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Elena Ravich,…, Real Estate Pro in New York, NY

What value would be reasonable to assign to a 400SF patio of an UES apartment?

Asked by Elena Ravich, Esq., New York, NY Thu Jul 5, 2012

I am trying compare a 1st floor unrenovated apartment with a 400SF patio with new walls and floor, with electricity and water connected with a fully renovated 10th floor apartment. How much extra value we should assign to the patio, so that we can deduct the renovation cost and additional value for the high floor to arrive at the offer price.

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5
400 sq ft is like 120 sq ft of a living space. You can renovate any apartment but you can not ad a patio.
1 vote Thank Flag Link Thu Jul 5, 2012
Thanks Veronica! With the price of about 700PSF this makes it worth over $70K of additional value, correct ? My client thinks the value of the patio is more like 20K, the seller's broker though it is 50K and my goal is to ask what other brokers think to make sure my client is not overpaying
Flag Fri Jul 6, 2012
I would check the market in the specific neighborhood!
0 votes Thank Flag Link Wed Apr 3, 2013
There are many factors that need to be taken into consideration before a value can be established. I suggest you begin the process by pulling comps and getting an understanding of values for similiar properties in the neighborhood.
0 votes Thank Flag Link Fri Jan 4, 2013
There are many factors, we can come and do an asessment give me a call 718.791.5427
0 votes Thank Flag Link Thu Jul 12, 2012
You should really try to find true comps to compare it to, rather than comparing it to an apartment that is lacking such a crucial amenity. Look for recently sold properties with balconies, same level of service etc. Then list accordingly.
0 votes Thank Flag Link Mon Jul 9, 2012
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