Terrace-Added Value

One poster on this forum said that the outdoor price/sqft should be about 1/3 of the indoor price/sqft. The formula would then be:
(indoor space + outdoor space/3) * price per sqft = total price

In your case:
(1500 + 700/3) * price per sqft = total price

This is a simple calculation. The overall price will of course depends on other factors: which floor, is it facing a wall, ...?

Look at the maintenance costs as well. When a lot of buildings converted from rentals in years past, outdoorspace counted towards the overall square footage of the apt. Sometimes the result was really outrages monthlies.

Thanks for the feedback. I did notice the monthlies compared to those without a terrace was about 25% higher.

As lovely as a terrace is, and I'd like one too, I think it's easy to overlook all the soot that will collect. Do you/the maid have to mop at least twice a week? Also, what's it like gardening up there? Not everything will grow under those conditions.

ALso bear in mind that, we live in New York not San Diego. Outdoor space cannot be used all year round.

I second comment #6. While I agree it is nice to have a terrace, I don't think a terrace should increase the price of the property significantly. In Summer, it is too hot to be outside. In Winter it is to cold. You are left with Fall and Spring when it doesn't rain ...

I can imagine that warm summer evenings would be lovely out on the terrace, and think of entertaining, but shade is a consideration for daytime & storage is so scarce that whatever you put out there pretty much has to stay out there year round. You also certainly must research your plant materials because not everythink will survive in a pot & with the wind & over the winter so you will be doing a lot of replacing, too, I would think. However, they are a very special feature so I can see that they would fetch a premium. Enjoy - & invite me!

I thought terraces were much in demand apparently there are diffences of opinion.

Just to give you an idea, look at that property:
http://www.streeteasy.com/nyc/sale/31516-coop-330-west-145th-street-hamilton-heights-new-york
It has a 22x12 sqft terrace with triple south exposure but the indoor layout is not great. It has been on the market for 300 days. The asking price went down from $600K to $495K.

One floor up, you have another unit with the same indoor layout but no terrace:
http://www.streeteasy.com/nyc/sale/68709-coop-330-west-145th-street-hamilton-heights-new-york
Just listed at $499K.

I have a terrace with river view and it is great!Agree with the plant issues and hence I have fake plants.I use my terrace all the time except when the weather is cold.

#11 A terrace with river views sounds delightful. Where are you located & how far up are you? Also, do you find the cleaning/upkeep is demanding? I house sat in the Hollywood Hills
with an amazing view of the city but those terraces were constantly dirty & then if you watered you'd have mud. I'm sure I'd learn to deal with it but it is a consideration.

#10, I'll take the terrace. Even if you just put 2 pots with evergreens out there I think that a terrace adds glamour & luxury despite the maintenance issues. Also in this case I'd say that the average buyer would think that the apt without the terrace has a 'nicer' kitchen with the cherry & stainless, not my taste but VERY popular, so that may account for the price disparity.

#12, this is #11.I'm located at UWS - 8th floor.The terrace has fountain, rocks and fake plants - the rain and wind take care of the 'cleaning'.

I was looking through a paper copy of New York Magazine from last summer & the 'Ask a Shop Clerk' column was on Dimitri's Garden Center, 1992 Second Avenue near 103rd St. He recommends "The City & Town Gardener" by Linda Yang. "We all swear by it", he adds. You're welcome...and don't forget my invite!!

When's the BBQ?