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how do I determine value

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January 09 2010
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Answers (1)

Well, 

It's hard to say without seeing the actual condition of the unit, but obviously the floor number, view, recent sales, number of properties currently for sale in the building, etc. are all going to have an affect. The most recent comparable sale was in May of 09 and was a one bed, one bath, 870 square foot unit on the fifth floor that sold for 687k (790 per square foot). You go to 2008, and on the same floor, a one bed, two bath, 1000 square foot unit sold for 995k (995 per square foot). If you go to the upper floors, a two bed, two bath, 969 square foot unit on the 13th floor sold last August for 1.285 million.

If I was advising a client to purchase this unit, realistically the price per square foot of the most recent sale in May is what I would use as our basis. The extra bed and bath definitely adds value, but there is also a discount for being on the lower floor and lending conditions on condos are still strict.

If you have any questions or would like to discuss please feel free to shoot me an email at peter_brunton@yahoo.com and I can give you a more thorough analysis.

 

 
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January 10 2010
 
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