Jamesr, Home Buyer in Chicago, IL

How important in $ is floor level in a bldg? How to translate into $, 9th flr vs. 19 flr. same unit?

Asked by Jamesr, Chicago, IL Sun Jul 7, 2013

Many people want to be on lower floor - faster in and out and easier and more fun to view in detail rather than at helicopter level.

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Hi, Jamesr:

The general rule of thumb is the higher the floor, the higher the price. This is true for a number of reasons:

-- higher floors have less street noise
-- in a high-rise building, higher floors generally speaking have a better view
-- in a low-rise building, the top floor may be preferred since the owner would not have any noise from above

Remember, though, that in a four-story building that does not have an elevator, for example, a top-floor unit may not garner much more than a ground-floor one. Also, in a high-rise building that has older elevators which may break down more frequently, upper-floor units may not be in such great demand.

Taking all this into consideration, there is no set dollar amount to calculate the difference in price for similar units on different floors in the same building. However, your REALTOR can usually give you a range of realistic prices based on sales of units in the same floor range of the building.

Of course, there are many other factors involved in determining a fair price for a condominium unit. Among these are:

-- number of square feet of living area
-- type and age of finishing
-- type and age of appliances (if they're included in the sale)
-- direction and content of view from the windows
-- whether the sale is "distressed" (i.e. short sale, foreclosure)

If you haven't yet hired a broker, talk to a few and choose one to help you. Find one who knows your neighborhood and building. A knowledgeable broker can help you to balance all of the factors to determine a fair selling price.

Regards,

Don Pasek, CIPS, TRC, ADPR
Omniterra Real Properties
Chicago
0 votes Thank Flag Link Mon Jul 8, 2013
In some buildings the floor that a unit is on can either make a huge difference or none at all. Every one's situation is different. Consult a realtor and give him/her as much information as possible so they can give you the best advice or opinion.
2 votes Thank Flag Link Sun Mar 9, 2014
The higher the floor the more valuable the unit. Use about $2K as a basis for each floor. So 9th floor would be $20K less than a 19th floor unit.
0 votes Thank Flag Link Wed Mar 12, 2014
It all depends on what you are interested in. If a high rise with a great view and an elevator then the higher the floor the better. Also on some properties people like the top floor because no one is walking around on top of them.
Generally speaking the higher the floor the higher the cost.
Good luck.
0 votes Thank Flag Link Mon Mar 10, 2014
The price per floor is extremely important to get right. As you go up in floors, the price tends to go up also, but it's not a linear relationship.

The price difference depends on the total number of floors in the building.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sun Jul 7, 2013
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