1994 co-op/condo market should be stronger.The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of luxury co-op/condo market continues to strengthen. In recent months, the volume of apartment sales has risen steadily and buyer interest, especially in the highes end of the marketplace, has been very strong. Foreign investment has also been on the rise. Carrie Carrie is a female given name in English speaking countries, usually a pet form of Caroline. The name Carrie can refer to: Film, music, theatre, and television
As we enter the first quarter of 1994, there appears to ba a lot of serious buyers in the marketplace and sellers seem willing to negotiate prices down in order to close deals quickly. I anticipate firming prices in the coming months. In terms of current market conditions, our Year-End Market Report revealed the following: * While one-bedroom and smaller two-bedroom apartments (4 to 5.5 rooms) depreciated Depreciated may refer to:
integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" appreciation (13.7) for the first time since 1988. * Sales activity was equally impressive. A total of 8,337 luxury apartments sold last year compared to 7,671 in 1992 and 4,875 in 1987, when the market was at its peak. Equally significant, buyers were able to negotiate only 16.5 percent off the original asking price of the apartments last year compared to 18.4 percent in 1992. * The downtown loft market made a strong comeback Comeback Australian breed of wool sheep, bred by crossing Merino with Corriedale, Polwarth or Zenith sheep; wool is 21 to 25 microns. It is a registered breed, but the term is more commonly used in the sense of a type of sheep produced by crossbreeding a crossbred Merino back to Merino. in 1993, with mid and large sized units leading the way. Overall, loft prices were up by an average of 2.7 percent compared to a -1.9 percent the previous year. * The average initial offer made by a buyer in 1993 was 24.8 percent below the asking price compared to 26.4 percent a year earlier. * The average buyer actively looked for 4.5 months before purchasing a personnaly viewed an average of 29 apartments last year. In 1992 the average buyer looked for 5.8 months and saw 30 apartments. Based on all available indicators, I believe 1994 will be a strong year for New York's luxury co-op/condo market. |
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