Higher price benchmark for city fringe condos; more exceeding $2,500 psf
Higher price benchmark for city fringe condos; more exceeding $2,500 psf. According to OrangeTee & Tie research, prices for new city fringe condominiums are rising. According to the firm’s May Market Watcher Series report, the median price of new condominiums in the Rest of Central Region (RCR) excluding executive condominiums (ECs) increased by 8.7 percent to $1,972 psf in 2021. This year, the median price per square foot increased to $2,086 between January and April.
The trend is bolstered by an increase in higher-priced transactions, which Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, believes will set a new price benchmark for the RCR. In 2021, 1,009 new condos on the outskirts of the city sold for more than $2,500 per square foot, accounting for 19.1 percent of all units sold. In comparison, only 0.4 percent, or 14 units, were sold in that price range in 2017. In 2021, there will also be 165 transactions priced above $3,000 per square foot.
Between January and April, 206 condominiums in the RCR sold for more than $2,500 psf, with 20 condos selling for more than $3,000 psf at Rivière, Canninghill Piers, and Sky Everton.
OrangeTee also notes that, as a result of the higher-priced transactions, an increasing number of city fringe condos are now selling at prices comparable to Core Central Region condos (CCR). 543 new condos in the RCR sold for more than $2,800 psf between January 2021 and April of this year. During that time, 963 new condos and 311 resale condos were sold in the CCR at the same price level.
“The price overlap suggests that some buyers were willing to pay top dollar for selected city fringe condos, similar to luxury condos, because of their unique attributes, distinctive designs, and unrivaled locations,” Sun says.
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