… But although very high-end town houses may be relatively affordable, comparing them with new luxury condominium towers is not particularly useful, said Jonathan J. Miller, the president of the appraisal firm Miller Samuel. “It is like apples and oranges,” he said. “they are a completely different product.”

Town houses offer the owner privacy and seclusion, but they do not have views. “And the view component is a big driver for top-of-the-line condos — that is their selling point,” Mr. Miller said….