Valuing Outdoor Space?
Hi, My wife and I are going to be placing our half brownstone on the market, but we are not sure how our backyard should be valued. Is there a basic formula we should use in valuation? Thanks!
Hi,
My wife and I are going to be placing our half brownstone on the market, but we are not sure how our backyard should be valued. Is there a basic formula we should use in valuation?
Thanks!
That’s an awesome idea. If only we could afford half a brownstone, we’d take it! We’ve been looking into tenancy-in-common as a way of buying a place. Is that what you’re going to do? Or, have you already converted to condo? Just wondering.
NYS certified appraiser here. Match Pair two or three garden apt sales with back yard space vs. similar sqft condos without it. or just ballpark 30k +/-
This question has been asked before & responses have been all over the map. The most reliable evaluation would be comps.
We’ve taken Rodney King’s advice and decided to all get along, to answer your first Q. If there’s an issue we discuss it and come to a decision. Neither party can override the other, technically, but there really aren’t that many areas of contention; the building is already in good shape. Common charges are $150/month. If there is a big ticket item we dip into our pockets for more.
Our unit is 2,050 sft. My neighbor’s is about the same, being a four story 20X56 brownstone. It’s on a 100 foot lot on a name street above seventh.
If each unit owner has 50%, how are disputes resolved if there’s disagreement on a voting issue? yes, i’m nitpicking but this would be a real concern to a buyer.
but to answer your original question, you have to start by looking at comparable sales & listings in your neighborhood.
What’s your square footage??? Do you think it’s worth $400, 500, 600, 700, 800 psf??? And what are the condo charges?
Yes, it’s a condo, 50% of the building. The garden is owned solely by us. No tax abatement.
So it’s a condo??? Or a Coop??? Makes a difference. Is there any tax abatement that will expire sometime?? The yard, though a nice amenity will not be a huge factor in the per square foot pricing of the unit. More like an amenity. Also, the common charges and the ownership structure of a small building are a big factor.
What % of the building is this unit?
Parlor level and garden level.
First of all, what’s a “half brownstone?”