Prices Keep Rising For Downtown Housing Development

31 October 2006 - 6:00am

In cities across the country, the trend of downtown housing development is booming. Prices per square-foot have more than doubled since last year in some cities.

"In Los Angeles, the average price of a condo has risen from $250 a square foot in 2003 to $556 this year, said Dale Kemp, executive vice president of KB Urban."

"When Denver developer Dana Crawford started converting old downtown buildings into lofts in 1989, they sold for about $100 a square foot."

"Today, downtown Denver condos fetch up to $600 a square foot, and it's difficult to find an old building to renovate."

Source: The Denver Post via Chicago Tribune, October 29, 2006
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One of the keys to regional and local prosperity is the ability to attract and retain high-skilled people. ... Many people can, and do, choose where they want to live based on factors beyond their ability to make a living.