K, Home Buyer in New York, NY

How important are price per square foot comps when purchasing an apartment? I recently found a 1 bedroom

Asked by K, New York, NY Sun Aug 10, 2008

condo in Brooklyn that I really liked, but after much research I felt like the price per sf was high compared to the other comps in the neighborhood. In the end, I was outbid and am wondering now how important these numbers to look at?

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2
Joanna Lane’s answer
It's important to look at many aspects when deciding what to offer, and square footage is one of them, but not the only one. Someone else didn't care about that aspect, they wanted it for other reasons, reasons which may not have been at all important to you. Maybe they had friends in the same building, maybe it had the perfect location for their business, maybe they liked the decor. There are 1,000 possible reasons why sf wasn't important to them, but it is important to you, so it was a good decision for you not to raise your bid. There is something else out there for you waiting to be found, so keep looking for it.
0 votes Thank Flag Link Sun Aug 10, 2008
K - sorry, I don't know the area. Do you have a buyers agent? I know someone very good in Brooklyn, if you need a referral. Please contact me directly - vchrisner@kw.com
0 votes Thank Flag Link Sun Aug 10, 2008
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