How may I find out how much a condo costs per square foot (value per square foot) in Dupont Circle area?

Asked by Tracy, 20009 Sun Jan 29, 2012

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9
Miekeba Jones, Agent, Silver Spring, MD
Sun Apr 15, 2012
Hi Tracy, You should really seek the advice of a REALTOR. I am happy to help you. Contact me miekeba@heymannrealty.com
0 votes
Susan Isaacs, Agent, Washington, DC
Mon Mar 19, 2012
Erich had the easy formula for the question. Determining the price per SF of a condo, however, doesn't determine its value. Work with a Realtor experienced in the Dupont neighborhood to learn the ins and outs of pricing here.
0 votes
Betina Forem…, Agent, Austin, TX
Sun Feb 5, 2012
Dear Tracy,
Here is a link to a blog I wrote about the price per square foot and how it affects home prices. I hope you find it helpful.
http://activerain.com/blogsview/2751135/homebuyers-101-why-d…


Cheers!
Betina
Web Reference:  http://www.BetinaForeman.com
0 votes
Betina Forem…, Agent, Austin, TX
Sun Feb 5, 2012
Take the list price and divide it by the number of square feet and voila you have the price per square foot. This only works if the actual square footage is correct. You may wish to double check that on the property tax records. Often these records are public records, found in your local county tax assessor's website. Usually you may search by real property address. I wish you much luck on the purchase.
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John Loulan, , Washington, VA
Mon Jan 30, 2012
DuPont Circle area condos sell for anywhere from $300-$1,000 per square foot. It depends on many factors, condition, location, view, amenities such as a pool, doorman, front desk staff.
The average is around $500 per foot for a nice one bedroom that is about 500-600 square feet.
The smaller the unit the higher the price per foot, because it has all of the expensive stuff, kitchen, bathroom, HVAC. Living space does not cost as much per foot as does your kitchen and bath.
I hope that answers your question. Inventory is very tight right now so use a savvy agent who really knows the market.
I know and work the DC market and am a fourth generation Washingtonian. I can be reached at johndcre1@gmail.com
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Jim McCowan, Agent, Arlington, VA
Mon Jan 30, 2012
It's a pretty simple method, or so I thought! Just went through this with a listing and learned a valuable lesson. I actually went and measured new construction townhouse, front to back and side to side, all three levels. Added up the three floors and got a number which made sense, given the other townhouse on the street.

Turns out we were almost 300 sq ft low, according to what was recorded because the official measurements were down accorcing to the foundation, not the interior walls. Then someone through into the conversation, "Why would you count the closet space?"

Guess I need to talk to an actual appraiser to see what they do!
Web Reference:  http://www.JimMcCowan.com
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Christopher…, Agent, Washington, DC
Mon Jan 30, 2012
Hi Tracy,

Cost per square foot can vary widely based on the features, condition, position in the building and a host of other variables. It's a good number to look at in determining how much space you're getting for your money, it can be problematic to use cost per square foot as a measure for comparison unless there is a clear difference. One reason for this is that square footage measurements are frequently incorrect on a property listing, particularly if it is coming from tax records. My suggestion would be to consider the cost/square foot, but in the context of all the other variable unique to each property.

Now, if you are trying to determine the average cost/square foot of Dupont Circle condos, you would need to look at recent sold condos in the neighborhood that include square feet in their listing, add all the sold prices in one column, the square feet in another, then divide the price by the square foot to get the average cost per square foot.

Let me know if you have any questions!
Christopher Bulka
Coldwell Banker Dupont
202-420-8919
http://www.cbmove.com/christopherbulka
0 votes
Erich Cabe, Agent, Washington, DC
Mon Jan 30, 2012
Simply divide the price of the condo (let's take $500,000 as an example) and divide by the sq ft size of the unit (le's use 1000 sq ft as an example.)
This gives you the price per sq ft.
Our exappmple condo would be $500 per sq ft.
Best,
Erich Cabe
202-320-6469
Coldwell Banker, Dupont Circle Office
http://www.ecrealtor.net
0 votes
Boris Miric, Agent, Alexandria, VA
Sun Jan 29, 2012
Tracy,

This is a very good question and important to know when deciding how much to spend and what to purchase.

Given that the area in question is versatile it is quite hard to be specific and state an exact cost per sq/ft. Few reasons for this are the amenities that the building offers, age of the building, floor that the unit is located, renovated or not and so forth.

The best way to approach this is to determine the amount per month you are comfortable with, by speaking with a lender. Once you know this, then based on the location you are interested in purchasing see the options of units available and then look at the last 90-120 day sold information and you will be able to determine if the asking price is a cost effective.

I hope this helps, if there are any other questions or concerns I could address please email me <info@borismiric.com> or by calling 202.459.4700
Web Reference:  http://www.borismiric.com
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