— The oceans are warming and the world’s population is growing, so it makes sense that more condos are being built.
But condos in the ocean are also getting bigger, with more condos going up in the last five years than at any other point in the past two decades, according to data compiled by Bloomberg.
The growth in the condo market has created a new supply dilemma for builders, as more condo owners are getting older, with fewer available units available.
As older condo owners age, condo prices have dropped.
In some cases, condo developers are struggling to keep up with condo demand, particularly among older people.
The condo market in Newport Beach is at its peak, with nearly 4,000 condos and one million units, according on the city’s housing website.
The area is home to Newport Beach’s largest commercial district, where a mix of restaurants and bars and a large mall make it a popular spot for tourists.
Condos in Newport are selling for up to $800,000 a pop, and condos in San Francisco and Miami are starting at $1.5 million.
“There’s a lot of pent-up demand out there for condos, so we see condos coming on stream,” said Jim McClellan, vice president of real estate and real estate consulting at Zillow.
Condo prices are at a record high.
The market has reached a tipping point where buyers and sellers are becoming more competitive, he said.
Demand is outstripping supply in Newport, with the median price of a condo rising 7.8 percent over the past year, according data compiled in April by Bloomberg’s real estate research firm Zillower.
The median price for condos in Newport rose 4.5 percent over that same period, according the data.
A median price has been rising at least this long in Newport.
In 2010, Newport’s median home price was $1,400,000, according Zillowers data.
In the first quarter of this year, the median home was $3,100,000.
The price for homes sold last year in Newport was up 5.8 per cent over the same period.
Condominiums in Newport have been in demand for years, especially as new condo developments are popping up across the country.
The demand for condos is due in part to two factors: A shortage of available units, and a shortage of buyers.
“The number of people who are able to buy a condo is dropping, and there’s not enough of a supply of condos to go around,” McClellan said.
The shortage of condos is creating a housing market squeeze for developers, he added.
That shortage, coupled with the condo shortage, is making it harder for developers to build new condos.
There is also a shortage in the supply of existing condos.
While the supply is growing because of more condos being built, the supply in existing homes is dropping because more people are leaving.
This is creating another supply problem, he explained.
“You’re going to see a lot more condos coming up in Newport,” he said, adding that Newport has a very small number of units.
Newport Beach is one of the fastest growing cities in the country, with an average annual population of 2.4 million.
Newport Beach had the most condo projects in the U.S. last year.
The number of condo projects has climbed nearly 300 percent in the city over the last decade.
Newport is the largest city in California.