Home Buying in 01950>Question Details

Steve, Home Buyer in 01950

What is the per square foot price range of properties ACTUALLY SOLD in 01950 for single family and/or condos?

Asked by Steve, 01950 Thu Aug 20, 2009

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What type of property are you evaluating? Price per square foot is most valuable when comparing like properties. In other words using just the price per square foot of all condos or all single family homes is very general and can be misleading. If you’re looking at a 3500 square foot colonial built two years ago, the best way to get an accurate sense of value per square foot would be to search for homes 1-5 years old between with 3000 and 4000 square feet of living space. In this case the recent price per square foot (last 12 months) is 269.20 per square foot. In a specific neighborhood, such as Cherry Hill, you wouldn’t use the same price per square foot of an antique in the South End of town. You know the saying garbage in garbage out- Be careful the data you use is specific to the property type and location you’re evaluating.
0 votes Thank Flag Link Tue Nov 17, 2009
Hi Steve - To put some actual numbers to this question (because an average can be very deceptive) I did a quick check on Public Records to show how tricky going by price per sq. ft. can be when trying to guage price accuracy of a home can be.
For instance, Solds for single family homes in the past 3 months shows one of the lowest priced homes sold for $350.27/ per sq. ft. while one of the most expensive homes sold for $177.76/sq. ft. That's quite a range!
For condos, a lowest priced sold was $ $246.48, while the highest priced one sold for $216.19.
Upgraded kitchens, baths etc. don't always translate to higher sq. ft. price because so many other factors come into play - each home must be evaluated on it's own merits and what it has to offer in the overall picture.
I've found the best way to use price per sq. ft. is to evaluate comparable properties within a specific range. For instance, if you are looking in the $450,000 to $525,000 range you would check the price per sq. ft. in that range for all similar properties and check those numbers against amenities, location, etc.
Best of luck!
Web Reference: http://susan-hayes.com
0 votes Thank Flag Link Sat Aug 22, 2009
Steve, the broker below is not wrong, but there is a bench mark. Up in Newburyport the bench mark is about 230 a square foot. Give or take on how the finishes in the property are. Ex: Super nice kitchens and baths would rise the number. Your Realtor (buyers agent) should being comping any property you are looking to make an offer on to recent solds. This will give you the average square foot price for what you are looking at. If not you will can not make an educated decision on what to offer and what is to much in today's market. Hope this helps. Kevin
0 votes Thank Flag Link Thu Aug 20, 2009
While one can calculate the average price per square foot of living space, what is it that you're looking for? It would really be comparing apples to bananas ... to compare a sf of living space in ... say 4 BR colonial on a half acre of land with say, a square foot of living space in a 2 BR condo in a 2/3 family that may or may not have a condo fee, etc.

That said, in the past 6 months ... approx 108 properties sold ranging from $132K to $1M ... sitting on lots ranging from 1/2 an acre to none at all. The average of that hodge podge of properties comes to about $234 per square foot.

Are you looking to invest in Newburyport? To live there?

Let me know if I can be of more help.
Web Reference: http://www.commonmoves.com
0 votes Thank Flag Link Thu Aug 20, 2009
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