hey folks my name is Chris at Hauseit today we're going to talk about an
interesting topic and that is how much more should i pay for a higher floor in
a condo building
well this is a a super interesting question especially if you're analyzing
comps other you know recently sold listings in the building or perhaps
listings have recently gone in contract perhaps you're trying to decide you know
where to place an offer and of course this is going to be extremely important
i mean even if you have something that you know has a another unit that has the
exact same floor plan as the unit you're contemplating that has recently sold
you know there might be a floor differential it's not going to obviously
be right on top of you the the next one up
or the one below usually there's some you know bigger floor differential if
you're lucky enough to have a similar unit with a
you know very similar floor plan so so then the question is how should
you account for this difference well if you take it back to
you know what developers do you often see that they priceless things you know
sometimes by 5k or 10k of a difference depending on the budget of the the sort
of the properties in general the price point of the properties in general but
you know sometimes you might see for example 10k or difference in floors and
they'll just mechanically price that across all units of the similar line by
floor height but you know there could be other
differences too you really have to consider you know what that difference
in view is because sometimes
once you cross a certain floor threshold perhaps there's a dramatic difference in
view so in urban environments such as new york city or miami you know perhaps
at a certain point in floor level instead of facing the building across
the street you suddenly clear that building and have an unobstructed view
so that you know can cause a a huge pricing differential that might not be
accounted by something or accounted for by something as simplistic as you know
10k per per floor another example is for example in in edgewater which is a
beautiful neighborhood surrounded by design district midtown and wynwood
right on biscayne beach and then so they have a lot of luxury
new construction condo towers right on the water
and what's interesting is once you go you know in the sort of high 20s or low
30s once you get to those floors and above
you certainly can see past south beach which is lower rise in terms
of zoning and you can see past south beach and you actually have direct ocean
view so not only do you have bay view but you can see past the buildings on
south beach and you have ocean view as well so
you know that could be something to to keep in mind as well because obviously
something on the 40th floor is going to have a dramatically different and
better view than something that's perhaps on a single digit floor
so that's something to keep in mind as well the last thing we'll mention is you
have to keep in mind that you know sometimes higher floors might
have different floor plans or ceiling heights so for example at the One Paraiso
which is a 2018 new construction building in Edgewater
the penthouse units
have a different floor plan as you might imagine farm units on lower floors and
they also have higher ceiling heights so for example the penthouse units
have 10-foot ceilings versus 9-foot ceilings on the non-penthouse floors and
so in that case you know if you do happen to be on a higher floor and it
happens to be you know where the penthouses start then obviously that
that should account for a difference i mean it's it's a completely different
floor plan as well so that's something to keep in mind as well
and so you know in summary the the answer is
sure you can perhaps use what developers use when they price their new
developments as sort of a very base metric
to have something to compare against but remember that it really varies on a
case-by-case basis you know there are many things to
account for perhaps the view changes dramatically after a certain floor
height so it's not a like we always say it's not an exact science it's more of
an art and if you need help with pricing feel free to contact us
we can help you save up to two percent or more when you buy with the Hauseit
Buyer Closing Credit by giving you two-thirds of the buyer agent commission
which can be a lot more than you know than you think because some new
construction buildings will offer five six seven percent here in miami for
example to buyers agents and giving you two thirds of that is quite substantial
and can cover more than your closing costs
and of course if you're looking to sell we can help you save six percent with
our Agent Assisted FSBO listing service and we also have a one percent for full
service listing option if you need something more hands-on we cover all of
new york city long island hudson valley and then now
we're based in miami florida so we cover miami-dade county
broward county palm beach county martin and st lucie counties my name is Chris
at Hauseit and we'll see you on the next one