$ per sq ft applied to a terrace?

we are selling a Chelsea comp that will help you that should close in four-five weeks. For that sale, we (and the buyer) went with a 50% valuation.

With space off the ground floor, the issues are light (are you at the bottom of a well?), noise (does your space abut that of many neighbors?) and view (is this a garden with a view of garbage cans?)

ali r.
DG Neary Realty

noahp123 - As you've noted, not all terraces are created equal. Value adjusts with finish quality, view, location relative to living spaces, privacy etc etc... You have to ask yourself what it's worth to you then look at the premium it commands from a comp perspective to make sure you don't overpay. I personally place a high value the ability to step outside, grow plants, play with the kids, cook and eat outside. Not everybody gets it though. I've never heard of valuations over 50%, but then again the whole idea of $psf is a thorny issue that is easily manipulated and misrepresented.

and...there is a great post from 30 years that i couldn't find, that discussed the relationship of the outside space to the inside space. to badly paraphrase, his point was that outside space adds more value to a more valuable apartment (either because of space, light, location, etc) than to an otherwise sub standard one.

I think 50% of the value of indoor square foot is fair, as long as the outdoor space is:
- finished (no weird gravel/tar paper)
- accessible from the public space of the home (not from the bedrooms)
- truly private (no building equipment)
- large enough for plantings/ seatings (some are so narrow they're just glorified bike storage spaces.)

cc- I think 30yrs comment went something like this...

A $4M property with a 300sf terrance may add 500K in value over a comp without a terrace, but a $1M property with a 300sf terrace might add 125k over similar comp without.

Manipulate the numbers as you wish but I think the conclusion could be drawn that the valuations are equal from proportional standpoint. In both examples there is a 12.5% premium on price. This may be a more effective way to determine value.