Showing posts with label price per square foot. Show all posts
Showing posts with label price per square foot. Show all posts

May 29, 2014

In Manhattan All Square Footage Is An Approximation

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I've been asked if there are any rules in determining square footage in apartments and townhouses. We all know that buyers of apartments and townhouses in New York City often look to the approximate square footage of a property as a measurement for a property’s value. Indeed, often one of the key factors for a buyer in their decision to purchase is a calculation of the cost or price-per-square foot of an apartment or townhouse. 

It is important to keep in mind, however, that the approximate square footage of an apartment is often just that – an approximation. 

Different appraisers or professionals may use different methods or standards in coming up with their square footage figures. Some will determine square footage of an apartment by measuring the space between the interior walls, including bathrooms, closets and foyers, while others may use exterior walls or other benchmarks. Some will include unusable floor area such as columns, mechanical pipe shafts and chases in their calculations. 

Moreover, many Manhattan apartments, including pre-war buildings, often have hard-to-measure elements like oddly shaped rooms, removed walls, or even turrets or alcoves. This is especially true for many of New York City’s oldest and most prestigious residences.

In addition, while many cooperative apartment buildings may have filed floor plans with the Attorney General’s office as part of their offering plans, those floor plans may not be up to date. Condominium offering plans also include floor plans and measurements, but developers often use different methods for measuring the square footage of their respective units. For example, some will include hallways or foyers or bathrooms in their square footage figures, others will not. 

Offering plans will only tell you the approximate square footage and the method used to measure it by the developer at the time of construction or conversion. Plans will not tell you how the square footage is measured at the time of a resale.

All potential purchasers should be made aware that all square footage measurements that are provided by brokers are usually just estimates, and are not certified or deemed reliable by either the listing firm or a participating co-broker. In addition, a buyer determined to have a square footage measurement should consult or retain their own professional, and have that professional explain the methodology for the measurement.


0riginally posted November 2010 

Jul 28, 2013

Manhattan Luxury Real Estate: A Bargain?

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"It's all Relative" Albert Einstein's theory of relativity 

The Real Deal took a look at how Manhattan's high-end residential  market compares to other cities internationally. The article featured two charts. How many square feet does $1 million buy around the world? and Highest total asking prices by city around the world.

   Tour Odéon, Monaco

35,000 square foot penthouse asking $391 million

approx: $11,000 per square foot



 How many square feet does $1 million buy around the world?

City               Square Feet

Monaco             172
Hong Kong       204
London              247
Geneva              344
Paris                  409
Singapore         409
Moscow             463
New York           474

Highest total asking prices by city

City                  Address/Name                           Price (U.S. Dollars)

Monaco                   Tour Odeon                                   $391 million
London                   18 Carlton House Terrace          $391 million
Singapore               33 Nassim Road                         $242 million
Greenwich, CT       Cooper Beach Farm                   $190 million
Los Angeles           Owlwood Estate                          $150 million
Paris                        Palais Montmorency                   $140 million
Dallas                     Crespi Hicks Estate                     $135 million  
New York               The Pierre 795 Fifth Ave           $125 million
Hong Kong             5 Henderson Road                      $90 million

In the world economy a Manhattan luxury apartment is a real asset, a good value and perhaps a bargain.




Nov 4, 2010

All Square Footage in Manhattan is Just an Estimate

0 comments
I've been asked if there are any rules in determining square footage in apartments and townhouses.
We all know that buyers of apartments and townhouses in New York City often look to the approximate square footage of a property as a measurement for a property’s value. Indeed, often one of the key factors for a buyer in their decision to purchase is a calculation of the cost or price-per-square foot of an apartment or townhouse.

It is important to keep in mind, however, that the approximate square footage of an apartment is often just that – an approximation. Different appraisers or professionals may use different methods or standards in coming up with their square footage figures. Some will determine square footage of an apartment by measuring the space between the interior walls, including bathrooms, closets and foyers, while others may use exterior walls or other benchmarks. Some will include unusable floor area such as columns, mechanical pipe shafts and chases in their calculations. Moreover, many Manhattan apartments, including pre-war buildings, often have hard-to-measure elements like oddly shaped rooms, removed walls, or even turrets or alcoves. This is especially true for many of New York City’s oldest and most prestigious residences.

In addition, while many cooperative apartment buildings may have filed floor plans with the Attorney General’s office as part of their offering plans, those floor plans may not be up to date. Condominium offering plans also include floor plans and measurements, but developers often use different methods for measuring the square footage of their respective units. For example, some will include hallways or foyers or bathrooms in their square footage figures, others will not. Offering plans will only tell you the approximate square footage and the method used to measure it by the developer at the time of construction or conversion. Plans will not tell you how the square footage is measured at the time of a resale.

All potential purchasers should be made aware that all square footage measurements that are provided by brokers are usually just estimates, and are not certified or deemed reliable by either the listing firm or a participating co-broker. In addition, a buyer determined to have a square footage measurement should consult or retain their own professional, and have that professional explain the methodology for the measurement.

Oct 6, 2010

Price per Floor in Manhattan Condos and Coops

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A buyer and seller recently asked what is the price differential for each floor of the same line in a Manhattan apartment?

In Manhattan there are many variables in determining the price differential for each floor. A beautifully renovated apartment on a lower floor can easily sell for a higher price than an "original condition" apartment on a higher floor. The parlor floor in a townhouse may be worth more than the 4th floor if it's a walk-up.

Views tend to be better on higher floors but that is not always the case. Unless the building owns the air rights over neighboring buildings views change in Manhattan. Higher floors usually have a premium as do views. Both premiums can often be separate. When pricing or determining value in Manhattan it is crucial to compare apples to apples.

All coops and condos in Manhattan have an offering plan. In the original offering plan whether new construction or conversion, the developer/sponsor put a price differential for each floor and unit in the building. The sponsor determined premiums for each unit. Since all offering plans are from different years and during different market conditions, I like to think in terms of percentages rather than an exact number.

For example, if you're considering purchasing or selling in a building that was built or converted in the 80's, you can figure out the approximate percent of the premium. If the same apartment, line, and square footage was selling in the $200,000 range originally and today the same apartments are selling in the $800,000 range, the apartment today is worth 4x more. If they're in the million dollar range 5x.

The premium for floor differential is 4x more whatever it was in the offering plan. If it was $2000 per floor in the offering plan, than it would be around $8000 per floor today providing the comparable apartments are otherwise the same. Million dollar range $10,000 range per floor.

In today's transparent information age there are many online tools designed for automated instant home values. Take them all with a grain of salt.  In Manhattan pricing is as much an art form as a science. Pricing is a function of marketing, the price you get is a function of the marketing you choose.


 
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