One of the ways to follow the real estate market is the Case-Shiller Index. This is very helpful, however only accounts for single family homes. Because Highrises.com focuses on Condos and Lofts for sale across the US, we follow the Condo Index which is a less known value indicator for multifamily living. S&P Dow Jones released a report today that shows how the market has changed over the last 18 years. The cities they have followed condo prices in five major US cities since 1995 including: San Francisco, Chicago, New York, Boston and Los Angeles.
Back in 1995, the seasonally adjusted condo index hovered between 50 and 100 and reached a peak of nearly 150-300 in 2006. Los Angeles was the highest value at 285 in 2006 following the trend of the housing boom in California. Now in June 2013 Condo home values are rising in four out of five major metros. San Francisco, where the median condo costs leads the way in this recovery with condo values increasing 29% since their lowest in 2009. Other cities, like Chicago have been slower to recover since the market low in 2009, although their prices are increasing gradually.
In the last year (since June 2012) the recovery paints a different picture with all five housing markets able to increase in the last year. San Francisco still leads the way in this area as well with a 29% recovery alone in the last year. Chicago is quickly catching up in value as in indicator to investors that this curve is increasing rapidly. This may be partially due to the fact that Chicago hit is low at a later point in time and needed the same amount of time to bounce back. This also might be due to the fact that California is the trend setter as an economic engine of the United States and is under the magnifying glass.
Highrises.com is the only team of real estate agents who focus on high-rise condos nationwide. We have a team of agents in all major cities across the US. Not only do we follow the real estate economy focusing on condos and lofts, we know the major buildings inside and out to be able to tell you the best neighborhoods and buildings to fit your needs of your loved ones (including furry friends with tails). We also know the HOA dues and can give you the professional opinion to help guide you to make the best choice for you.
What are you waiting for?