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Suzanne, Real Estate Pro in Sherman Oaks, CA

Does the average price per sq ft for homes include condos or is it just single family homes?

Asked by Suzanne, Sherman Oaks, CA Thu Feb 24, 2011

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Catherine Bedrossian’s answer
Hi Suzanne,

When I do a cost/sq ft analysis, I only compare like properties. A single family home will always have more value per squre feet since a much larger land is part of it. As others have mentioned a strict per sq ft. value is not the best way to compare homes, as so many other factors go into determining value, i.e. amenitites, year built, condition, location, etc.

I hope that helps.
0 votes Thank Flag Link Fri Feb 25, 2011
I have many buyers looking at cost per square foot in comparing properties. Many of the online websites like zillow use cost per square foot to determine value.

I have been selling homes for 31 years and cost per square foot causes more problems then it solves.

The value of the home is not the square footage.

A 4000 square foot home is not worth twice the value of a 2000 foot home. The location determines the value.

Within the price range of that location, the values adjust up and down the range depending on many factors: condition, location, and size is just one of the factors.

I think the world wants big fixer up ers in bad locations.
0 votes Thank Flag Link Thu Feb 24, 2011
Suzanne,
I know you probably hate hearing this answer, but it depends. And it depends on a lot of things. It depends on the website, if you are looking at sold homes etc.

If you want something specific, for example, what is the average price per square foot for sold homes excluding condos and townhouses in Sherman Oaks in the last 90 days, it is pretty simple. Over the last 60 days the homes sold in the Sherman Oaks area averaged $327 per square foot.

That being said, there is a caveat. Some agents do not enter the property correctly into the MLS system. They may put the square foot data from the homeowner. Good agents will allow the system to autopopulate from tax assessor data. If the homeowner did additions without permits, the good agents will state the difference in square footage in the agent's private comments.

If you are looking at condo's, the price per square foot in Sherman Oaks over the last 60 days was about $252.

Let me know if you need help with anything.

Tommy Lee
DRE #01723594
tommy.lee@dilbeck.com
323-821-2292
говорю порусскии
0 votes Thank Flag Link Thu Feb 24, 2011
Susan, that is a great questions. A home not only takes into consideration the size of the home but also the size of the lot. Usually you will see the price per sqft. higher on a smaller home than on a larger home. Just as the large home will have a price per sqft. less than the smaller home. As for condos there are multiple properties on one lot and the price per sqft. is usually lower.

For example: A home that is between 1200-1600 sqft. would be about $349 a sqft. whereas the same size condo would be $255 a sqft. | A larger home that is between 1800-2200 sqft. would be $287 a sqft. whereas a the same condo size would be about $245 a sqft.
Note: these are averages based on a particular area for the purpose of explanation only.

If you have further questions I may be reached at 818-453-9166.
Roger Jarnigan
John Aaroe Group
Beverly Hills | Sherman Oaks | Sunset Strip
Web Reference: http://www.rhjhomes.com
0 votes Thank Flag Link Thu Feb 24, 2011
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