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Condo prices fall 4.6% in Manhattan.

Condo prices fall 4.6% in Manhattan

Prices for residential condominiums in Manhattan dropped by 4.6 percentage points overall in the second quarter of 1991, as measured by the Heller Equities Condominium Index: Manhattan. The summer issue of the Heller Equities Condominium Report: Manhattan notes that while the neighborhood from Lexington to York Avenues -- All areas are bound north by 86th Street and south by 50th Streets -- experienced the sharpest decline in prices, with a 13 percent decrease for the second quarter, the "Gold Coast" areas of Fifth, Madison, Park, Central Park West and Central Park South enjoyed a 2.5 percent increase. The neighborhood west of Central Park West to the Hudson River demonstrated the highest price increase of 12 percent.

"The report indicates that the New York residential condominium market continues to remain flat except for homes in select neighborhoods which continue to increase in value, said Jack Heller of Heller Equities Incorporated, the firm that commissions the index from Professor Susan M. Wachter of the Wharton Real Estate Center, University of Pennsylvania. "These residences, with their sought-after locations, have historically maintained value appreciation.

"High-end buyers continue to select properties in the choice and classic residential neighborhoods of New York," continued Heller. "People feel their home investments are best protected in neighborhoods with long and proven track records of appreciation."

On the Upper West Side, which experienced the greatest condominium price increase, the majority of appreciations occurred in smaller units which had not changed hands for long periods of time.

Although condominium prices are down 4.6 percent in Manhattan overall, the number of sales are up. The Heller Equities Condominium Report: Manhattan reports 728 condominium sales in the second quarter, up 24 percent from 588 in the first quarter. At the same time, permits for new units are down 52 percent, to 119 in the second quarter from 246 in the first quarter. The fact that sales activity has picked up while permits for new construction have diminished indicates that demand continues to outpace supply.

"The fall in national mortgage interest rates in the second quarter to 9.2 percent helped drive condominium sales in Manhattan," said Heller. "The boost in sales activity should lead to increased prices going forward."

The third quarter Heller Equities Condominium Report: Manhattan will be published in mid-November.

A copy of the report may be obtained by contacting: Heller Equities Incorporated, 736 Broadway, New York New York 10003, Attention: Condominium Reports.
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:Sep 4, 1991
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