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Outdoor Space

Started by minocqua
almost 16 years ago
Posts: 57
Member since: Jun 2009
Discussion about
Can anyone give me a sense for how valuable outdoor space is in the New York real estate market? Suppose someone was buying an 1,100 square foot apartment in New York where most apartments sold for $1k per square foot. The purchase price would be roughly $1.1mm. Suppose the place across the street had the same square footage, but also a 400 square foot terrace. What would that place sell for? Someone told me a rule of thumb is to divide the price per indoor square foot by two. Anyone else have any other rules of thumb? I know this isn't a science, but I'm just trying to get a general sense. Thanks a lot.
Response by alanhart
almost 16 years ago
Posts: 12397
Member since: Feb 2007

There are numerous threads here on SE ... just search using the box over there to the right.

Better to continue one of those discussions.

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Response by truthskr10
almost 16 years ago
Posts: 4088
Member since: Jul 2009

You'll find some people don't like that rule of thumb and like with anything there exceptions but it is a general rule of thumb I subscribe to. Adding 1/2 a foot to the indoor space works the same way.
So 1100 sq feet plus 200 (half of 400) is 1300sq ft times $1100 = $1,430,000.
And to take the thumb to the thumbnail, that is for setbacks and roof space. Balconies (overhangs,etc.)
and possibly very raw roof space I go one third.

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Response by NYCDreamer
almost 16 years ago
Posts: 236
Member since: Nov 2008

Take Alan's advice. I remember a comment by "30 yr in RE" that really nailed this one.

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Response by NWT
almost 16 years ago
Posts: 6643
Member since: Sep 2008

See http://streeteasy.com/nyc/talk/discussion/16391-value-of-a-terrace

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Response by minocqua
almost 16 years ago
Posts: 57
Member since: Jun 2009

Thanks!

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