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I am looking at a 18 floor building and there are units on the 7th and 16th floors for sale in the identical line. What premium do you think the 16th floor unit should have (per square foot) relative to the unit on the 7th floor?
The view is not very dramatic from either unit since they both look across the street at another building (which is taller). That being said, a little more light enters the 16th floor unit compared to the 7th floor unit.
The monthly maintenance on the 16th floor unit is $250 per month more compared to the 7th floor unit. Is this relevant in the pricing of the premium on the upper floor unit?
Thanks for any info you can provide.
higher floor always has a premium. depending on the price of apartment it can be as low as $1K per floor to high of $5K.
Somewhat useful article on the subject: http://nymag.com/realestate/features/high-rise-appraisals-2012-4/
Thanks for the opinions....
I always wondered why higher floors command higher prices but they do not command higher taxes, in a condo at least. I know why they dont, because the common interest is the same, but it still does not makes sense.
In Coops, the amt of shares does increase to compensate for higher floor. Sometimes, this can come out to be a 10k difference per floor in price and a maintenance difference in several hundred a month.
For one thing, higher floors are going to be a lot less noisy.
What I can't see is why, say, the 40th floor is more valuable than the 20th floor. Is the view that much better from up there? Better enough that it's worth a longer elevator ride every day?