We've occasionally been known to toy with the idea of fleeing the five boroughs for the spacious, relatively well-priced housing options out in the 'burbs. (We're only human.) But if the latest round of Douglas Elliman market reports is any indication, buyers itching to own an honest-to-god house may as well stay put in the city: in Greenwich, Connecticut, for instance, the median price of a single-family home is now $1.86 million.
Part of the problem, says appraiser Jonathan Miller, who puts together's Elliman's numbers, is that suburban sellers get inspired by activity in the city and set sky-high asking prices in hopes of luring in a wealthy foreign buyer. "Even in Westchester you have sellers say, 'Maybe we'll get a Chinese investor!'" Miller laughs. While the properties might ultimately sell for less, this phenomenon can drive up asking prices in the meantime. In any case, while you'll admittedly get much more square footage (and some swanky amenities) out in Greenwich, the price tags are looking awfully similar to those in the city.
With that in mind, we cruised listings in Greenwich and right here in the city to see what kind of bang you get for your buck, and we're happy to report that even in Manhattan, there are still townhouses to be had for this price. And just think of the money you'll save not having to buy a car...
Manhattan townhouses under $2 million are few and far between, but if you're in the market for a fixer-upper, there's this $1.85 million townhouse on West 132nd street in Harlem. The building is a former SRO, and will need considerable work, but for a huge house in the city, it's fairly unbeatable. (That is, aside from another similarly priced former SRO nearby on 136th Street we found on the market, coincidentally enough.)
But back in Fairfield County, there's this $1.845 million five-bedroom on Stag Lane, which recently had a price cut from its original asking of $1.895 million, and comes with a small in-ground pool in the backyard.
If you've got an enormous family and want an investment property, consider this $1.849 million Ditmas Park option, which has a seven-bedroom owner's residence, as well as a separate two-bedroom rental on the ground floor.
One more for the 'burb-curious: this four-bedroom 1900 farmhouse in Greenwich, which is asking $1.825 million, and includes its own solarium.
Out in Forest Hills, Queens, you can snap up this $1.85 million five-bedroom, which includes garage parking, and has recently been renovated to include his and hers California closets in the master suite, as well as a wine cellar in the basement.