Home Selling in Malibu>Question Details

Serra Rd., Home Seller in Malibu, CA

WHY ARE HOUSES PRICED BY SQUARE FEET WITHOUT CONSIDERATION OF CURB APPEAL AND PRIME CONDITION?

Asked by Serra Rd., Malibu, CA Sun Jul 11, 2010

Help the community by answering this question:

Answers

15
They are not priced by square foot.
But...would you pay $100 per foot if the next door neighbor just sold for $50 per foot?
The price per foot thing is just a guideline.
0 votes Thank Flag Link Fri Mar 15, 2013
Hi Serra,
I studied appraisal and I am certified by the bank to evaluations and I can say that I never base a homes value on price per square foot. PPSF is something that is calucated after that sale and in my opinion has nothing to do with the valuations, because as you say it doesn't take any of the homes features in to consideration.
I don't recommend buyers or sellers focus on price per sq. ft, it is worthless information.
Thanks
Janet McCarthy
Premiere Homes
jmccarthyhomes@gmail.com
858-243-5719
0 votes Thank Flag Link Fri Mar 15, 2013
They aren't. Homes, especially in Malibu, are priced based upon the total value, including Location, lot size, condition of home, views, amenities, etc.
Let me know if you would like a local Broker Price Opinion on your home.

Brian Goldberg
Broker Associate, Realtor
Coldwell Banker Malibu Colony
23676 Malibu Road
Malibu, CA 90265
P: (310) 403-4623
F: (310) 356-4901
http://www.luxurymalibuproperty.com
http://www.brokermalibu.com
CA DRE #01900604
0 votes Thank Flag Link Fri Mar 1, 2013
everyone believes that their home is a palace. Reality is, it is probably just average to your neighborhood
0 votes Thank Flag Link Sat Mar 10, 2012
Hi Serra Rd.,

Square footage is just another way of looking at the value of a property. Even professional appraisals are only opinions of value.

As a Realtor, I always search for 'comparable sales' to give my clients before they make an offer on a home. I also routinely point out the values per square foot to to cut through the haze of all the details invoved when comparing the 'qualities' of different properties.

Square footage valuations vary from home to home as well, not because they're different sizes, but because the qualities of a home are still taken into account. This is true of the average price per square foot in an area too. You still have to make an educated guess based on all the facts about the value of a property as compared to the 'average' price. Is it worth more, less, or the same.

Please feel free to contact me through my profile if you'd like a current comparable sales report for the homes in your neighborhood. Best of Luck.
0 votes Thank Flag Link Mon Aug 2, 2010
Which house are you trying to sell?
0 votes Thank Flag Link Mon Jul 12, 2010
I have always noticed that more buyers use this than agents. I frequently get asked what the price per foot is by buyers and sellers, and I tell them, we look at way more than that...you have so many other factors that can influence it. In commercial real estate I believe it is a better/more accurate tool (as commercial properties are leased by the square foot), but not in residential.


-Richard Schulman
#1 Listing and Selling agent
KW Westside
310-482-0173
schulmanrd@yahoo.com
http://www.RichardSchulman.com
0 votes Thank Flag Link Mon Jul 12, 2010
I have always noticed that more buyers use this than agents. I frequently get asked what the price per foot is by buyers and sellers, and I tell them, we look at way more than that...you have so many other factors that can influence it. In commercial real estate I believe it is a better/more accurate tool (as commercial properties are leased by the square foot), but not in residential.


-Richard Schulman
#1 Listing and Selling agent
KW Westside
310-482-0173
schulmanrd@yahoo.com
http://www.RichardSchulman.com
0 votes Thank Flag Link Mon Jul 12, 2010
Houses are not priced by square foot. The value of a home is determined by what the market will bear, that is what a buyer in today's market is willing to pay for it. It's a matter of supply and demand. The better your home has been maintained and the improvements made to the home will affect its market value without doubt, but
the ultimate value of your house is going to be determined by what a buyer is wiling to pay, along with the history of recent sales in the area; what other buyers were willing to pay for homes of similar size, style and condition.

I'd be pleased to give you an appraisal of your property, either in depth or a ballpark via internet.
Please feel free to call me on my direct line: 310-487-5758 We service your area.
Sue Wylie, Broker
BRC Realty Group
0 votes Thank Flag Link Sun Jul 11, 2010
That is also taken inconsideration condition of the interior and exterior however focus is on the sq ft . of home

GREAT QUESTION

Lynn911.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sun Jul 11, 2010
The question raises a very interesting discussion.
The homes that you see on the market are priced by Sellers as well as Realtors and some are more knowledgable than others. Some agents are desperate for a listing and will take overpriced properties with the hope of trying to convince the Seller once they have the listing that the price needs to be bought on line with the true market value.
The price of a home in Malibu generally is based on Views, Condition, close proximity to PCH as well as if the property is in a Gated Community such as Serra Retreat as well as close proximity to Los Angeles.
Of course Square feet is considered in addition to curb appeal. At least the home owners who want to sell their homes in this Market.
The sellers,who have an inflated opinions of their own home or are emotianally attached to the result will have their home on the market a long long time.
If you are just looking to get a Market Value or trying to sell your home please contact me directly. If you just want an Appraisal I will be able to provide you with a Trusted Appraisor.Keep in mind the comparables which sold determine the true value.
Web Reference: http://www.endrebarath.com
0 votes Thank Flag Link Sun Jul 11, 2010
In the data world, sqft is the standard measurement and what you refer to is the aesthetic that the based price is then changed accordingly - up or down. That's how we see the same sqft on different comparable properties have different price.
0 votes Thank Flag Link Sun Jul 11, 2010
$ / SQFT is definitely not the only consideration, of course curb appeal, condition, upgrades, lot size, views are all taken into consideration when valuating a property.

Our MLS sheets DO show what the price per sqft is, but I can show you many examples of like size homes selling at all different prices within a specific community,,they're selling due to all the other factors,,not just size.

EmilyKnell1@yahoo.com
562-430-3053 cell
0 votes Thank Flag Link Sun Jul 11, 2010
Hi there,

Price per square foot is just a general rule of thumb for comparison, but using price per square footage alone is not how appraisers or buyers determine the value of a property. When the accurate fair market value of a home is determined, the value is certainly affected by curb appeal and condition.

Have a nice evening,

John Barry
DRE #01856079
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
Facebook: http://www.facebook.com/RealtorJB
Twitter: @RealtorJB
0 votes Thank Flag Link Sun Jul 11, 2010
They're not, really; it's just that it's always been an easy field for report designers to add,
0 votes Thank Flag Link Sun Jul 11, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer