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Prices Rising As Downtown LA Remains Short On Condos

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There's a massive condo shortage Downtown--developers were more likely to launch rental projects during the recession and a lot of recession-era condo projects opened as rentals while they waited out the storm--but things aren't completely terrible, according to new numbers from The Mark Company (which is in the business of marketing condos, so). Inventory of resale units is up these days--in April, there were only 64 units on the market in DTLA; in October there were 118 active listings (another 47 were in contract, 26 sold). That's about a four and a half month supply, a little short of ideal. Prices on resales were up 28 percent in October 2013 over October 2012 (to $478 per square foot), which is a pretty huge jump, but still only a little bit ahead of Los Angeles County as a whole, where prices were up 24.6 percent in October over last year. Things are a little tougher if you want to buy a brand new, unused unit, because you have a germ phobia or something: there are only 20 units up for grabs right now--all in buildings that have been open for years (the Ritz-Carlton, Evo, and 655 Hope)--but that's down 88 percent from a year ago. Prices for new units are up 14 percent (to $622 per square feet). Things will loosen up just a tiny bit early next year when the Arts District's Barker Block opens up 68 new units.

· DTLA Condos Are in Short Supply, Will Probably Stay That Way [Curbed LA]