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Team Condo Beating Team House

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Another report about LA County's brisk condo sales: The median sale price of a condo fell 12 percent in June from a year ago to $386,000, while the category saw an uptick in sales: 1,254 condo units were sold last month, up 115 percent from May, according to the Los Angeles Business Journal's Howard Fine. According to the paper, the rise in condo sales can be attributed to these factors: gas prices are pushing people to buy condos close to transit stations and work; new condos are being discounted by developers; foreigners continue to snatch up our real estate, including condos; foreclosures are driving down prices; and rising rents are pushing renters to consider home ownership. Via the LABJ: Coldwell Banker's Dominic de Fazio, talking about condo sales in Pasadana: “We’re still seeing the younger, hip urban kind of buyer in the market. But now we’re also seeing people who are buying condos who want to be near the Gold Line, especially as gas nears $5 a gallon." [LABJ]