LOS ANGELES—As of October, condominium prices in the downtown market have appreciated 13% year-over-year, bringing the new pricing index to $701 per square foot, according to the Mark Co.‘s latest monthly trend sheet. More over, the Mark Co. found that prices appreciated 1% month-over-month, from September to October.

“This is a pretty sizable increase, and it can really be attributed to the fact that downtown L.A. is a very viable place to live, and people want to live in a downtown area,” Alan Mark, the Mark Co. president, tells GlobeSt.com. “Another reason is that there is a real lack of inventory in that market. There really hasn’t been anything new built since before the recession, except for the second part of Barker Block, which is pretty small.”

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