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Co-op prices fall in Jan., but pass last year.

Price of luxury Manhattan co-ops and condominiums continued to drop in January, with the average cost of an apartment falling to $75,670 a room. A year ago, the Corcoran Price Index was $72,215 per room.

So reports the February 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, the 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 drop in asking prices by unit size for virtually all of the 7,971 luxury apartments it tracked citywide last month.

For example, average asking prices for studio apartments fell by 2.1 percent to $136,000 while two-bedroom (4.5 rooms) prices dropped by .7 percent to $418,000. Only two-bedroom (5-6 rooms) units rose by .6 percent to $680,000. Overall, asking prices for all units were down .6 percent for an average price of $529,983.

"The January price dip could well be the last one for a while," asserted Barbara Corcoran, president of the Corcoran Group.

With demand strengthening and listings in short supply, especially among larger units, she believes prices could steadily increase during the rest of the year.

Other interesting findings reported in the latest Corcoran Market Update were: *Buyers were able to negotiate asking prices down by 19.5 percent during January compared to 27.3 percent during the same period in 1991 *The average listing time for apartment sales during the month was 27 weeks compared to 24 weeks a year earlier *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 $239,778 compared to $221,111 on Park Avenue and $74,667 on West End Avenue *The average luxury co-op/condo buyer last month was 37 years old, had an average annual income of $140,000 and made a purchase of $295,000
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Publication:Real Estate Weekly
Date:Mar 4, 1992
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