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Skyrocketing per-square-foot price for condos

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Buyers, you need good guidance more than ever these days. The Mark Company (via Curbed SF) makes this patently clear in its new report, which found that the average per-square-foot price for new condo construction jumped 18 percent to $1,034 last year. Add in the fact that new construction inventory fell by 78 percent (yes, I said 78 percent) and you’ve got a tough situation.

If you’re looking at resale condos, you should know things are difficult in that category as well – and, in fact, by the numbers they are even more difficult. Over the last year, the price per square foot went up 26 percent to $886, with the current amount of resale condos on the market totaling a little more than half a month of inventory.

Here’s one crazy example: new condos in the Mission are flying off the market to the tune of $1,400 per square foot. They’re located at 3500 19th Street, pretty much in the middle of everything – but still. That’s a serious chunk of change.

If you’re looking to learn more about real estate pricing, start here. Or better yet, give me a call.

Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners-- and feeds the dreams of those who wish they could live in Tony Bennett's 'City by the Bay.' Call 415-577-0809 or email cblase@paragon-re.com. www.ceceblase.com

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