Coop prices reach record levels.
The demand for property and the ability for property to receive the asking price on the West Side of Manhattan has continued at a frenzied pace with the negotiability factor remaining at -0.3%. Several brokers report that their exclusives on the West Side are selling within 24 hours, often in a bidding war.
* A buyer looking to buy a two-bedroom coop or condos apartment can expect to pay just under $1 million. A first-floor, 2,000-SF, two-bedroom apartment on the Upper East Side near the East River recently sold at asking price of $1,035,000.
* The average sales price for all categories of Manhattan residential properties in July 2002 was $891,303, compared with $792,000 for the same month of 2001. Studio apartments averaged a price of $246,228, one bedroom apartments $460,114, two bedrooms $985,415 and three or more bedrooms $2,467,974.
* The average price per SF for all Corcoran Group deals combined was $692. The average price per room for contracts signed on all categories of properties was $208,978.
* Corcoran brokers sold or signed contracts on five $5 million and above apartments and townhouses in July. All were located on the Upper East Side and ranged in price from $5.5 million to over $25 million.
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|Title Annotation:||Manhattan real estate|
|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Oct 2, 2002|
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