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Subtract what the lot is worth, then compute cost PSF.
What does the size of lot have to do with the size of the house or the question the OP asked? This makes no sense. In addition to that, if you're comparing houses in the same neighborhood then the lot values are normally almost identical.
What does the size of lot have to do with the size of the house or the question the OP asked? This makes no sense. In addition to that, if you're comparing houses in the same neighborhood then the lot values are normally almost identical.
"normally almost"
She clearly stated that the home is on a larger lot. Of course, you are going to pay more for square foot for a smaller house. I guess if you live in a trailer park in SC it would be difficult to understand but look at this example: Arlington, VA 50 x 100 lot with a 1100 sf house with a basement, list price 540,000. Next house, the smaller house, Arlington, VA 50 x 140 lot witha 800 sf house, no basement, list price 640,000. You would buy the biggetr house? But consider, both homes are 80 years old and probably have enough asbestos, lead, and mold to wipe out a whole Boy Scout Troop. A good portion of the buyers would be buying with the intention of razing the house.THE LAND IS WORTH OVER 100 DOLLARS PER SQUARE FOOT--the houses are worth ZERO, but your short sale expert realtor will tell you that it's 490 per SF compared with 800 per SF but in reality, the 800 per SF would be the better deal, because you would be able to put a lot more McMansion on your lot.
What does the size of lot have to do with the size of the house or the question the OP asked? This makes no sense. In addition to that, if you're comparing houses in the same neighborhood then the lot values are normally almost identical.
Have you ever sold a property with a view? or with waterfront access?
It doesn't sound like it.
This has been a fascinating discussion, guys, thanks for the input! I still have a hard time offering $331 p sq foot for this house when the comps in the neighborhood go up to $204 per sq foot. Some of the comps also have had big lots, renovations, and even more desirable features than this house. This house is basically a very "fixed up" 100-year-old (1500 sq foot) house that I can't imagine would have very much resale value in the future unless it was expanded. Then again, it does have an amazing lot (very private, lushly landscaped etc.). But I can't shake the feeling that the house really feels so small that it was actually claustrophobic in there. Also the detached garage reeked of mold/mildew.
Last edited by saltzman143; 01-28-2010 at 07:44 AM..
This has been a fascinating discussion, guys, thanks for the input! I still have a hard time offering $331 p sq foot for this house when the comps in the neighborhood go up to $204 per sq foot. Some of the comps also have had big lots, renovations, and even more desirable features than this house. This house is basically a very "fixed up" 100-year-old (1500 sq foot) house that I can't imagine would have very much resale value in the future unless it was expanded. Then again, it does have an amazing lot (very private, lushly landscaped etc.). But I can't shake the feeling that the house really feels so small that it was actually claustrophobic in there. Also the detached garage reeked of mold/mildew.
I don't think anyone here was trying to convince you that THAT particular house is worth it. Just that, in general, $/sq.ft. is not the best marker to go by, and that it is true that smaller = higher $/sq.ft, all other factors being equal.
If the house isn't worth the PRICE, it isn't worth it. Its really about price, not $/sq.ft.
That still doesn't make sense to me why a one story costs more in appraisal value than a two story. Same sized foundation with all the same rooms on first floor and additional build on second floor for the two story.
Need to clarify what the situation you are considering...
Quote:
Originally Posted by jlkrogers
That still doesn't make sense to me why a one story costs more in appraisal value than a two story. Same sized foundation with all the same rooms on first floor and additional build on second floor for the two story.
In many areas there is PREMIUM for a ranch precisely because it offers those who may be getting older an opportunity to live independently for a longer period of time. Of course if the area is NOT very desirable to begin with that "premium" might be tiny while in areas where the land values are quite high and the ranch covers a larger lot the premium might be huge...
There a lots of other factors that are not directly tied to the one home being a ranch and the other being a two story but generally speaking the lay out of ranches is such that there is often a different style of landscaping and greater access to things like an outdoor entertaining area, as well as more direct access to /from the garage and laundry area. Together with things like the fact that a ranch with multiple bathrooms pretty much always has a more expensive lay out for plumbing compared to a multi story where these things can be stacked there are valid reasons why the ranch commands premium pricing...
Now if you are saying that the "additional build" of the second story is adding bedrooms or other valuable living space that the ranch simply DOES NOT OFFER it would be very interesting to hear more about the details -- in certain areas that attract folks looking primarily for retirement homes such a lack of extra bedrooms / living space might be explained by buyers not wanting rooms that likely would only encourage "lay about relatives" to stay with 'em ...
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I checked the recent sales at a new development in our area. The smallest home there is 3,007 SF and the sale price came to $287/SF. The largest was 4,637 sf and the sale price came to $325/sf. The problem is that regardless of size, buyers can add or delete may features, some costing a lot more than others, and can select their flooring, window coverings, appliances, countertops and more that can change the price by a lot. Comparing two 30 year old homes that sold in our area in the last few months could result in the same since one may have had many recent upgrades, the other all original.
That still doesn't make sense to me why a one story costs more in appraisal value than a two story. Same sized foundation with all the same rooms on first floor and additional build on second floor for the two story.
Without knowing more about each house, it's really impossible to give an accurate answer. Obviously there were things about the one story that the appraiser valued more but we have no idea what that those things were.
Single story houses seem to be very expensive where I am. I have assumed it is because there are way more 2-story houses, and retirees and others often want the single story. Supply and demand here.
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Need to clarify what the situation you are considering...
...
