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NYC co-op/condo prices rose in September.

NYC co-op/condo prices rose in September

As interest rates dipped, prices of luxury Manhattan co-ops and condominiums rose in September, with the average cost of an apartment climbing to $77,973 a room. A year ago, the Corcoran Price Index was $81,471 per room.

So reports the October 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 Corcoran Market Update reported a mix of asking prices by unit size for virtually all of the 7,130 luxury apartments it tracked citywide last month.

For example, average asking prices for studio apartments rose by 1.4 percent to $144,000 while two-bedroom (4.5 rooms) prices held firm at $425,000. Asking, however, dipped by 5.2 percent to $2,215,000.

"Prices tend to rise when there's little new product in the market, and right now a lot of sellers seem to be holding on to their apartments," asserted Barbara Corcoran, president of the Corcoran Group, who nonetheless expects attractive mortgage financing to spur luxury sales in the months ahead.

Other interesting findings reported in the latest Corcoran Market Update were:

*Buyers were able to negotiate asking prices down by 18.4 percent during September compared to 20.3 percent during the same period in 1990. *The average listing time for apartment sales during the month was 25 weeks, compared to 22 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 $232,889 compared to $209,556 on Park Avenue and $75,556 on West End Avenue. *The average luxury co-op/condo buyer last month was 45 years old, had an average annual income of $300,000 and made a purchase of $441,000.
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Publication:Real Estate Weekly
Article Type:Brief Article
Date:Oct 30, 1991
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