We mentioned last week that new-construction condo prices are rising as the cost of construction and land acquisiton increases, but here are some figures which demonstrate just how far the market has shifted.
In 2003, some 40 percent of new-construction condos were priced at about $200-per-square-foot, but in 2005, only 13 percent of new condos were available for that price.
In 2003, 35 percent of new condos cost around $300-per-square-foot. In 2005, half of the new condos on the market were at the $300 price point.
And as recently as 2004, only 7 percent of new condos cost $400-per-square-foot, but by 2005, the figure was more like 20 percent.
The figures are from housing analyst Appraisal Research Counselors.
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