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I am trying to figure out how price of an apartment depends on its size and number of bedrooms.
Is it just based on the size? I think it is not and a 2000 sqf apartment should be valued less than two 1000 sqf apartments everything else being equal. But what would be the coefficient?
Let's say there are 3 apartments in the same building that are different size, but everything else is the same (floor, view, condition, views, etc).
The HOA fees are based on the size.
Apt #1: 2/2, 1000 sqf, HOA - 500
Apt #2: 2/2, 2000 sqf, HOA - 1000
Apt #3: 3/2, 2000 sqf, HOA - 1000
Apt #1 is selling for $100,000
Question:
Assuming the $100,000 selling price for Apt #1 is a fair price, what would be a fair selling price for apartments #2 and #3?
The condos share the cost of the upkeep of the surrounding areas of the condo buildings. So, each unit is not only paying for the living space, but, also their share of maintaining the roads, grass, flower beds, trash collection etc. of the entire condo community.
Condo cost is impacted by size, but, also on the location. If there are better views on the top floors an identical apartment layout on the first floor will not be the same price. If your 2 bedroom unit has a nice view out of the windows and the larger 3 bedroom unit looks out on the trash dumpsters or is closer to a busy road can impact the price. Being on an end unit or a middle unit can impact the price.
There are lots of factors that impact price of a particular unit and it does not always depend upon how many bedrooms or how many sq feet.
The condos share the cost of the upkeep of the surrounding areas of the condo buildings. So, each unit is not only paying for the living space, but, also their share of maintaining the roads, grass, flower beds, trash collection etc. of the entire condo community.
Condo cost is impacted by size, but, also on the location. If there are better views on the top floors an identical apartment layout on the first floor will not be the same price. If your 2 bedroom unit has a nice view out of the windows and the larger 3 bedroom unit looks out on the trash dumpsters or is closer to a busy road can impact the price. Being on an end unit or a middle unit can impact the price.
There are lots of factors that impact price of a particular unit and it does not always depend upon how many bedrooms or how many sq feet.
Thank you for pointing out that an ocean front penthouse will cost more than an apartment next to a highway that face trash dumpsters, but I was more interested in only 2 factors: size and the number of bedrooms.
Everything else being equal.
Each pair of almost identical sizes within 5 or 6 weeks of each sold for very different prices.
Why?
To find that out you'll have to find out about the attributes of each. A major consideration in the price is what's been done inside. Updated vs not updated is usually the big issue in price between comparable units.
If you are restricting your question to just size, bedrooms and baths your answers will not reflect reality.
In this example one of the 3/2s sold for $70,000 more than one of the 2/1s and one of the 3/2s sold for only $10,000 more than one of the 2/1s.
I think some people who deal with condo's for years would have an answer. I am not looking for an exact number, but some ball park approximation.
If you don't have an answer to the question posted - there is no need to take it personally and get offended and overcompensate by trying to prove your superiority.
I think some people who deal with condo's for years would have an answer. I am not looking for an exact number, but some ball park approximation.
If you don't have an answer to the question posted - there is no need to take it personally and get offended and overcompensate by trying to prove your superiority.
You're looking for an answer that does not exist. There is no one size fits all, based solely on size and number of bedrooms.
Condo prices vary from building to building. In some buildings, there will be little price difference between one and two bedrooms and some will have a large difference. Usually, a two bedroom is not twice the size of a one bedroom.
Three bedroom condos (in the city of Miami) are not as common and will frequently have a direct water view, in a high end building, or a penthouse, etc. Completely different market.
I've dealt with condos in Dade County over the last 20+ years. The only formula for determining the difference is to look at past sales.
I have 3 condos in a complex on the beach at the Jersey Shore. My HOA and my taxes all go by the sq footage but that's it! Due to the view , the smallest one is probably more valuable.. I don't think your theory is going to work.
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