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It seems like the high rise condo market might finally be making a comeback after several years in the dumps.
NYC and Miami are the clear winners when it comes to high rise condos. But, what other cities have the strongest US markets for new construction?
I'm guessing either SF or Chi would be the tops.
I would think the top 5 is some order of:
1) SF- lots of tech wealth, little buildable land which leads to taller buildings. On the downside, maybe the zoning and NIMBYism of SF would limit high rise construction. 2) Chi- not as wealthy as NYC or SF, but still lots of money and has tons of buildable land downtown and a tradition of high rise living. 3) LA- not a land constrained or wealthy as SF. But, it is a global city with lots of wealth people and downtown living seems to be on the rise. 4) Sea- smaller market than SF or Bos. But, it dose have a tradition of upscale downtown living and there are still lots of spots to build. 5) Bos- similar to SF, but less tech money and even more restrictive zoning. Would probably be higher if there were more areas zoned to build taller.
Beyond that high rise condos seem like a novelty. A couple "prestige" projects but that's about it.
Denver, Minneapolis and Portland are really embracing downtown living, but don't quite seem to have the fundamentals of the bigger markets.
Philly has the land constraints and downtown living, but the job market isn't as strong as Bos, SF, Sea.
DC has the height limit, which pushes a lot of luxury development to Arlington/Bethesda.
Dallas, Atlanta, Houston have strong economies, but urban living still isn't as popular in these towns.
Perhaps SD, it has sky high land prices and the economy isn't SF or Sea, but it seems to be pretty good.
Definitely before 2008, Chicago seemed to have one of the top spots. Obviously the market slowed drastically, but it seems to be cautiously rebounding.
Lots of high rises being built in Houston but they aren't always in the most urban areas of the city. Most seem to be built Uptown or Upper Kirby. But there are some being built downtown. They just aren't as noticeable as the ones outside of downtown.
I was sort of under the impression that Miami was the clear number 2, maybe even number 1 in terms of number of high rise condo units U/C. That is what I excluded it.
I was sort of under the impression that Miami was the clear number 2, maybe even number 1 in terms of number of high rise condo units U/C. That is what I excluded it.
Honolulu is definitely worth a mention. High-rise living has been popular and very common there for a long time, since at least the 60's, and it's a very expensive market. Given it's small size (metro under 1 million), it might have the most per capita.
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