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The value of a balcony/terrace/patio?

Started by 026451
over 16 years ago
Posts: 31
Member since: Dec 2008
Discussion about
A real estate broker once told me a balcony/terrace or patio is worth 1/3 a sf as a general rule of thumb. Do people agree? Thanks for any thoughts you may have.
Response by xellam
over 16 years ago
Posts: 133
Member since: Sep 2008

http://www.streeteasy.com/nyc/talk/discussion/12234-what-is-a-terrace-worth

http://www.streeteasy.com/nyc/talk/discussion/10566-outdoor-space

etc. Lots of differing opinions and variables that effect the value of outdoor space.

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Response by 026451
over 16 years ago
Posts: 31
Member since: Dec 2008

Thank you very much. That was extremely helpful. Seems to me that I was a little low at 1/3 the value of interior psf, and that a terrace should be worth more like half the psf price, plus or minus depending on how nice it is.

Have a great weekend.

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Response by kylewest
over 16 years ago
Posts: 4455
Member since: Aug 2007

50% is the norm +/-, historically. Quality of outdoor space will influence this greatly, since all outdoor space is not created equally.

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