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SCMP Reporter

THE long-awaited upturn in New York residential property prices may finally be underway.

  Recently-released figures show average prices of luxury New York condominiums increased by half a per cent during 1992, with certain sizes increasing considerably more.

  This market sector has seen a rapid increase in activity from Hongkong and other overseas buyers in the past year.

  The small but significant rise, which comes after a price decline of 30 per cent in three years, is the first annual appreciation since 1988.

  The figures were compiled for this year's edition of The Corcoran Report, a comprehensive annual study analysing conditions and trends in the city's luxury housing market.

  The study is put out by The Corcoran Group, a prominent New York-based real estate firm.

  Unlike the three preceding annual reports, which showed prices declining from a high of $118,990 a room in 1988 to $86,311 a room in 1991, the latest figures show a modest rise to $86,742 a room.

  This is roughly equal to 1984 prices, the second year of the 1980s property boom.

  The overall increase can be seen to be due mainly to a resurgence in demand for comparatively rare, large-size apartments.

  The prices of Manhattan apartments with between eight and 14 rooms rose by an average of 3.7 per cent while apartments with six or seven rooms (two or three bedroom units) increased by 3.1 per cent.

  But smaller two-bedroom units dropped in price by 0.4 per cent while one-bedroom apartments declined by one per cent.

  The Corcoran Report, which is based on sales of 537 apartments, revealed a number of other interesting statistics.

  Condominium purchasers were able to successfully negotiate an average of 18.4 per cent off the original asking price of their apartments compared with 20.5 per cent in 1991.

  This would confirm the market is firming gradually.

  However, 4.3 per cent of purchases sold for full asking price compared to 5.8 per cent in 1991, which would indicate the opposite.

  Buyers continued to expect to be able to find bargains, but were less able to than over the past three years.

  They ended up paying an average 3.1 per cent more than they had budgeted for their purchase, whereas in 1991 they spent 1.1 per cent less.

  Buyers were also more choosy, which may confirm the scarcity of bargains.

      Hongkong buyers have been especially prominent in New York over the past year, and have been active purchasers of newer luxury condominium units.



New York homes turn the corner with modest rise