: The Upper West Side probably has fewer condos than Downtown or the Upper East Side, although there are some very nice Upper West Side condo buildings. The reason for that is that there are fewer new developments. New construction is pretty much always condos. We have some pre-war conversions, but Downtown has many more condos and new buildings. The Upper West Side has lots of pre-war co-ops.
Doug Heddings: I agree. In addition to condos and coops, the Upper West Side also has a significant concentration of brownstones.
What do you see happening in the market for Upper West Side condos and coops these days?
Doug Heddings: All of Manhattan is very challenging. Deals are much more complex than in the past. There was almost no activity in the first half of 2009, so today volume is up considerably. It’s relative. I think we saw a small blip in inventory in September, but it’s leveled off and probably shrunk a bit since then. Numerous properties are going into contract and not much new inventory is coming on–particularly not many new Upper West Side condos. As far as prices go, they’re probably down anywhere from 15-30% from the peak.
Lisa Lippman: In general, the Upper West Side condos and coops didn’t suffer as much as some other Manhattan neighborhoods. On average, Manhattan went down 30%. The Upper West Side probably dropped 20%, and we recovered, so we’re probably only at 10-15% off peak right now. It’s an established neighborhood where people really love to live and there’s not much inventory. Families and young people love to live here. Older people like to live here – empty nesters – because we have Lincoln Center, museums, and great access to parks. Nobody finds it unappealing. For that reason, there’s never a tremendous amount of inventory which helps prices stay relatively strong.
What advice would you give to a buyer looking on the Upper West Side for a condo or coop?
Lisa Lippman: For someone looking for an Upper West Side condo or coop, I’d say to be open-minded about the neighborhood. A lot of people say they only will live south of 86th Street, or something like that. What I’ve found is that once people learn more about the neighborhood, they’ll push their boundaries and go higher or farther West. For example, many buyers first want to be on Central Park West, but after looking, they are willing to live near Riverside Park. It’s all nice, so there’s a lot to choose from.
There are certainly deals to be had. Find an condo or coops that’s been on the market for a long time (one that potentially came on as the market softened) and in which the seller lowered the price too little, too late. That’s where you’ll usually get the best deal, sometimes even for below market. Upper West Side condos and coops will always be a great investment. The area will always be a great place to live because of its prime placement between two parks.
Doug Heddings: If you are looking for an Upper West Side condo or coop, don’t pigeon hole yourself into one specific area, but rather explore all the areas and possibilities. I can’t stress that enough. A lot of people pick really narrow specifications, but then they end up on Riverside and they love being that close to the river. There’s a totally different feel when you go farther West – West End Avenue is only a block away from Broadway yet is very residential. The Upper West Side is much narrower than the Upper East Side, so no matter where you are, you’re not far from either park. There’s a plethora of co-ops lining both sides of the street, no commercial traffic is allowed on the street.
What advice would you give to someone selling his/her Upper West Side condo or coop?
Doug Heddings: Find an agent who really knows the Upper West Side condos and coops inside and out because real estate is hyper-local, in my opinion. On the Upper West Side, a condo on 73rd Street between Central Park West and Columbus should be analyzed differently than one on 94th between Broadway and West End Avenue.
Lisa Lippman: Make sure you’re comfortable with your broker and do your research about what is on the market. Look at comps only from the past two to three months because that’s all that is important right now. If you price your home correctly, you’ll get good buyers and good bids. If you don’t, you won’t. In a market like this, buyers are very price-sensitive and they will only pay what they consider to be a fair price.
