Big unit sales fuel surge in co-op and condo prices.With the sales of larger residences heating up, the average purchase price of luxury Manhattan Manhattan, indigenous people of North America
Manhattan (mănhăt`ən), indigenous people of North America of the Algonquian-Wakashan linguistic stock (see Native American languages). co-ops and condominiums sizzled during the third quarter, soaring soaring: see flight; glider.
Sport of flying a glider or sailplane. The craft is towed behind a powered airplane to an altitude of about 2,000 ft (600 m) and then released. by 11 percent to an average of $433,000 from a second quarter mark of $390,000.
The price surge - an indication of strengthening buyer confidence in 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 residential marketplace - highlighted the 1996 Third Quarter Edition of The Corcoran Background
Corcoran. Spelling variations include: MacCorcoran, O'Corcoran,Corcorran and others.
The Irish surname Corcoran is derived from the Gaelic word Corcair, now used to denote purple but formerly meaning ruddy, or 'of reddish complexion'. Report, a quarterly study analyzing conditions and trends in the city's luxury housing field.
According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. the study, a total of 44 four-bedroom-plus apartments - the largest units tracked - were sold during the third quarter, compared to only 37 during the same period last year and the identical number (37) during the second quarter.
Two other factors also signaled a tightening marketplace. It took an average of only 157 days to sell an apartment during the third quarter - six days less than it took during the same period in 1995 - and buyers were able to negotiate only 8.5 percent off the last asking price compared to 10 percent a year earlier.
"With three-bedroom units in such short supply, it appears that a lot of those buyers have decided to go bigger," asserted Barbara Barbara
maid exemplifying personal and domestic neatness. [Br. Lit.: Old Curiosity Shop]
See : Orderliness Corcoran, chairman of the Corcoran Group. "As a result, we're seeing a steady increase in four-bedroom and million-dollar-plus sales on one end of the spectrum, and continued strong demand for studio and one-bedroom apartments on the other."
Other interesting findings contained in The Corcoran Third Quarter Report included the following:
On the East Side, large, expensive co-ops dominated third quarter sales. Purchases of four-bedroom-plus apartments were up 22 percent with a corresponding sharp increase in the number of transactions over $2 million. Negotiability ne·go·tia·ble
1. Easy or possible to negotiate or be negotiated: negotiable demands; a negotiable road.
2. tightened, indicating both buyers and sellers were more eager to close the deal.
On the West Side, appreciation continued as the average high, mid and low sale price rose by 6 to 7 percent. While there were nearly 30 percent more transactions over $1 million, there were actually fewer sales of 3+ bedrooms, indicating a significantly higher average price tag for the larger homes.
Downtown, three-plus bedroom units found 24 percent more buyers than last quarter, while studio sales dropped 28 percent. The average loft sold a week faster and buyer confidence in the area remained strong, with average co-op prices moving up by 4 percent over the last quarter.
In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. sales were particularly hot during the third quarter, with gains in all price ranges led by a 60 percent surge in sales between $1 million and $2 million. Studios were the most popular, with 50 percent more transactions, while larger apartments of 3 + bedrooms declined in number by 22 percent. Trading was active and quick, with the average time on market down by three weeks.
Finally, the news was equally en a n the townhouse town·house or town house
1. A residence in a city.
2. A row house, especially a fashionable one. market, where the average West Side sale topped the $2 million mark for the first time. Citywide, townhouse sales remained steady and strong for three quarters in a row.