Condo/High Rise Question

[NJAPRAZE]

other than paired-sales within the building... how can you extract a "floor" adjustment (if no paired-sales)? Typically - my experience has been more of a premium for higher floors due to their views, etc.

 

[J Grant]

other than paired-sales within the building... how can you extract a "floor" adjustment (if no paired-sales)? Typically - my experience has been more of a premium for higher floors due to their views, etc.

paired sales with other buildings units sold, your past experience wrt the above/ survey a few or more
re agents that sell area condos for their opinion (survey method a recognized method of support)

the price reaction should tell the story

 

[glenn walker]

other than paired-sales within the building... how can you extract a "floor" adjustment (if no paired-sales)? Typically - my experience has been more of a premium for higher floors due to their views, etc.

Normally the higher the floor and which way it's view is facing. But that should be visible in your closed comparables over a few years. Just don't make up adjustments and also where and when the Sun rises and Sets. There are some in LA where East Sides are blinded by Morning Sun till noon and then Sun starts to set in winter at 4:30 Pm and its pitch dark.

There is no standard method each location has its own issues. Talk to a lot of people who live in it . I once had a Old guy who asked what I was doing and I told him I was a an-appraiser and I had no idea what the hell I was doing. He looked at me and said Son its 100K a Floor once you pass the 10th floor facing East and $150K on the ones that face the Beach on the South West. I laughed and guess what after three days of work, he was almost spot on. I Have had others that had no real good views of anything and not much premium differences.

 

[Joe Flacco]

Paired sales in the building is the best way. Most specifically paired sales of units in the same tier. In regular buildings there is usually no difference for blocks of floors. It's usually like that on resale but when they do initial delivery from developer they will increase pricing every floor. There is often repricing in the resale market for floors and tiers.

 

[glenn walker]

You have a view of what ? LMAO

 

[shrubberyvaluation]

other than paired-sales within the building... how can you extract a "floor" adjustment (if no paired-sales)? Typically - my experience has been more of a premium for higher floors due to their views, etc.

What direction they face can matter too if there are views.

 

[glenn walker]

Floor or Unit #`13 does not exist so remember that LOL

 

[sputnam]

It's less rigorous.. but order your comparables by floor, make all the other adjustments, if floor matters you may see a pattern.

 

[Ariba]

paired sales with other buildings units sold, your past experience wrt the above/ survey a few or more
re agents that sell area condos for their opinion (survey method a recognized method of support)

the price reaction should tell the story

How would you determine if it was the view, floor location, or HOA fees, amenities, location, elevator, commercial space in the building etc? Each building is unique.

 

[Ariba]

What direction they face can matter too if there are views.

In today's market, most buyers don't care about the view or floor location in a marker with limited inventory.