Condo/High Rise Question

[glenn walker]

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

Aeriba most high rise projects are in wealthy areas and are expensive. I dont know of any in my City area that sell for less than a million plus. And Views of the Ocean are worth hundreds of thousands in some cases. Average people dont buy high rises or views. Ever go to New York City and see how much a View Location is worth in a high rise ? LMAO

 

[shrubberyvaluation]

Aeriba most high rise projects are in wealthy areas and are expensive. I dont know of any in my City area that sell for less than a million plus. And Views of the Ocean are worth hundreds of thousands in some cases. Average people dont buy high rises or views. Ever go to New York City and see how much a View Location is worth in a high rise ? LMAO

Its possible the market reaction could change. People still care about water views or a view of the National Mall. Maybe some minor views people might not care about as much either positive or negative.

 

[Ariba]

Aeriba most high rise projects are in wealthy areas and are expensive. I dont know of any in my City area that sell for less than a million plus. And Views of the Ocean are worth hundreds of thousands in some cases. Average people dont buy high rises or views. Ever go to New York City and see how much a View Location is worth in a high rise ? LMAO

It all depends on the definition of a high-rise. Typical high rises have no ocean or city views. Except for the penthouses, most "highrise" buildings in urban cities have no view except for the apartment in the next building. Furthermore, the OP never mentioned "expensive", "ocean view", "penthouse", or "New York". Just the typical highrise building.

 

[Cob]

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.

If there are no paired sales in the project, I will go back more than a year and see what there is.

 

[NC Appraising]

My two cents.

Go back beyond COVID for data. >3 years. As you know with the rapid increase in values, limited inventory, selling $40k above list, multiple offers, etc., can make deriving adjustments mind boggling.

The increase in value alone can make what needs to be adjusted, seem that no adjustment is needed, if that makes sense.

Also be wary of those end units, they can throw the data off also.

I like pulling the condo plats (in my area it gives the floor plan of each unit). It shows me what view it could have and the location within the building. I print that off, and then go to the MLS. I note every sale on that sheet.....and let then calculations begin.

 

[Ariba]

My two cents.

Go back beyond COVID for data. >3 years. As you know with the rapid increase in values, limited inventory, selling $40k above list, multiple offers, etc., can make deriving adjustments mind boggling.

The increase in value alone can make what needs to be adjusted, seem that no adjustment is needed, if that makes sense.

Also be wary of those end units, they can throw the data off also.

I like pulling the condo plats (in my area it gives the floor plan of each unit). It shows me what view it could have and the location within the building. I print that off, and then go to the MLS. I note every sale on that sheet.....and let then calculations begin.

Good thing you got out of the appraisal business.

 

[NC Appraising]

I coming back!! Moving to your neck of the woods and doing appraisals for $190. LOL.

 

[NC Appraising]

It all depends on the definition of a high-rise. Typical high rises have no ocean or city views. Except for the penthouses, most "highrise" buildings in urban cities have no view except for the apartment in the next building. Furthermore, the OP never mentioned "expensive", "ocean view", "penthouse", or "New York". Just the typical highrise building.View attachment 78423

Thats funny.

In my red neck city, one building has a view of the outer belt and the other side has a view of the ball park (free fire works and view of the game). The first four levels cant see crap and have the city street noise. 7 and up have varying superior views.

Maybe you should be the one that leaves...

 

[Fernando]

If excellent views, best comps are closest to subject being next door or above or below subject's floor. Go back in time and see how much premium for such great view.

 

[NC Appraising]

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

So why do units still sell for more? That comment is silly. Now the spread may not be as wide... That is like saying that a fully remodeled home is going to sell at the same price of a average C4 home becuase of the limited inventory. Or a home with a pool is going to sell for the same price as a home without a pool.

We know that is a lie. We had a COVID pool surge price in my market....pools were getting 80-120 return and most pool companies were backed up 1 year.

LOL.