While co-op sales rise, prices decline 1.4%

Real Estate Weekly, May 26, 1993

With sales activity climbing, purchase prices of luxury Manhattan coops and condominiums dipped by 1.4 percent in April, with the average cost of an apartment dropping from $75,000 to $73,899 a room. A year ago, the Corcoran Price Index was $75,257 per room.

So reports the May 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 an increase in asking prices by unit size for most of the 6,784 luxury apartments it tracked citywide last month.

For example, average asking prices for one bedroom apartments rose by .7 percent to $123,042 while large two bedroom units (S to 6 rooms) increased by 1 percent to $659,319. Overall, asking prices for all units were up by .6 percent for an average price of $510,473.