same apt, hi floor w/view vs low floor brick wall

Because very few purchasers would want to look out their window and take-in the view of a brick wall.
The second floor apartment is dark and the brick wall view does nothing to make it worth anything.
Another, on a high floor with open city views is worth much more. It's not "identical".

hard to pin down exactly but the range would be an 8.5% to 21.75% difference.

Just pin down the open window view of a brick wall and the lack of natural light in that apartment.

What about lower floor vs higher floor but same brickwall?

ggman, the range would be lower, 6.125% to 15.375%.

Hi fieldschester, how do you come up with those kind of percentages?

I would not purchase a small one bedroom facing a brick wall. You may be able to deal with the lack of light, air and view. However I can assure you that 95% of the future buyer pool will not be interested, especially in a stable or soft market. Be very careful how you view listings today in a very strong sellers market. Some of the listings that are trading today will become "rental inventory" when the market normalizes, you don't want to be caught holding "the bag" when the current trend reverses, you want to own quality, well located, That is how you protect yourself. Don't buy junk, just rent instead.

Keith Burkhardt
The Burkhardt Group

Re: Don't buy junk, just rent instead.

applies to so much in life. good answer

I agree with KeithB and West34. You can get people in the door with nice photos, but they won't buy.

Some real estate agents won't even take a listing like that in a balanced market or a buyer's market.

This strong sellers' market will not be here forever.

A listing does not exist that a real estate agent won't take, however even facing a brick wall you can still sell your apartment I would say the difference is around 6-15%. Even if you have views but you face an avenue many people would rather have a brick wall so they can sleep at night or if a night worker you can sleep during the day. Even city windows won't help you on the 8th floor with views when the fire truck comes down the avenue, now 30th floor its a different story.

I agree. Facing an avenue with no view could be worse than facing a brick wall in the back. Location would be a more important factor. Btw, by brick wall I meant at least 15 ft away from your window. A brick wall 5 feet away is a different story.

> I would say the difference is around 6-15%.

So we agree.

in this case, brick wall is over alley where garbage is taken out....not so quiet.

I lived in a 2nd floor apartment on Thompson Street for about a year, the windows faced a brick wall (maybe 10' away). I thought the same thing, I work a lot (rent was cheap), go out at night so no big deal. wrong, it was a very big deal to me, sitting in a cave on the few days you want to relax with all the lights on was depressing. I would never tell anyone "don't worry, you are never home when it's light".

That said I would also be cautious buying on a low floor facing a very busy street. However you can sound proof with city windows, they are very efficient and they offer different levels of sound proofing. Usually even the busiest streets have a down time so you would be able to open your windows. On the other hand you can never move a brick wall.

But another factor would be location. A small charming apartment on Horatio Street near say Washington (facing a brick wall) would stand a much better chance selling at an appropriate discount than an apartment on East 30th street. People will sacrifice for the West village and perhaps prime Tribeca and Soho. So if you can live like a vampire, choose one of these neighborhoods, otherwise be very cautious.

Keith Burkhardt
The Burkhardt Group

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