DTLA's Record-High Condo Prices Didn't Last

LOS ANGELES—Condo prices in Downtown Los Angeles are down 2% for the month of November, according to the latest Mark Co. pricing index report. In October, condo prices in the submarket hit record highs of $803 per square foot, thanks in large part the Metropolis development, which launched sales of the condos in its second tower the same month. It was the first time that condo prices in the market ever surpassed $800 per square foot. The 2% decrease brings condo prices down to $786 per square foot for new product, a year-over-year increase of 8%.

“I don’t see any indication that Metropolis is not able to hold values or interest, although their sales seem to have slowed down recently,” Erin Kennelly, senior director of research at the Mark Co., tells GlobeSt.com. In the report and interview from last month, Kennelly noted that the Metropolis was the driver of the increased condo prices. There are currently 622 new construction condo listings on the market, most of which are from the newly released Metropolis stock of 514 units. The new construction inventory is unchanged from the previous month, still up 99% year over year.