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Rush to close lowers average co-op price.

With many sellers anxious to close before the end of the year, purchase prices of luxury Manhattan co-ops and condominiums dipped by 1.1 percent in November, with the average cost of an apartment declining to $75,416 a room.

A year ago, the Corcoran Price Index was $77,208 per room.

So reports the December issue of The Corcoran Market Update, a monthly survey highlighting fast breaking trends in the New York co-op and condominium marketplace prepared by The Corcoran Group, Manhattan-based real estate firm specializing in luxury residential sales.

Based on data from listings and completed purchases that took place during the preceding 30-day period, The Corcoran Market Update reported a mix of asking prices by unit size for the 7,237 luxury apartments it tracked citywide last month.

For example, average asking prices for one bedroom apartments dropped by 1.2 percent to $339,000 while three-bedroom units increased 3.8 percent to $1,095,000. Overall, asking prices for all units were up by .2 percent for an average price of $515,405.

Among the findings reported in the latest Corcoran Market Update were:

* Buyers were able to negotiate asking prices down by 18.4 percent during November compared to 18.7 percent during the same period in 1991

* The average listing time for apartment sales during the month was 24 weeks compared to 22 weeks last year

* Average asking prices continued to vary dramatically by location. The price per room of a Fifth Avenue luxury residence (above 60th Street), for example, was $240,224 compared to $190,976 on Park Avenue and $78,782 on West End Avenue

* The average luxury co-op/condo buyer last month was 36 years old, had an average income of $175,000 and made a purchase of $295,000
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Title Annotation:purchase prices of luxury apartment cooperatives decrease with sellers' concern of closing escrow before year's end
Publication:Real Estate Weekly
Date:Dec 30, 1992
Words:299
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