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Survey shows apartments selling higher and faster.

Manhattan apartments are selling faster than expected and getting closer to the asking prices, according to a recent survey by Fox Residential Group, a leading broker of luxury residential properties in Manhattan.

According to the Fox survey of 100 buyers and sellers over the past year, 41 percent of apartments surveyed sold within six months of being put on the market, and 58 percent were sold within one year.

And, more significantly, 36 percent of the apartments surveyed sold within 10 percent of the asking price. Another 26 percent sold within 20 percent of the asking price.

Reasons for selling were varied, with 32 percent sold either by estates or the widowed spouse of the recently deceased resident; 26 percent of sellers were retiring or leaving New York City; 10 percent wanted more space; and 10 percent were selling due to divorce.

"We have seen the end of the residential real estate slump," said Barbara S. Fox, president of Fox Residential Group. "The fact is that apartments are now being sold relatively quickly and at substantially higher prices then in the recent past, which should alleviate the fears of some sellers who have been wary of putting their homes on the market for the past few.

According to the survey, people selling their homes were often selling a better product than the one they originally bought. Seventy-five percent of the sellers did some renovation on their apartments during their ownership, with 38 percent of them having done a major renovation.

Some other interesting facts about people who are buying or selling homes today are:

* 84 percent of Manhattan buyers were moving from another location in New York City, while 41 percent of Manhattan sellers were remaining in town

* 37 percent of buyers said they were purchasing because they need more space; 11 percent had a new baby; 10 percent were newlyweds; 9 percent wanted to own their own homes; 6 percent were relocating for business reasons; and 4 percent were recently divorced.

* 66 percent of buyers were married, while 34 percent were single, divorced or widowed

* 49 percent of sellers lived in their homes for less than 10 years, while 31 percent lived in their homes for over 20 years

The survey, which was conducted over the past year, included 100 buyers and sellers represented by the Fox Residential Group. Properties were in the $350,000 to $4 million price range.
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Title Annotation:survey of New York, New York apartments by Fox Residential Group
Publication:Real Estate Weekly
Date:Jul 7, 1993
Words:401
Previous Article:G. Thomas Spinks.
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