According to The Mark Company Trend Sheets, the value of new construction condominiums in downtown Los Angeles was up eight percent in June over the previous year. In San Francisco, the value of new construction condos was up 13 percent. In downtown Seattle, it was up 17 percent year over year.
“All three markets face low inventory levels, strong consumer confidence and job growth,” Alan Mark, president of The Mark Company, tells MHN. “The confluence of these factors has resulted in rising prices. Another factor [is] an anticipated rise in interest rates, which could make borrowing more expensive. Buyers don’t want to miss the chance to purchase a home while interest rates are still relatively low.”
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