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Median price dips for Manhattan co-ops.

The median sale price of a Manhattan co-op apartment dipped 1 percent during the second quarter of this year -- from $430,000 to 425,000 -- but remained well above the 395,000 figure recorded during the last quarter of 1992, according to the Real Estate Board's Second Quarter Cooperative Sales Report.

The three-month period also featured a significant shift toward higher-priced transactions combined with a long-awaited pickup in sales activity in lower-priced small apartments, REBNY found.

The Real Estate Board Cooperative Sales Report is the only fully documented survey of the city's co-op housing market, a sector whose transactions are not publicly recorded. The report, issued quarterly, pools and analyzes confidential sales data supplied monthly by nearly 30 REBNY member firms. The complete findings are distributed exclusively to those firms.

According to REBNY Executive Vice President Deborah Beck, the largest number of sales in the second quarter occurred in the 300,000-to-$400,000 price range. Most transactions had occurred in the 200,000-to-$300,000 range during the previous two quarters.

Notwithstanding the increase in transfers at a higher end of the market, the median price -- the amount at which there are an equal number of lower-and higher-priced transactions -- fell by a percentage point because smaller units have started to sell again, albeit at modest prices.

Here's how these trends play out in REBNY's statistics:

* On the East Side, the median price fell by 7 percent to $465,000, with 14 units there selling for under $100,000, but the average sales price for a co-op climbed 3 percent to $720,194, lifted by five sales of over $3.5 million

* On the West Side, the median price increased by 15 percent to 365,000, driven by 12 sales over $800,000, but the average price slipped by 9 percent to $515,798, drawn down by 16 sales of $250,000 or less

* The high number of low-priced small apartment sales reduced the median Manhattan sales price per room by 3 percent

* The median listing time for co-op apartments increased from 10.6 months to 10.8 months during the second quarter; 54 percent of the units sold during this period were on the market for less than a year
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Title Annotation:median sale price of cooperative apartments in New York, New York sees decrease during second quarter of 1993, according to Real Estate Board Second Quarter Cooperative Sales Report
Publication:Real Estate Weekly
Date:Sep 1, 1993
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