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Curbed Roundtable: End of the Harlem Shell Game?

Above, listing photos from a four-story Hamilton Heights townhouse that Harlem broker Willie Kathryn Suggs is offering for $1.295 million. It's not quite the shell game of yore, is it? Which is S. Johanna Robledo's point in a New York story this week about the evolution of the Harlem fixer-upper market:

Back around 2004, the catchphrase was "You can't buy a shell in Harlem for under a million," and while that may have been hyperbole, the market was undeniably hot. "You threw a sign on one and somebody would buy it," says Harlem expert Willie Kathryn Suggs. But in the past few months' slowdown, these noble ruins have lost some of their luster. Though renovated houses have appreciated, a wreck costs "pretty much the same as it [did] two years ago," says Todd Stevens of Prudential Douglas Elliman... Why? New construction in the area seems to be drawing buyers away.For those in the Harlem market, or those who bought in recent years, care to offer your analysis? Is the shell game in Harlem really and truly over for good?
· After the Shell Game [New York]
· Listing: Hamilton Heights Fixer-Upper [Willie Kathryn Suggs]
· Shell Games in Harlem [Curbed]