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Old 01-14-2009, 12:29 PM
 
3 posts, read 4,655 times
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I am looking at a townhouse in Owings Mills,MD that has 2BR. They are both large bedrooms, and each has its own bathroom. The Master BR has a loft off of it which creates a decent sized room and a 4th level (about a 16X12 room with a wall of closets). But that room overlooks the MBR so it is not a 3rd BR.

For me, this is fine because I am single and would only use the extra rooms as offices or a workout room. However, most of the townhomes in this area have 3BR. They are all the same square footage, it is just that the 3BR floorplan breaks the 2nd bedroom into two tiny rooms. Personally, I prefer one big room to 2 small ones. However, since so few are in the 2BR configuration, there aren't any recent sales of 2BR. But, I am trying to figure out how much less the home should sell for because it has what is essentially a 2nd master suite instead of 2 tiny bedrooms..... which pretty much cuts out people with kids. Any ideas? 5% less? 10% less? 15%?
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Old 01-14-2009, 12:43 PM
 
Location: Martinsville, NJ
6,146 posts, read 10,765,307 times
Reputation: 3918
Quote:
Originally Posted by JadeEyedScorpio View Post
I am looking at a townhouse in Owings Mills,MD that has 2BR. They are both large bedrooms, and each has its own bathroom. The Master BR has a loft off of it which creates a decent sized room and a 4th level (about a 16X12 room with a wall of closets). But that room overlooks the MBR so it is not a 3rd BR.

For me, this is fine because I am single and would only use the extra rooms as offices or a workout room. However, most of the townhomes in this area have 3BR. They are all the same square footage, it is just that the 3BR floorplan breaks the 2nd bedroom into two tiny rooms. Personally, I prefer one big room to 2 small ones. However, since so few are in the 2BR configuration, there aren't any recent sales of 2BR. But, I am trying to figure out how much less the home should sell for because it has what is essentially a 2nd master suite instead of 2 tiny bedrooms..... which pretty much cuts out people with kids. Any ideas? 5% less? 10% less? 15%?
To some people, it would actually be worth MORE, as it has the larger second bedroom, and a sitting room in the Master. But that's a different discussion.

Go back to a previous period, where you can find a few sales of this unit. Find the ratio of sale price of this unit to sale price of the 3 BR unit.
For instance; If during 2008 the average sale price of the 3BR unit is $400k, and the average sale price of the 2BR unit is $375k, you would divide 375/400 for a ratio of 93.75%. Meaning the 2 br sells for 93.75% of price of the 3 br. That would be a fair estimate of the relative sale price. Of course, it then needs to be adjusted for condition, and current market situation.

Last edited by Bill Keegan; 01-14-2009 at 12:44 PM.. Reason: typos
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Old 01-15-2009, 10:23 AM
 
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Thanks. I was only able to find a couple sales in the past 3 years. They average 93% of the 3BR prices. But, only 1 had the loft like this one.
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Old 01-15-2009, 10:33 AM
 
Location: Martinsville, NJ
6,146 posts, read 10,765,307 times
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You could also compare assessed values. According to asswessments, the 2BR is worth x% of the 3br. Apply that same percentage to sale price.
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