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Report: Luxury co-op prices are leveling.

Growing numbers of sellers reduced the asking prices of their apartments during the Third Quarter--an indication that prices of luxury Manhattan co-op and condominium residences are continuing to level off.

So says Marilyn Harra Kaye, president of Prudential MLBKaye International Realty, one of the city's leading residential brokerage firms, whose quarterly Price Change Analysis tracks increases and decreases in asking prices for different sized New York City apartment units.

In its Third Quarter analysis, Ms. Kaye found that 760 sellers lowered the asking price on their apartments compared to 681 a year earlier. Conversely, during the same period, only 247 sellers increased their asking prices compared to 395 in 1999. The study examined changes in a Manhattan marketplace where over 15,000 apartments are currently listed for sale.

"The market is still very strong, with lots of sales activity, but many of the homes that were unrealistically priced are now being scaled back," asserted Ms. Kaye. "That's smart," she added, "because today's buyers are less frenzied and putting much more emphasis on value before deciding to purchase."

Other interesting findings revealed in the latest Prudential MLBKaye Price Change Report include the following:

* The largest asking price reductions occurred in the biggest size apartment category -- 4+ bedrooms. For units that lowered their prices, asking prices dropped by an average of 10.35% in July, by 12.49% in August, and by 9.2 1% in September.

* The biggest increase in the number of price adjustments occurred in September when 320 asking prices were lowered (compared to 243 in 1999) and 103 were increased (compared to 160 a year earlier).

* Two bedroom apartments were the most "changeable" in adjusting their asking prices. Of the 760 reductions that occurred during the quarter, 556 were two-bedroom units. Likewise, 171 out of the 247 asking price increases were in this size category.
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Title Annotation:in Manhattan
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1U2NY
Date:Dec 6, 2000
Words:307
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