Triple Assessment

The Facts: Two-bedroom, one-bath, 875-square-foot condo.
Asking Price: $455,000.
Charges: $319 per month.
Broker: Cindy McField, Corcoran.

Harlem property values have risen so fast that apartment-hunters have nearly crossed the neighborhood off their potential-bargains list. No wonder our panelists deemed this condo—whose owner is looking to make a larger investment and is eager to sell—an actual deal.

Holly Sose, City Connections Realty: The renovations aren’t high-end, but “it looks like someone put some time into it,” says Sose. “It’s 85 percent owner-occupied, so it shows [people who bought] are invested in the building.”
Her assessment: $612,500.

Mary Jo, Barak Realty: “It’s hard to find a two-bedroom for much less [than $600,000]. I’ve looked myself,” declares Jo, who thinks it’s perfect for those who need more space but can’t afford two big bedrooms. “Harlem’s tricky to price. Some are undervalued and others are overvalued.”
Her assessment: $599,000.

Norman Horowitz, Halstead: “Not having any real-estate taxes”—there’s an abatement in place—“is a good thing,” points out Horowitz. “If I were marketing it, I’d have the owner put in triple-glazed windows to shut off the noise [from the avenue].”
His assessment: $595,000 (after renovations).

Triple Assessment