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Well-to-do opt for smaller, pricey apts.

Well-to-do opt for smaller, pricey apts

A recent study conducted by the Corcoran Group, New York-based residential brokers, found that even the well-to-do are economizing by buying slightly smaller multi-million dollar apartments.

The survey compared the most expensive condominium sales during the first half of this year with purchases during the same period in 1990.

Not only did affluent buyers pay substantially more for their luxury residences on both a per foot and per room basis this year, but the vast majority of high-end purchases took place at buildings that shared one very distinct characteristic -- the name Trump.

According to the Corcoran survey, which compared all single-buyer condo purchases of either individual units or combined apartments in the Manhattan marketplace, Trump buildings were the site of: *The highest priced sale during the first half of this year -- $3.51 million for a penthouse at Trump Palace

*Seven of the 10 highest priced purchases, including the top five -- two at Trump Palace and five at Trump Tower. *The biggest sale on a per room basis -- $577,777 for a 4.5-room residence that sold for $2.6 million at Trump Tower *Eight out of the 10 highest priced per room sales -- five at Trump Palace, two at Trump Tower and one at Trump Park. *Eight out of the 10 highest priced sales per foot -- seven at Trump Palace and one at Trump Tower.

"There's little doubt that Trump buildings dominated the highest end of the luxury condo market during the first half of this year," asserted Barbara Corcoran, president of the Corcoran Group, who believes that in times of economic uncertainty, affluent buyers "put a greater emphasis on blue chip, quality investments, whether it's in real estate or the stock market."

Although more money was paid on a per foot and per room basis, purchase prices of the 10 biggest deals were lower this year than in 1990, with buyers opting for a little less size than before.

During the first six months of 1990, for example, the highest condo purchase price was $4.225,000 for a 8.5-room residence at 220 East 65th Street and the average sales price for the "Top Ten" deals was $2,814,000 compared to $2,636,000 this year.

"Even the rich have to cut back somewhere," explained Corcoran.
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Title Annotation:affluent apartment buyers
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Nov 6, 1991
Previous Article:Marketing a co-op condo building.
Next Article:Mitsubishi lends big hand for low-income housing.

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