For those of you in the know, I publish this blog from Austin, Tx.. Often, Austin is cited with the highest cost of living in the state, and one of the highest with respect to the cost of housing.
For example, in my neck of the woods, loft prices range from: $1.10 to $2.20 lease (per month) or $210.00 to $420.00 sale, per square foot. So, what does that translate to in real dollars: 1190 sq. ft. rents for approximatley $1300 to $2600, and you can expect to buy that same unit for approximatley $250,000.00 to $500,00.00.
In general, loft prices have soared across North America, and while reading an article this morning on Curbed.com" about the rising costs of Lofts in New York, I am starting to feel very lucky that I live in Austin.
The key findings that Curbed has distilled for us are:
Apartments in Manhattan sold for an average of $1.145 million, 14% higher than a year ago, while median prices jumped 12% to $725,000. And loft prices set a new record in August, hitting $966 per square foot, 25% above a year ago. All the good news you can eat, after the jump.
This news from New York is disturbing, but not really surprising. Relating these findings, the average New Yorker can expect to pay 2.3 times more than the average Austinite.
After reading this, I am going to prepare a sampling of loft costs across the markets that this blog is read, if you have information from other markets, or if you know of materials published recently in your market reagrding the costs of lofts, please send me an email at Drew Moynihan
To read the article, and to view the link to the original source (Halstead) click on over to Curbed.com".
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