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Co-op-condo market to rebound in '93.

The New York luxury co-op/condo market is showing strong signs of life in 1993.

In April, for example, the volume of apartment sales surged by 37 percent in Manhattan over the previous month and buyer interest, especially in the highest end of the marketplace, has been very intense since the presidential election.

Foreign investment has also been on the rise this year. Carrie Chiang, our senior managing director of International Operations, recently closed over $16 million worth of sales at Trump Palace with a group of Hong Kong clients and she expects sales to more than double within her overseas division this year.

As we enter the summer months, there appears to be a lot of serious buyers in the marketplace and sellers seem willing to negotiate prices down in order to close deals quickly. I anticipate prices steadily rising during the second half of this year.

In terms of current market conditions, our most recent monthly market update reported the following:

* Buyers were able to negotiate asking prices down by 17.8 percent compared to 18 percent during the same period in 1992

* The average listing time for apartment sales during the month was 28 weeks compared to 27 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 $224,726 compared to $199,046 on Park Avenue and $71,975 on West End Avenue.

Based on all available indicators, I believe 1993 will be a strong rebound year for New York's luxury co-op/-condo market.
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Title Annotation:Mid-Year Review & Forecast, Section I; New York, New York cooperative apartments and condominiums, 1993
Author:Corcoran, Barbara
Publication:Real Estate Weekly
Article Type:Column
Date:Jun 23, 1993
Previous Article:Shift in asset management choice.
Next Article:Financing key to 'making things happen.' (forecast and advice for New York, New York real estate market) (Mid-Year Review & Forecast, Section I)...

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