Downtown condominium prices continue to skyrocket in West Coast cities, as the booming tech industry and interest from foreign buyers sends condo prices skyward and leaving little left to buy.
Few markets are more frenzied than San Francisco, where new condominium prices are now over $1,000 per square foot, according to The Mark Co., a marketing and sales firm in San Francisco.
The Mark Co.’s new condo price index is based on the per-square-foot price of a 1,000 square foot condominium that sits on the 10th floor of a new building. Naturally, penthouses – defined as a 2,000 square-foot condo on the 30th floor – are much more.
In San Francisco, new penthouses fetched $1,768 per square-foot, up 13% from a year ago.
Prices are up in other major West Coast cities as well. In Seattle, new condo prices were up 18% in March form a year ago, to $727 per square-foot.
By: Conner Dougherty
Kirkland condos are flying off the shelf too! They are only staying on the market for a few days before they go pending. If you are thinking of selling or upgrading, I cannot urge you enough to give me a call and get your condo listed.