Home Buying in Burien>Question Details

Brenda Demer…, Other/Just Looking in 08753

Should price per sq foot be less for a Condo than a House?

Asked by Brenda Demerchant, 08753 Tue Nov 3, 2009

I'm looking at a nice view condo-which comes out to about $163.00 per sq foot- I'm seriously considering it. I noticed the average for a HOUSE in the area I'm looking is $208.00 per sq ft. Should this tell me anything? should price per sq foot for a Condo be way more than a house or way less?

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Ardell pretty much nailed this down for you already. One other thing to think about - maintenance costs per sq ft are dependent on HOA dues for condos, which can vary widely. This cost of ownership is not shown in the sale price.
Web Reference: http://SeattleHome.com
0 votes Thank Flag Link Tue Nov 3, 2009
Price per square foot includes "site" considerations. The house most always is higher due to land considerations. You do not state if the house "in the area" has the exact same view consideration. The view consideration of the house will be vested in the value of the land, not the structure. The condo has a divided interest in "land value", and that value is not ever fully vested to an owner of one of the units, even in part. The owner of a condo cannot benefit from the bundle of rights land owners (fee simple) have, and so the site considerations of condo vs. single family fee simple ownership cannot be compared apples to apples, even with identical view considerations.

To determine good value of a condo per square foot, you can only compare condo to condo...apples to apples...as to comps. Comparing condo to house...house most always trumps condo, all "site" issues being equal, because there is value in being able to sell the land of it.
0 votes Thank Flag Link Tue Nov 3, 2009
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