hello! I just saw a new listing for a condo that has a huge terrace. I would say about 350 sq ft. How much is a terrace worth? I understand it is

Asked by Lazylarry, 94107 Fri Jul 2, 2010

like a feature of a home like having high ceilings but is there a general rule on how much value is added like a price per sq foot?

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8
Dorene Slavi…, Agent, Torrance, CA
Fri Jul 2, 2010
Hi Larry,
A terrace is nice to have, most buyers love them as they add living space to the home..but..they are not cosidered as part of the square footage of the property. I don't believe you can add any additional for the terrace.
0 votes
Rob Regan &…, Agent, San Francisco, CA
Fri Jul 2, 2010
As Lance and Oggi state, there is no easy or uniform answer. For outdoor space that isn't easily accessible you might assign zero value to it. For that matter, you might assign zero value, or a very small value, to a large space that is right off your living room or kitchen - but is north facing with tall buildings all around - with lots and lots of neighbors watching you're every move.

But some outdoor spaces could easily add $100,000. But a terrace on a condo? Too hard to call without seeing it.
Web Reference:  http://www.SF-MLS-Search.com
0 votes
Lance King, Agent, San Francisco, CA
Fri Jul 2, 2010
Larry,

These things are very subjective, and there is no rule of thumb. There is no question that outdoor space adds value, but there are a lot of factors that play into this. For example:

Sunny side or not?
View?
Privacy?

your friend who is representing you then he/she should be able to help you with pricing.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
0 votes
Oggi Kashi, Agent, San Francisco, CA
Fri Jul 2, 2010
Larry,

Email me with the address and I will try to help you and your agent with a second opinion of value - no strings attached.

Oggi Kashi,
Broker Associate - DRE 1844627
0 votes
Lazylarry, Home Buyer, 94107
Fri Jul 2, 2010
Oggi,

the thing is, i have no idea how much a terrace like that is worth and my friend who is a RE broker said that it's value is a per case basis. I know most people would love have some extra outdoor space but there are not many to find a comparison with. Would you guys say its worth $100k over another similar property or would something like $40k be more in line?
0 votes
Oggi Kashi, Agent, San Francisco, CA
Fri Jul 2, 2010
Hello Larry

I trust you really aren't "Lazy" as indicated in your screen name and I hope you have a good sense of humor :-) It's best to make an appointment to view the property and judge the value of the terrace for yourself. A general price per square foot will not be accurate.

Oggi Kashi,
Broker associate - DRE 1844627
Web Reference:  http://www.oggikashi.com/
0 votes
Stephen Rossi, Agent, San Francisco, CA
Fri Jul 2, 2010
How about some hard numbers from the industry. I'm curious too. Is there a $/sqft ratio that agents use to price homes? For example, if the inside of the home is priced at $600/sqft, outdoor space is priced at 1/5 of that, or $120/sqft.
0 votes
Ben Coleman, , San Francisco, CA
Fri Jul 2, 2010
The question is what is it worth to you? Value is determined by the buyers and what is important to one is not so important to another.

Ben Coleman
Century 21 Hartford
415-863-7500
0 votes
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