Question on Terraces

It seems to me I've heard on this site that outside space is valued at 50% of the cost of indoor space. However, I'm much more artsy than analytical & you've said you love the apartment & a terrace can be a really magical space. Think of coming home after work & having a glass of wine on the terrace; croissants & cafe on the terrace; cocktails & dinner on the terrace on those sultry summer evenings. I think you should buy that apartment - & have a wonderful housewarming party ON THE TERRACE. Good luck - & ENJOY. there's no heart key, is there?????????

p.s. Look around, there was another thread about terraces on this site not too long ago.

In general, I think terrace space should cost about 25%-50% of whatever the regular square footage cost in the building is. The nicer the building and the better and larger the terrace determine the higher or lower end of the equation. In addition, a wrap terrace that you can see from the unit is much preferable to a roof terrace that you have to walk up to and can't see from your unit. Also, the terrace should not be adjacent to noisy machinary like a/c units. Finally, it's crucial that the light and views are lot line protected.

Light & views are lot line protected...that means that nobody can build adjacent to the building? How can that be guaranteed or determined?

If you live in a landmarked area, like say Greenwich Village, and you're on the top floor, it's unlikely that a taller building will be built. If you're on a corner, that's better than being sandwiched between two buildings. Have your lawyer check the air rights of the building you're looking at and adjacent buildings as well.

A good real estate attorney can find out about adjacent buildings and those across the street, etc.

I personally consider terrace square footage to equal the value of interior space. I just bought a one bedroom with an 86 sq ft terrace and had to option of buying a comparable unit with no terrace but a home office with approximately the same dimensions, both at the same price. Living space is living space - no matter if it's inside or outside. I decided I would spend more time both alone and with guests on the private terrace versus the home office. Maybe this doesn't make mathmatical sense to most people but I've already done it and rationalized it in my mind, so let me live in my fantasy. Then again, I could contemplate the contradicting statements while sipping a cocktail on the terrace. :)

You are entitled to feel about it however you wish, of course.

But the reality of the situation is that when you go to sell (if and when that happens), nobody will calculate the value of your terrace space on a psf basis as being equivalent to the value of your interior space. The general agreed upon range for calculating psf value of outdoor space is as stated above, between 25%-50% of the value of the interior space, depending on a wide number of variables.

I personally think that based on a Manhattan place that is selling for $1,000 psf, abuot $375 psf for outdoor/terrace space is a good general guesstimate.

Let's also keep in mind that given our weather and seasons in manhattan - there are many days when you cannot use that terrace. That's a simple reality - rain, snow, cold, humidity. . .we have many days of that in NY. Let's get real.

The reality of the oft unpleasant weather is certain BUT you can look at the terrace & it can look lovely at all times if you are careful. Have something lovely & season-appropriate on the table at all times & be sure that there is something attractive in those pots at all times. Everybody is different, of course, but I'm convinced that not everybody lives & dies by price per square foot; there are too many variables & obviously myself & #7 value a terrace highly. I would say that a terrace is an invaluable. treasure

I have a 240 sf terrace with river view and I paid 60% of the internal per sq ft price.It is great and well worth the money - the private outdoor space is wonderful even I can only use it for ~5-6 months a year.

#7 - you sound hot. I would be happy to join you for that cocktail on your new terrace and have a conversation. Grrrrrrrr.

The value has everything to with:

1. How usable is the space? If you can access it easily, and it extends your interior space during good weather, so a nice deep terrace off of the kitchen/dining area would be very valuable.

2. How rare is it? A terrace in a tall building where every other unit has terraces may not command much premium. In other neighborhoods, a terrace in a short building might be very valuable.

...and it's not uncommon to see great outdoor space fetching interior prices.

he said it was time to go out to the terrace wit yo baby. that's what i'm screaming.h