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Co-op/condo prices rose 2.6% in Aug.

Amid signs of an early fall upturn, purchase prices of luxury Manhattan co-ops and condominiums rose by 2.6 percent in August, with the average cost of an apartment rising from $72,383 to $74,249 a room. A year ago, the Corcoran Price Index was $75,116 per room.

So reports the September 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 wide mix of asking paces by unit size for the 5,623 luxury apartments it tracked citywide last month.

For example, average asking prices for one bedroom apartments rose by .4 percent to $231,301 while small three-bedroom units dipped by .8 percent to $1,025,592. Overall, asking prices for all units rose by .4 percent for an average price of $508,928.

"Although sales were typically flat this summer," noted Barbara Corcoran, president of The Corcoran Group, "there were some encouraging signs, such as a shorter listing period and less negotiability. That may be an indication that the market is beginning to firm.

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

* Buyers were able to negotiate asking prices down by only 13.8 percent during August compared to 18.1 percent during the same period in 1992

* The average listing time for apartment sales during the month was 22 weeks, compared to 26 weeks 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 $212,921 compared to $198,388 on Park Avenue and $74,040 on West End Avenue

* The average luxury co-op/condo buyer last month was 35 years old, had an average income of $250,000 and made a purchase of $353,500
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Title Annotation:purchase prices of luxury apartment cooperatives and condominiums in New York, New York increased in August 1993
Publication:Real Estate Weekly
Date:Sep 29, 1993
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