Price difference for floors in walkup building
Hi – I have a condo on the fourth (top) floor of a walkup building. My neighbors on the second and first floor are selling for what seems like a lot to me. Is there some kind of percentage used by floor? (like, 20% less for the 4th floor)? Just wondering.
Hi – I have a condo on the fourth (top) floor of a walkup building. My neighbors on the second and first floor are selling for what seems like a lot to me. Is there some kind of percentage used by floor? (like, 20% less for the 4th floor)? Just wondering.
Thanks Brokelin and Maly. The second floor actually has lower ceilings than the 1st or 4th floors. The 4th floor has roof rights; the 1s floor has a little fenced garden.
All things equal (no outdoor space, same ceiling height, same finishes, same views), you lose about 3-5% per floor in a walk-up. So if the 2nd floor unit sells for $1,000,000, the third floor can expect $950-970,000, and yours $910-940,000.
Of course, in a brownstone, sometimes the top floor has a better layout (because there is no through stairs), and the second floor has higher ceilings, so you need to look objectively at the pluses and minuses. A better kitchen, or upgraded bathrooms can trump the floor difference.
When I bought in a 4 floor walkup, the 2nd, 3rd, and 4th floors sold within months of each other. There was a slight premium for third floor walkup over fourth, and again for second floor over third – but nowhere near 20%. In our building, it was more like 2-3% more for each floor as you went down.
That surprised me – as I like top floors, and figured the greater light and quiet of the top floor would command more – but apparently not in a walk-up – I’m not in the majority in my preference for top floors, it seems.
The condition of the apartment and its renovations, of course, matters much more in pricing. And the market is in a state of change these days. Or, it could be that your neighbors are starting with an asking price that is too high – a rather common occurrence. Watch and see what it sells for, if it sells.