Which has higher $ per sq ft - studio, 1BR, 2, 3
Started by JWL2672
over 13 years ago
Posts: 138
Member since: Mar 2012
Discussion about
When I bought my 1 BR 3 years ago, I stretched to buy that 1 BR because I assumed it would be worth more than a studio (on a per sq ft basis) but less than a 2 BR, which I could not afford. And the prices back then reflected the premium. Now, however, after looking at the sale prices in my building, I'm shocked to discover that studios have been going for 10% per sq ft higher than 1 BR's, while 2 BR's still have their price premium. WTF?
what building?
http://aggregate-data.millersamuel.com/
ppsf (who knows how reliable):
Year Quarter Studio 1 Bedroom 2 Bedroom 3 Bedroom 4+ Bedroom All
2012 2 726 840 1,037 1,211 2,882 964
2012 1 797 859 948 1,248 1,439 930
2011 4 738 800 1,007 1,233 2,324 936
2011 3 739 821 1,126 1,465 2,136 991
2011 2 741 842 1,019 1,379 1,990 961
2011 1 674 750 1,031 1,199 2,146 896
2010 4 698 786 1,024 1,206 1,861 928
2010 3 806 819 1,077 1,336 1,845 990
2010 2 750 814 1,010 1,287 1,981 943
2010 1 684 812 939 1,293 1,679 908
2009 4 789 863 976 1,191 1,707 921
2009 3 664 823 932 1,076 1,587 866
2009 2 744 802 995 1,246 1,825 917
2009 1 795 863 1,032 1,317 2,929 968
2008 4 798 949 1,239 1,789 3,040 1,059
2008 3 997 914 1,153 1,502 3,042 1,056
2008 2 902 1,086 1,274 1,794 2,032 1,146
2008 1 963 996 1,228 1,424 3,133 1,128
2007 4 848 963 1,235 1,568 2,260 1,055
2007 3 800 920 1,142 1,404 2,477 1,020
2007 2 837 878 1,039 1,373 2,677 983
2007 1 818 812 1,068 1,357 2,300 975
Size (ft²) $ per ft² Price
Studio 551 1,123 629,250
1 BR 781 1,121 895,000
2 BR 1,298 1,274 1,682,000
3 BR 1,973 1,552 3,007,000
4+ BR 3,171 1,651 5,420,000
Hmmm, Streeteasy's on stats are a little bit off.
It's because generally one-bedrooms don't appeal to either of the two important categories of buyers--singles just starting their careers (studio) and folks with families (2 ). Studios also appeal to students and pied-a-terre buyers. Usually by the time someone is purchasing a real 'home' they're looking for something they can grow into. A one-bedroom is far less appealing for that than a 2.
without factoring in individual views, reno, bldg amenities, etc.., typically larger apartments are in less supply trade for a higher $ per sft
With that said, every bldg is its own little market and I would look at the trend in the targeted bldg