Condo Values come from…….. 🤔💰
A great question because the same model condo in the same community will often sell for different prices. 🙋♀️
Many buyer think about the number of bedrooms and square footage, but don’t take into consideration the other features which can have huge implications about final sale price. These intangible but permanent features can perhaps be the most important pricing factor. However, these are often overlooked because there is no precise way to measure their value: location and view. 👀 Yet, everyone knows instinctively they matter from a value point of view.
Because the layout may be the same, the location and views are the only features that are inherent values when it comes to pricing condos. When a condo gets old or if you bought it outdated, you can throw money at it and improve it. However, no matter how much money you throw at it, you cannot change the location or views. Permanent features. ⏳
As with many things, the value it determined by scarcity driven desirability. The units with great views and location (often go together) are more rare than other types they build. Typically when the builders release them, they will add premium for top floor units.
If you are looking to buy a condominium, looking for units on top floor with views will yield better returns for you later. When it is time for you to sell, those features - location and views - will help you sell them faster and with more competition when you are ready to move on to the next phase of your life.
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Text 650-605-3188 🤳
Steve Mun Group
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