Market Conditions in Hoboken>Question Details

HobokenBuyer, Home Buyer in Hoboken, NJ

How to value basement space in Hoboken duplex?

Asked by HobokenBuyer, Hoboken, NJ Mon Dec 10, 2012

We are looking at showing an offer on a duplex in hoboken where 1/3 of the square footage is in the basement. By everything we can gather the property is not in a flood zone (its in the middle, near Washington St) and it didnt sustain any water damage during Sandy. Regardless, how do you value the basement space? If we think the upstairs is worth $450 a sq/ft is the basement $300? $200?

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As others have pointed out, this is a difficult question without actually seeing the place. It all depends on the overall space and how it feels to the potential tenant/buyer as to what they would be willing to offer for it. With that being said, a Realtor who knows the market will be able to come in and price accordingly after they have seen your place and have compared it to what else is currently available in the market. Selling it and renting it are also two different things that involve other factors when pricing it, so you will need to decide what your desired outcome will be and go from there. I hope this helps!
0 votes Thank Flag Link Tue Dec 11, 2012
Don't get hung up on price per square foot. You need to look at your home as a whole and determine its worth. You should call in an agent to value (and, naturally, I'm going to say this) and list your property for you. An agent will look at similar units that have been on the market and sold, factor in your location; which sounds really good, then determine a price.
Hope this helps.
0 votes Thank Flag Link Tue Dec 11, 2012
IT is a tough question to just answer without all information. SOme would consider a true basement to be a home that is fully below ground and yet in hoboken there are many homes that might be below ground on one level and at ground level...walk out on the other side....the one that walks out has more value then one where you cant walk out...of course you also have to look at the finishes..is it a basement that is just brickwalls and concrete floors or is it finished...is there a fully functional bathroom or no restroom at all. Lastly and probably the hardest is how would an appraiser view it...and this is the most difficult. wether it was a basement or a parking spot or anything else if you put 5 appraisers into a home you will get 6 diff values...Many areas have things that are not as common in other areas and if you dont have an appraiser that understands the area they may underappraise something that is customary in that local area....Best example i can give...earlier this year i sold a condo at 1st and adams and the appraiser was from out of the area and he gave the deeded aprking spot 10K value...yet any appraiser that knows the area would give at least 30K....ive seent he same thing happen for private yards, lower levels of a duplex, views...etc

Hope this helps
0 votes Thank Flag Link Tue Dec 11, 2012
Should have pointed out - the basement is finished and currently being used as an extra living room
0 votes Thank Flag Link Mon Dec 10, 2012
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