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Manhattan co-ops/condos: prices up 1.5% in July.

With hard-to-resist interest rates acting as a sales stimulant, overall purchase prices of luxury Manhattan co-ops and condominiums rose in July by 1.5 percent, with the average cost of an apartment increasing to $76,198 a room. A year ago, the Corcoran Price Index was $78,022 per room.

So reports the August 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 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 Update reported a generally downward trend in asking prices by unit size for most of the 8,965 luxury apartments it tracked citywide last month.

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

* Buyers were able to negotiate asking prices down by 17.8 percent during July compared to 19.9 percent during the same period in 1991.

* The average listing time for apartment sales during the month was 22 weeks, compared to 27 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 $243,499 compared to $190,035 on Park Avenue and $73,296 on West End Avenue.

* The average luxury co-op/condo buyer last month was 39 years old, had an average income of $275,000 and made a purchase of $239,000.
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Title Annotation:Manhattan, New York, New York; July 1992; report by Corcoran Group Inc.
Publication:Real Estate Weekly
Date:Aug 26, 1992
Words:255
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