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New York

Buyer interest in studio apartments strong

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Brokers say that their studio listings are getting more traffic at open houses and more interested buyers than other types of apartments for sale, mostly because first-time
buyers, who were previously priced out of the market, are taking
advantage of low prices and falling interest rates on mortgages. In the fourth quarter of 2008, studios made up 14 percent of contracts signed in Manhattan, and in the first two weeks of January, 17 percent of contracts signed were for studios. According to Brown Harris Stevens, the average price per square foot for Manhattan studios rose about $49 in the fourth quarter of 2008, compared to the same time in 2007, while almost all other units saw price declines.