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Prices of new downtown condos hit $607 per square foot in January

Prices of new downtown condos hit $607 per square foot in January
At the end of March there were only 27 new condo units for sale downtown, and the inventory of existing condos for sale would burn off in less than three months -- half of what's considered a healthy supply, a report says. Above, the Ritz-Carlton Residences are atop the hotel complex at LA Live in downtown Los Angeles. (Gary Friedman / Los Angeles Times)

With few properties on the market, prices of new downtown Los Angeles condominiums rose 15% in January compared with the same period a year ago.

The average price per foot in January was $607 per square foot for a new condo, according to a report by residential marketing and sales firm Mark Co. Prices were about the same in December.

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"Inventory remains extremely low for new and resale condominiums," said Erin Kennelly, senior director of research at Mark Co. "This is likely to result in higher prices as we move into the busy season for residential real estate sales."

More properties are likely to go into escrow in the middle of this month followed by closings March, she said.

New available units include three residences at the Ritz-Carlton Residences at LA Live, five units at Evo on South Grand Avenue and 68 units at Barker Block Warehouse No. 1 on South Hewitt Street, which are the only condominiums under construction downtown.

The average price per square foot for resale condos in January was $455, up 11% from a year ago, Mark Co. said. There were 32 condo resales in January and 108 active condominium listings.

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roger.vincent@latimes.com

Twitter: @rogervincent

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