As everyone knows, the price of a downtown Austin condo has increased over the last few years. While supply and demand play their usual role, one of the major factors in rising condo prices has been the rising cost of construction.For new condo projects, building costs have increased substantially since 2006. As the cost of concrete, steel, and rebar increase, the total cost of downtown construction increases accordingly. With so much simultaneous building, labor costs and crane costs are also on the rise. Finally, with demand for downtown land still very strong, escalating lot prices can add significant costs . . .
