Ground floor apt

It mostly depends on whether the windows are exposed to pedestrians. Is it a situation where the first floor level apts are like the second floor while the basement level is the same level as the sidewalk? Typically lower floors will have more noise, less light and lesser of a view.

Advantages- In a walk up building, the ground floor can be a blessing. It's also good for handicapped or a building where elevators are slow. That can be the difference between 5 mins (or more) each way, a la Gateway Plaza in BPC. Also, moving large items will be easier.

Whether a ground floor holds advantages for a particular individual is not what the OP asks. Almost without exception, ground floor units are worth less because they are less desireable for nearly everyone. Noisier because of street and possibly public interior halls and elevators, dirtier, more vulnerable to burglary and pests of the animal/insect variety, darker with no views. Even in walk-ups, the second floor is worth more because many of these issues are reduced for the effort a single flight of stairs takes.

What formula? Very tough. Rule of thumb: maybe $5K - $10K per higher floor. Lots of caveats. There is a limit to this formula's application in, say, a 50 story building because the 40th floor is worth no more to anyone than the 37th floor. In a walkup, the formula doesn't work because the middle floors are likely worth the most. Does the ground floor have a garden? Is it near the garbage or elevator? No easy answer.

That's right there are no ground rules. All of the things kylewest lists should be considered. I think a Pro v. Con list is necessary to figure out discount relative to apartments on other floors or in the general area. Also if you are price sensitive, higher floors not only sell for more $$$, but also you might pay higher maintenance/common charges for an apt. on a higher floor.

Some of the cons that kylewest can be dealt with, e.g. if the windows has screens there is less worry about vermin infestation; also if the building's trash & recycling is not stored underneath or directly outside your windows. My experience is that vermin affect a specific line in a building and is not usually confined to a single floor. Biggest Cons for me would be where the trash is stored for the building, living with window guards, noise factors.

Some pros is that you don't have to share elevator rides with your neighbors nor spend time waiting for or in an elevator. Easy access in/out especially good for cyclists (and their cycling friends) and smokers who don't smoke in their apartment. Plus depending on where your apt. is on the first floor, the lobby can feel like an extension of your foyer or entrance way. If there's a garden, you'll have easy access probably.

The light issue is less of an issue for some people and a huge consideration for others, you have to weigh it for yourself. I know people who prefer top floor, naturally lit apartments and others who like dark and cooler apartments.

This is the rule of thumb for Ground Floor Apartments:

-5% Noise
-10% Earthquake & Flood
-15% Breaking & Entering
-20% Hit by trailers in the middle of the night

Take 50% off!

Kylewest brings up some excellent points, however I fall into a demographic that preferred the ground floor- and there will always be representatives of a particular demographic. The challenges of course are to find buyers in this demographic.

I bought a new construction condo in a small building- 6 floors, 2 apartments per floor. My apartment is a duplex- on the ground floor and cellar level. The neigbhorhood is mostly 3-6 story buildings- so I get a surprising amount of natural light- even in the cellar which is below ground level thanks to the way it was designed.

As to the original posters question, I don't know if there is a particular formula that can be applied for a ground floor apartment -but I can give you a reasonable example of the pricing in my building. My apartment was priced identical to the 5th floor unit with identical common charges and taxes. The difference was in actual square footage- I received 36% more space in my apartment than in the 5th floor apartment. I also don't have a cookie cutter floorplan, whereas the 5th floor apartment is pretty generic looking. Obviously this means a lower price per square foot.

I do recall seeing a NY Times article a number of years back with a terrific cartoonish graphic of a building that pointed out what aspects within the building are priced at a premium or a discount. If I recall correctly, they were stating a 15% discount for the ground floor apartment. Obviously, as we have seen in a differnt current thread- value of a patio, the pricing can vary widely from apartment to apartment. I expect the same to hold true with the value of a ground floor apartment.

I believe when it comes time to sell my apartment, it will be more difficult to sell as a ground floor apartment, but it will appeal for someone seeking more space for their dollar.

Great feedback all. Thanks. Apt bldg is 5 stories. Apt is on the back of the building , past the elevator, and there doesn't seem to be much noise in that part of the lobby or behind the bldg. No access to a garden. Light is definitely not great in the apartment so that is noted. Common charges are considerably lower than apts. on higher floors. Excellent point, Valldejuli, about garbage. I'll ask about that.

This may sound silly, but in one ground floor apt I looked at, all the garbage and recycling cans were lined up in front of the other garden level unit in the building. They were this way for months (it was in my neighborhood, and I would walk by occasionally). Guess what? Since the unit closed, the cans are equally distributed between both units, and a few are directly under the windows of the one recently sold. I imagine the super was doing the seller a favor, or the seller slipped him a few bucks to keep the front of the unit clear until the sale.