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Downtown Condo Prices Still Shooting Up Amid Shortage

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The Downtown condo market is going nuts. People want to buy, the supply is limited, and absurd situations arise, like 2,800 applicants signing up for 68 units. There are now a few hard numbers to back up the anecdotal evidence that there's a case of condominium fever going around: A study from residential sales firm Mark Company found that the average price per square foot for a brand new condo in Downtown last month was $607, up 15 percent from the same time last year, reports the LA Times. The price of existing condos was up 11 percent from January 2013. And this isn't even condo-buying season yet! The residences on the cheaper end of the spectrum—$500 per square foot—are all in contract; even pricey Ritz-Carlton's for-sale units are dwindling in supply. The building was the site of 2013's most expensive condo sale, at $4.5 million, according to Downtown real estate firm Loftway's annual report.
· Prices of new downtown condos hit $607 per square foot in January [LAT]