| by Kenneth Chase | 1 comment

How Much Is My Apartment Worth in NYC? (2019) | Hauseit®


Pricing an apartment NYC is more of an art
than a science, but there a number of factors to consider when valuing your condo or co-op
in NYC. Neighborhood Each neighborhood in NYC has its own pricing ecosystem which means that the comparable
apartments you choose to analyze must be in the same neighborhood as your home. If you’re selling in a larger building,
most if not all of the comps you analyze should be from within your building. Price Point and Size It’s a good idea to select units which are priced within a similar dollar price range
when searching for comps. For example, let’s say you are selling a
1br / 1bath condo in the East Village which is worth under $1,000,000. It would not be a good idea to compare the
Price Per Square Foot (PPSF) of your condo to the PPSF for luxury new development condos
whose prices start at $1,500,000 because the composition of the buyer base is not the same. Layout It’s important to compare apartments which have a similar bed / bath count and similar
overall layout. For example, comparing a studio to a 1br would
not be advisable even if they are the same approximate square footage since studios are
usually less valuable. Building Type It’s important to ensure that the buildings you are comparing yourself to are broadly
comparable to your own apartment building. For example, it would not make sense to compare
a pre-war, walkup apartment with a unit in a full-service, post-war elevator building. Floor and Exposure Each floor in an elevator building is worth an additional $3-10k on average. While the difference between floor 25 and
28 may only be worth roughly $10k, the difference between floor 2 and floor 6 could be worth
$30k or more. In a walk-up building, apartment values generally
decrease as you go above the 3rd floor. Condition The interior condition and renovation status of apartments is one of the most important
adjustments to make between units. The most expensive renovations in NYC apartments
are for the ‘wet areas’ of the unit, also known as the kitchen and bathrooms. A typical renovation per wet area in NYC can
range from $20k to $50k, or $100-200 per square foot of the apartment size. Monthlies Apartments with higher carrying costs are generally less valuable, all other considerations
aside. If an apartment has a drastically higher or
lower monthly maintenance or common charge bill, then a valuation adjustment should be
made. Age of Comps The value of real estate can rise and fall quickly in NYC in as little as a few months. If you are analyzing closed comps which sold
more than 3 months ago, it’s important you determine the direction of prices and make
an appropriate adjustment to reflect the time which has elapsed since the apartment sold. Looking to buy or sell a home in New York? Learn how you can save on commission and closing
costs at https://www.hauseit.com

1 Comment

Dorothy Delos Reyes

Feb 2, 2019, 2:42 pm Reply

Wow, this is great!

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