Whas a garden worth?

The ground floor apartment (rear) in our building is for sale. http://www.bhsusa.com/brooklyn/heights-1-bed-w-private-garden/coop/10209835 Trying to judge how much this means our upstairs apartment is worth now? So wondering how do people price having “garden” space? I know this apartment has the negative of low ceilings but with a really cool outdoor space how much per square ft do people feel secluded outdoor space is worth? btw just to be clear, this isn’t our apartment, we live in the building upstairs…..just trying to work out what people think having a backyard is worth?

deanbh

in About Brooklyn 11 years and 3 months ago

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deanbh | 11 years and 3 months ago

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Well we finally got our valuation back (we are about to refinance with Wells Fargo which is why I was wondering the original question), pretty much in line with what we thought (maybe 50-100k low but that’s reasonable considering its not what we’d sell for but what the banks appraiser valued it as based on other sales in the area). The appraiser used 53/6 Remsen, 44/4 Remsen, 119/4 Henry as comps and valued our apartment on the top floor at $1,550,000. Like I said still not sure how this reflects for the smaller apartment on the ground floor with garden area but it shows Brooklyn heights has certainly moved up a bit since we purchased in 2008.

eman134 | 11 years and 3 months ago

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That deck sure looks like it was never filed and does not conform to building code…a lawsuit waiting to happen

NeoGrec | 11 years and 3 months ago

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Is the calculation you’re trying to make really useful? There are so many factors that go into pricing an apartment. The share approach is certainly sound to a degree. But if you really need a valuation, ask a broker. Believe me, I ain’t no fan of brokers but some of them do know their way around marketplace conditions.

resident2 | 11 years and 3 months ago

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A garden is a rare and special amenity in the City. That said I am sure it was considered during the co-op planning stage and the share allocation for the building. A co-op purchase is a purchase of shares. Look at how many shares the garden apartment has compared to yours? Your apartment as you hint at has things that the garden unit does not have, ceiling height, light, views perhaps? The share allocation should reflect that. Of course as time goes on individual owners “improvements” can upset that somewhat.

daveinbedstuy | 11 years and 3 months ago

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Given the poor layout of that apt and the bizarre shape and small size to accomodate a bed in the BR, the yard is it’s best feature.