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Skyrocketing per-square-foot price for condos

Price per square foot is skyrocketing.
Price per square foot is skyrocketing.
Courtesy Flickr Creative Commons user NobMouse

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