Posted byJonas Levy on Mon, February 17th, 2014 10:42:40
The condo market has suffered its share of blows, particularly as property values plummeted and myriad development projects sat idle. But there’s a silver lining expected for 2014 and beyond, according to the recent National Real Estate Investor article, “Condominium Recovery Begins.” Writer Bendix Anderson says that several projects have recently been completed and that these condo developers are publicizing “speedy sales and high prices.” Anderson writes, “More condo builders and developers nationwide say conditions are improving than say conditions are getting worse, according to the Multifamily Production Index.” The article also says that condo prices, although not yet on equal footing to previous peaks, have begun to rise.
In the condo conversion niche, many owners took a beating when the markets tanked, unable to sell their units for a profit, if at all. But those days are in the rear view mirror, according to this article in Multifamily Executive. Writer Linsey Issacs reports that for some developers, such as California-based Embarcadero Pacific, the key to successful condo conversions is timing the market—and then renting before selling. She writes: “The conversion trend has yet to take the market by storm, but all signs point to its inevitability.”
According to real estate site Movoto, as of November 2013, condo prices had risen as compared to a year ago. Its latest report, published last November, Movoto looked at condo variables in 35 U.S. cities and the research concluded that, during this 12-month period, the median price per square foot index for condos increased by $22. In three markets—Phoenix, Long Beach, and Sacramento—the increase was significantly more. Movoto also says there are approximately 29,200 condos on the market in the cities it tracks, as of its latest report.
For more articles, commentary, and industry expert views on commercial real estate topics and trends, visit the other articles on our blog at RealEstateDealSheet.com/blog.
In the condo conversion niche, many owners took a beating when the markets tanked, unable to sell their units for a profit, if at all. But those days are in the rear view mirror, according to this article in Multifamily Executive. Writer Linsey Issacs reports that for some developers, such as California-based Embarcadero Pacific, the key to successful condo conversions is timing the market—and then renting before selling. She writes: “The conversion trend has yet to take the market by storm, but all signs point to its inevitability.”
According to real estate site Movoto, as of November 2013, condo prices had risen as compared to a year ago. Its latest report, published last November, Movoto looked at condo variables in 35 U.S. cities and the research concluded that, during this 12-month period, the median price per square foot index for condos increased by $22. In three markets—Phoenix, Long Beach, and Sacramento—the increase was significantly more. Movoto also says there are approximately 29,200 condos on the market in the cities it tracks, as of its latest report.
For more articles, commentary, and industry expert views on commercial real estate topics and trends, visit the other articles on our blog at RealEstateDealSheet.com/blog.
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