Although vacancies were rising and the economy slowing, low interest rates and very few properties on the market kept sales prices from dropping, the report states. The average price per unit for a class A property was $79,066, up from $72,899 in 2000.
For sales of properties with fewer than 50 units, transaction volume dropped by less than $8 million to almost $151 million in 2001. The price per unit in smaller projects increased to $57,899 from $49,624.
Condo conversions and strong buyer demand for small apartment buildings, combined with lower interest rates, pushed the average sales price to record levels.
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