Sell value of high floor condo vs low floor condo?

[cc46]

Is there a rule of thumb regarding the relative value of a high floor condo vs a lower floor condo, given same bldg and unit layout and orientation?

For example would a 1+1 on the 20th floor sell for less than a 30th floor unit, given all other features are comparable? and if so what relative %age more?

Hoping the marketing folks and real estate agents can chime in.

Thanks

 

[James]

A rough figure to use would be an additional $1,000 per floor as you advance upwards. Builders generally use this adder for new units that are the same. Keep in mind that some units change as you go up, which would render this figure invalid. For resale, I find it's a little more subjective since units tend to be quite different; i.e. upgrades, additional features added, show quality, etc.

 

[cc46]

Okay thanks James, I was expecting a bit more of a difference but good to know.

 

[interested]

Actually the $1000/floor is usual for mid or entry level and small units.
Larger units go up more / floor but this is understandable because $1000 on a $300,000 unit would be the same as $2000 on a $600,000 unit in percentage terms.

In luxury buildings, the amount goes up much more. Further, if the view is much better, there can be quite a jump.

For e.g., in 1 luxury building I know, the units went up from $5000 to $10,000/floor. $5000 for 800 sq.ft. units,$6000-7000 for 1100 to 1300 sq.ft. and $10,000 for 1500 to 1800 sq.ft. units. These are rounded but you get the idea.

 

[Ryan_T]

In some buildings, like 1BloorEast, the higher you go up, the more upgrade options you have, so you can potentially have a much nicer unit. In 88Scott, the upper floors tend to have very different layouts than the lower ones.

 

[Toronto Real Estate Agent]

from my experience nothing in real estate is black and white and no easy formula to determine value. Higher floors do sell for more then lower floors but there is no formula to figure out value. When i do comparables for clients I do a comprehensive search of the entire building (and neighbouring buildings) and come to a reasonable estimation of value.

 

[TORealtyBlog]

James is right, theoretically a deveoper will charge 1000 to 2000 more per floor. That is the main difference, I suppose they rationalize this because the higher up, the better the view, but it's up to you to make the choice for yourself. On a new feature of my site I talk about how I used this to my advantage. Two identical units were on sale at the same time, except one was higher up than the other, my clients offered on both but only went with the one that gave us the best price.

Is there a rule of thumb regarding the relative value of a high floor condo vs a lower floor condo, given same bldg and unit layout and orientation?

For example would a 1+1 on the 20th floor sell for less than a 30th floor unit, given all other features are comparable? and if so what relative %age more?

Hoping the marketing folks and real estate agents can chime in.

Thanks

 

[Ryan_T]

Interesting articles:

http://www.dailymail.co.uk/health/a...le-live-eighth-floor-22-likely-die-early.html

http://www.houzz.com/ideabooks/15071371/list/Why-We-Want-a-House-With-a-Great-View

In other words, if you can zone out on something simple and soothing — not Angry Birds — your mind is able to restore calmness.

Most of this effect has to do with evolution. When early humans could observe their natural surroundings from a secure vantage point, with a clear view of any approaching danger — like lions — they could relax, feel at peace, reflect on life and make a plan for it. The same theory holds true today.

"My brain is almost exactly the same as some relative I had several thousand years ago," Augustin says. "Our brains change so slowly that things that made us comfortable in the environment in which we evolved are comforting to us now. Watching the countryside allows us to look at our world softly, easily, and consider what might happen to us next.”

In a nutshell, people like being up high because it's a tactical advantage, and humans are wired in for safety, sense of control, and comfort.

 

[Bayer]

In a nutshell, people like being up high because it's a tactical advantage, and humans are wired in for safety, sense of control, and comfort.

Unfortunately, you have neither of those advantages when, for example, you live on one of the top floors at ROCP and there are constant elevator breakdowns. One of our elevators has been offline for almost 3 months. After 7 years there, I am getting fed up. I would recommend to anyone wanting to buy on a high floor to get informed about the type and number of elevators in the building they are interested in, if that is even possible. They tend to be taken for granted but in tall buildings, they are the #1 amenity and cannot be underestimated.

 

[W. K. Lis]

Unfortunately, you have neither of those advantages when, for example, you live on one of the top floors at ROCP and there are constant elevator breakdowns. One of our elevators has been offline for almost 3 months. After 7 years there, I am getting fed up. I would recommend to anyone wanting to buy on a high floor to get informed about the type and number of elevators in the building they are interested in, if that is even possible. They tend to be taken for granted but in tall buildings, they are the #1 amenity and cannot be underestimated.

Generally, fire ladders have a six or seven story reach. Also, consider how many floors can one walk UP, in case of power failures.

 

[Bayer]

Generally, fire ladders have a six or seven story reach. Also, consider how many floors can one walk UP, in case of power failures.

A few years ago, a flood disabled ALL the high-floor elevators in my building. I decided to go to the top floor accessible through the low-floor elevators and then proceeded to climb 19 floors. Not necessarily something I would recommend if you are in your mid-forties and in no more than average shape... They later managed to put a single elevator in service, and it took weeks before the others could be repaired. I was not amused. The problem we have now was caused by water as well, more specifically the heavy rains we had in July (???), which fried a circuit board. A new board arrived, and it is incompatible with the 7-year old elevator (a Thyssen-Krupp, by the way)... It's just an insane comedy of errors.