Netty, Home Buyer in Brooklyn Heights, Br...

How does outdoor space factor into the price per square foot of an apartment that's for sale?

Asked by Netty, Brooklyn Heights, Brooklyn, NY Sat Jul 26, 2008

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4
According to Miller Samuels appraisers when they spoke at a meeting I went to a couple of years back, outdoor space is usually appraised at approximately 25-33% of indoor price per square foot price. However, in exceptional neighborhoods, like Tribeca, where it's at a premium, I've seen it priced at up to full price per square foot of indoor space. It's always a plus when it comes to most people-- a real incentive when selling or buying.
Ann
1 vote Thank Flag Link Mon Jun 11, 2012
Terraces, yard access or roof access all increase the value of the unit.

A Realtor can provide you with comps of sold units with and without outdoor space for comparison.

Best of luck in your house hunting.

Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19
2926 Avenue J
Brooklyn NY 11210
917-593-4068 (David’s Cell)
646-318-5031 (Bonnie’s Cell)
davidrogoff@fillmore.com
0 votes Thank Flag Link Fri Feb 25, 2011
I'm no real estate expert but my daughter has a 450 sq ft studio with a private 500 sq ft outdoor space and being single this was a huge factor in her deciding to buy that apt in Manhattan.
0 votes Thank Flag Link Thu Feb 24, 2011
Outdoor space usually increases the value of the apartment. A Realtor can give you specific information on the unit in terms of sales history of that particular unit and the building's sales history (i.e. average price per square foot, etc.) as well as conduct a comparative market analysis with other similiar apartments in the neighborhood.
0 votes Thank Flag Link Tue Aug 5, 2008
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