discount for buying an apt facing the back
Started by satsu
about 16 years ago
Posts: 49
Member since: Aug 2009
Discussion about
Here's one for the group. 2 identical apartments. 1 faces the front of the building - south, not a spectacular view, just regular residential street but gets pletty of light. the other apt faces a "courtyard" (which is nice way of saying brick wall 30 feet away) and gets little natural light. Any thoughts on what the price difference (if any) should be between front facing and back facing apt.
how high? any noise off the first one? courtyards can be quieter.
If its the same either way, I figure an easy 10-15%
$37,625
What is the difference in current asking prices? Is one interior renovated and one not? Is the street side very noisy and the back quiet? Are they on different floors? Walk-up or elevator? Difference in monthlies? Generally the street side with natural light would be more desirable, but the other factors should be considered.
"Generally the street side with natural light would be more desirable" is it more desirable because of the view of the street or the natural light?
How busy/noisy is the street in question? I lived on a courtyard once and could hear a pin drop...it was nice. I might take courtyard over non-spectacular view, all other factors being equal.
My wife is one of those people who will not consider an apt w bad light. She would rather have fire trucks going by day and night than have to deal with a dark apt. I generally agree with her but imagine that there are plenty of people out there who prefer the quiet of a back apt. That being said, a broker who sold a number of units in our building (not a ton - I'm guessing 5 or so) told us that the price difference between back and front wasnt that great (5 to 10% or so, which I think is a fair amount) but days on market was much shorter for front facing apartments.
This is best determined by comparables within the building. You aren't going to get a %-age answer that is worth anything. Back isn't necessarily bad, but back with views of only a wall is very bad.
And in some cases, back is worth MORE, so as usual, an average does nothing for a specific.