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Co-op/condo prices down .5%.

With sellers especially eager to negotiate, overall prices of luxury Manhattan co-ops and condominiums fell in March, with the average cost of an apartment dropping by .5 percent to $75,260 a room. A year ago, the Corcoran Price Index was $76,621 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 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 8,341 luxury apartments it tracked citywide last month.

For example, average asking prices for one-bedroom apartments dipped by 1.2 percent to $251,000 and two-bedroom (4.5 rooms) prices dropped by .7 percent to $415,000. On the other hand, three-bedroom units rose by .7 percent of $1,052,000. Overall, asking prices for all units were down by .6 percent for an average price of $527,-525.

"Prices may not get any better than what they were during the first quarter," asserted Barbara Corcoran, president of the Corcoran Group, who believes buyers are in for tougher negotiations in the coming months as the market begins to firm up.

Other interesting findings reported in the latest Corcoran Market Update were:

* Buyers were able to negotiate asking prices down by a whopping 21.5 percent during March compared to 18.5 percent during the same period in 1991

* The average listing time for apartment sales during the month was 29 weeks, the same as a year ago

* 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 $248,628 compared to $206,752 on Park Avenue and $79,318 on West End Avenue

* The average luxury co-op/condo buyer last month was 40 years old, had an average annual income of $250,000 and made a purchase of $380,000
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Publication:Real Estate Weekly
Article Type:Brief Article
Date:May 6, 1992
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