Mark Company Says, New Construction Pricing up 15% YoY
The Mark Company, who is selling Insignia, has released a Condominium Pricing Index for Seattle:
The Mark Company Condominium Pricing Index for December was $687 per square foot, which is down 3 percent from November. New construction inventory was more than 400 percent higher than a year ago, with 321 units available.
I can only assume that the Mark Company is releasing this to angle for more Seattle developments to represent.
DECEMBER 2013 DOWNTOWN SEATTLE CONDOMINIUM PRICES
INCREASE 15 PERCENT OVER PREVIOUS YEAR
Newly Launched The Mark Company Condominium Pricing Index Tracks
New Construction and Resale Market Trends
Seattle – January 13, 2014 – Downtown Seattle condominium prices rose 15 percent in December 2013 over the previous year, according to the newly launched Condominium Pricing Index released today by The Mark Company, a leading urban residential marketing and sales firm.
The Mark Company Condominium Pricing Index for December was $687 per square foot, which is down 3 percent from November. New construction inventory was more than 400 percent higher than a year ago, with 321 units available.
“Inventory levels are higher compared to one year ago due to the launch of Insignia, Bosa’s new mixed-use development in Downtown Seattle. Phase I, which contains 350 out of 707 units, represents the first new condominiums to commence sales in Downtown Seattle since before the financial crisis in 2008,” states Erin Kennelly, senior director of research, The Mark Company.
The Condominium Pricing Index, part of the firm’s monthly Trend Sheet (available at www.themarkcompany.com), represents the price per square foot of a new 10th floor, 1,000-square-foot condominium. It is based on recent sales data, and uses a proprietary quantitative method to measure trends in market demand. It tracks the value of a new construction condominium without the volatility of inventory changes.
The Mark Company Penthouse Pricing Index, which applies the same methodology to a new 30th floor, 2,000-square-foot condominium, was $1,063 per square foot, up 15 percent year over year.
The condominium price per square foot was $531 for resales, up 3 percent year over year and 2 percent higher than November 2013, according to The Mark Company Trend Sheet for Downtown Seattle. In addition, there were 30 condominium resales in Seattle in December, 102 active condominium listings, and 94 pending condo listings, the Trend Sheet found.
Available units include 287 residences in Insignia at 2301 6th Avenue, 13 condominiums at Escala at 1920 4th Avenue, and eight units in the Four Season Residences at 99 Union Street.
The Mark Company has also released the December San Francisco Trend Sheet and Pricing Index, as well as the Downtown Los Angeles Trend Sheet and Pricing Index. Both are available for download at www.themarkcompany.com.
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About The Mark Company: The Mark Company is one of the nation’s premier urban residential marketing and sales firms. Founded by Alan Mark, The Mark Company provides a full range of core consulting services including analytics, design, marketing and sales for urban high-rises and suburban attached properties throughout the Western United States. The firm is La trusted partner to leading residential developers and financial institutions such as Tishman Speyer, iStar Financial and Bosa Development. Since 1997, The Mark Company has closed more than 10,000 residences and generated over $5 billion in sales for some of the nation’s most notable and successful developments including 300 Ivy in San Francisco, Spire in Denver, Evo South in Los Angeles, and The Martin in Las Vegas. For more information, visit www.TheMarkCompany.com.
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