Does size matter?
Pull out your rulers, your tape measures, your sonic measurement devices and start doing some calculations.
When buying a home (or pricing your home for sale), the #1 criteria, as most everyone knows, is LOCATION. There's no dispute about that. What's next? How about size, condition, age, and amenities.
How much does size really matter?
Here's an example taken to the extreme:
There are two homes currently on the market in Old Town Alexandria -- one is a $3 million plus home with over 8,882 square feet of finished living space; the other, a studio condo priced at $209,000 and offering a mere 380 square feet (can you actually fit a bed? and a dresser?)
Let's do the math!
HOME #1: $3,195,000 divided by 8,882 square feet =
$359/square foot
HOME #2: $209,000 divided by 380 square feet =
$550/square foot
Surprise the studio condo space is much more expensive!
Of course this is an absurd example, but it just goes to show that square footage is not always an accurate measurement when it comes to value unless all other criteria about the properties are similar.
For instance, the least expensive home on the market in Alexandria is priced at $105,000 and measures 1005 square feet. The most expensive home is 32 X more expensive at $3,350,000, but it certainly is not 32 times larger, offering just 5000 square feet.
I'd love to help you find a home in Northern Virginia whether you can survive in 380 square feet, or you want a little more room to stretch your legs.
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$550 per sq ft? that is kind of expensive...besides..who would want to live in a 380 sq ft home?? that would make me claustrophobic and not want to ever go home.
Brian, Wouldn't folks know that the properties have to be similar before price per sq ft can be used as a pricing tool? It's sooooooo simple. But alas folks don't know and that's why the need someone that does. You for example!!! Can you believe we have homes in my market as low as $50 per sq ft? We work and live in different worlds.
Cost per square foot can be deceiving but it is fun to compare the market for interesting comparisons.
NAOMA: $550/sq. foot is definitely expensive but not the highest by far. Yes, I couldn't imagine living in a 380 sq. ft. home, though my freshman year college dorm room was under 200 sq. feet, but didn't include the bathroom, kitchen, etc.
BRYANT: Thanks for your comment. It is a basic requirement that you have to compare apples to apples and oranges to oranges. $50 per sq ft. is amazingly low!
TERRY: Thanks for stopping by and commenting.
This would be just the fun kind of exercise I can see myself doing some night when I'm too tired to blog or do anything constructive. Thanks for the idea!
MARGARET: I look forward to seeing your report.
amazing...............the little things we don't normally think about.....
ditto....amazing, but i want to see your report too....
BARBARA JO: Thanks for your comment.
JACK: I appreciate you stopping by.
Wow, I can not imagine living in 380sq. ft., my bedroom is about that size!! I certainly couldn't LIVE there!
MIKE: Me neither!