DTLA Condo Values Soar
The DTLA Condominium Pricing Index was $758/SF, up 24% from the previous year, according to a new report from The Mark Co. President Alan Mark tells Bisnow 2014 was characterized by very low supply and strong demand. Demand will remain fervent as no new projects are set to hit the market during 2015, he says, with just 312 new condos available in Downtown.
Alan says construction inventory is 25 times higher than a year ago with the addition of Metropolis next to Staples Center, which is offering reservations and won’t deliver until fall 2016. It's the only condo project under construction in DTLA. Another project, Fig Central, is planning to soon begin construction of 504 condos with another mixed-use development near Staples Center. But with construction taking three years, he says prices will continue to rise.