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Co-op/condo prices advance in March.

With spring sales starting to bloom, purchase prices of luxury Manhattan co-ops and condominiums rose strongly in March, with the average cost of an apartment increasing from $73,290 to $75,000 a room. A year ago, the Corcoran Price Index was $75,260 per room.

So reports the April 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, a leading Manhattanbased 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 most of the 424 luxury apartments it tracked citywide last month. For example, average asking prices for studio apartments fell by 4.5 percent to $122,155 while large two bedroom units (5 to 6 rooms) rose by 1.7 percent to $652,785. Overall, asking prices for all units were down by .5 percent for an average price of $507,429.

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

*Buyers were able to negotiate asking prices down by 16.6 percent during March compared to 18.5 percent during the same period in 1992

*The average listing time for apartment sales during the month was 23 weeks compared to 29 weeks a year earlier

*Average asking prices continued to vary dramatically by location. The price per room of a Fifth Avenue for example, was $218,499 compared to $190,241 on Park Avenue and $69,052 on West End Avenue.

*The average luxury co-op/condo buyer last month was 28 years old, had an average income of $484,000 and made a purchase of $490,000.
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Title Annotation:The Corcoran Market Update reports on New York, New York apartment cooperatives, condominiums; March 1993
Publication:Real Estate Weekly
Date:Apr 28, 1993
Previous Article:Shapiro's DHCR Decision Finder.
Next Article:Mortgage rates dip again for co-ops/condos in March.

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