Jamesr, Home Buyer in Chicago, IL

Why should a condo with 3 Bed and 3 BA sell for the same as a 2 Bed 2 BA with the same square footage and approx. floor plan?

Asked by Jamesr, Chicago, IL Mon May 21, 2012

Does that mean that a 2 Bed 2 BA condo same square footage and relatively similar floor plan

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Answers

10
If the 3 bedrooms are considrably smaller in size than the 2 bedrooms and if the condition of the 2/2 is better than the 3/3, then the similar price can be justified.
0 votes Thank Flag Link Fri Jun 8, 2012
Difficult to compare without a grid.
0 votes Thank Flag Link Tue May 22, 2012
Yes. Larger bedrooms really too large in comparison with bedrooms in general. Same floor plan. Just take one bedroom with a larger bath and larger laundry room and displace the 3rd bedroom and bath with those items. Otherwise, the floor plan is about the same and the square footage is exactly the same.
0 votes Thank Flag Link Tue May 22, 2012
The 2 br 2 bath condo must have huge rooms in comparison to the 3 bedroom 3 bath since both are the same size in square footage. Not sure how the floor plan could be the same.
0 votes Thank Flag Link Mon May 21, 2012
John: 1st master, living/dining, kitchen/breakfast, balcony, foyer rooms the same. The only other change is that the foyer closet is replaced with a powder room. 2nd master has larger bathroom and along with a larger laundry room displacing the 3rd bed and bath.
Flag Tue May 22, 2012
Why wouldn’t it? The rooms are larger.
Jim Simms
NMLS # 6395

JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Mon May 21, 2012
Jim: Thanks for your response. The 2 bedrooms are much larger than the norm and represent wasted space to many minds,which could be better used and more utilitarian with a 3rd bedroom/den/office/family room and full bath. To remodel the 2nd large bedroom to make a 3rd Bed and bath represents a large amount of money. People that want 3 BR and 3 BA definitely should be willing to pay for it as finished as opposed to buying a 2 bedroom and remodel. A move in now finished product vs an extensive unknown remodeling cost in a condominium is worth a premium price.
Flag Tue May 22, 2012
because the smaller unit is better quality and location and higher demand than your..you purchased to get the most for your money and now you are seeing how many people think that way..most do not..value is not based on size alone
0 votes Thank Flag Link Mon May 21, 2012
Joseph: In my case a 3 bedroom 3 Ba unit is worth more than a 2 bed 2 BA of the same size condo sq. footage. From the seller's standpoint he sees a cost associated with remodeling the 2nd bedroom into a 3 bedroom and 3rd bath as very significant. In general it is cheaper to pay a premium for a finished 3 Bed 3 BA rather than remodel a 2 BR 2 BA..If the buyer needs a 3 Bed 3 BA he should be willing to pay for it.
Flag Tue May 22, 2012
How does the layout compare? How do the upgrades compare? How about the view? These all need to be factored into the equation.
0 votes Thank Flag Link Mon May 21, 2012
Hi James,

Square footage and a nice layout can be more attractive to buyers than an extra bedroom and bath with an odd floorplan. Market value is really determined by what an able buyer is willing to pay.

Ivan Sagel
312-515-7823
IvanSagel@DwellOneRealty.com
0 votes Thank Flag Link Mon May 21, 2012
Yes, there are many possible reasons. Was one of them a short sale/estate sale/foreclosure? View/layout/upgrades or not..........
Sometimes a 3rd bedrom really is just a den. Are they in the same building? If I knew the address and units I might be able to tell you more.
0 votes Thank Flag Link Mon May 21, 2012
A few of many reasons-
Location, location location.
When you buy a condominium, you are buying more than space. Finishes, views, amenities in the building all relate to the unit.
The financial health of the Homeowner's Association, the amount of reserves, the number of rentals in the building, the overall condition of the common areas / building all create or detract from the value of a unit, including the availability of financing for a purchaser or refinancing options of an owner.

I am sure you will see this list get longer as others weigh in.

Dave
0 votes Thank Flag Link Mon May 21, 2012
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