Value outdoor space
Started by hgobioff
about 19 years ago
Posts: 4
Member since: Dec 2006
Discussion about
How do you value outdoor space? For example, assume three units. Unit 1: Size X, minimal outdoor space Unit 2: Size X/2, X outdoor space Unit 3: Size 2X, X outdoor space What would you expect the price relationships to be? Assume that the views are not great (low buildings). Thoughts?
It seems that in terms of outdoor space, you should figure anywhere between 25% to 35% of the indoor price per square foot (reaching an upper limit of $500 per s.f.), depending on location of the unit, the quality of the outdoor space (private wrap terrace is better than private roof terrace, both are better than shared or adjoining terraces with others, etc.), the view, the light, the exposure, if people can look down onto you or not, and whether or not your immediate lot lines are permanently protected or if a massive building could be built within inches of your outdoor space leaving you to stare out at a brick wall.
Thanks. I've read elsewhere a suggestion that you value it at about 30% the indoor ppsf as well so that is consistent.