2nd Floor vs. 6th Floor

Yes, there is a price differential. How much? Need more info.
What neighborhood?
# of total stories of building?
How does view/light on floor 7 differ from floor 2?

It's turtle bay neighborhood in midtown east. The building has 12 floors, but the view isn't really different as the 7th floor faces another taller building also.

still, 2nd floor should trade at discount...maybe 10k to 15k per floor multiplier?

10k to 15k multiplier meaning a discount of 50 - 75k (based on 5 floor difference)? Thanks for the responses.

yes

I think $15K sounds like too much for a difference that doesn't alter view or amount of natural light. But all floors aren't created equal. 2d floor is worse than starting to count on a higher floor because being close to street is bad. If apartments were exactly equal in all respects, I'd say ballpark discount $40-50, not more.

Actually, confused. Are we talking about 6th floor as title of thread states or 7th floor as OP says? If it is indeed 6th floor, then I lower my guestimate to $30-40K

The market is getting hotter, though, especially around that price point. So there's a time factor to consider.

People hire me to value apartments, and I hate valuing apartments I can't see, but my guess is that you should take a $25K discount from the $525K apartment (I feel like the difference between 2 and 6 is not that great if the view is already bad from 6, and judging from price point, we're talking studios or small 1-BRs here) and then raise again for the market, so you're probably back around $525K again.

But of course condition matters more than either of these factors, especially in the first-time buyer niche you're playing in. What's the kitchen on your target apt. like? what was the kitchen on the comp?

ali r.
DG Neary Realty

Aren't there enough claustrophobics to drive the price of second floor apartments up, closer to that of third floor apartments?

Yeah sorry, it's 2nd floor vs. 7th floor, was a typo. For all intents and purposes, they're the same apartment, if anything the 7th floor one was slightly better maintained.

one more thing to consider. is the lobby on ground level or 4/5 steps down? if it is down, then take $40-50K off as the people walking in the street will be able to look into your apartment easily.

Ah, yes, the 6th floor. I once occupied a room with a MAGNIFICENT view on the 6th floor of the Texas School Book depository. I could "scope" out (literally) the entire block. A friend occupied a grassy knoll in the foreground. God, I nearly forgot all about this...

Ah, yes: The 6th floor! I once occupied a room with a MAGNFICENT view on the 6th floor of the Texas School Book depository. The view was so unobstructed, I could "scope" out (literally) the whole Plaza. Another friend positioned himself in a grassy knoll across the way. Gosh, what pranks we played! So long ago, I nearly forgot all about it...

This post is a test.

this thread keeps LOSING posts

whoops, now it put back all the posts it deleted, mine and others. is this a ghost thread?

The Real Deal just published results of a very interesting study by Jonathan Miller that speaks to the OP's question, as well as the general quesiton about how floor height affects sales prices in co-ops and condos.

According to this study, there is not much difference between the 2nd and the 6th floor. The price jumps occur at floor 7 and floor 8. The theory is that these floors overlook the many 6-story buildings that exist in New York City.

Floor height affects prices, but the relationship is not strictly linear.

More here:

http://gothamcityhomes.posterous.com/study-floor-height-affects-prices-but-its-not

I know people in very tall buildings and other than there being some larger apartments up top, I wonder if it is worth it to live so high up when you can live comfortably up, just as you say over the height of neighboring buildings. If you can see the Empire State building, is there much benefit to also being in the stratosphere?

I think there is less noise up there, but with sound proof windows this should be less of a factor (although those fancy windows are quite expensive).

Of course, I'm just speculating, my place is on the humble, bargain 9th floor....