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Quote of the Week: Condo prices rocket sky high
By Juwai, 14 January 2014
"Three years ago the average price was in the mid-7s to maybe 8s per square foot. Now it’s pretty hard to find any new building under $1,000 a square foot."
Alan Mark, Founder of The Mark Company
Urban living combined with a roaring technology sector and inundation of foreign property investors has propelled condominium prices sky high in the US, namely cities in the West Coast such as Los Angeles, San Francisco and Seattle where demand for condos has outstripped supply.
Based on data from real estate marketing and sales firm, The Mark Company, condo prices in San Francisco jumped up 18% year-over-year to hit $1,034 per square foot in December, which was a major bounce back from its decline during the real estate downturn.
Meanwhile, downtown Los Angeles also experienced the same increase of 18%, with condo prices rising to $634 per square foot, while Seattle rose 15% to $687 per square foot.
However, over demand for new condominiums in both San Francisco and Los Angeles has led to a lack of supply, with only less than 100 units available in each city. Read the full story in The Wall Street Journal.
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