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Floor Premium in Condos?


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#1 rambaldi

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Posted 17 June 2012 - 02:44 PM

What's the premium that is usually added as you go higher up in newer condos?

#2 MarkoJ

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Posted 17 June 2012 - 03:44 PM

It depends on several factors:

- Size of unit.
- Orientation of unit.
- Surrounding buildings/obstacles.

On a new/newer studio you can figure to pay approximately $2,000-$3,000 premium per floor.

On a new/newer 1 bedroom approximately $3,000 to $5,000 premium per floor.

On a new/newer 2 bedroom (under 1,000 sq.ft.) approximately $5,000 to $8,000 premium per floor.

Downtown, personally if I was buying I would go low and save money or go high. For the middle floors you often pay a premium over the lower floors and you may end up staring directly at roof tops and ugly components found (rusty elevator shafts, HVAC units, etc.) on roof tops.

If you are looking at pre-sales many offer 360 degree views from each floor in their showrooms or online. For example, -> http://www.bosaprope...cture_views.php

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#3 VicHockeyFan

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Posted 17 June 2012 - 04:31 PM

That all sounds about right. Honestly, even if the view is not too different, I think, if the unit is for yourself, there is good reason to pay a little more premium for the top floor, over the next-to-top floor, especially in a 4-floor wood-frame, or the new 6-floor ones.

What I'm saying is, even if the view (and potential views if there is the possibility of adjacent development) is the same, it's worth a few grand extra for never hearing neighbours above.
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#4 rambaldi

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Posted 17 June 2012 - 07:58 PM

thanks :cheers:

#5 sebberry

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Posted 17 June 2012 - 08:29 PM

What I'm saying is, even if the view (and potential views if there is the possibility of adjacent development) is the same, it's worth a few grand extra for never hearing neighbours above.


At this point I'd say it's worth more than a few grand...

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#6 http

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Posted 17 June 2012 - 10:56 PM

I recall a big kafuffle back in the 70s about how there was, above the fourth floor, a demonstrable correlation between higher floors and higher incidence of mental illness.

Citation eludes me for the moment.

Why would people pay more for a more stressful home?
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#7 Baro

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Posted 18 June 2012 - 06:48 AM

Is this why I'm so calm, living in a basement? Is this why hobbits seem so happy?
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#8 Holden West

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Posted 18 June 2012 - 08:12 AM

I recall a big kafuffle back in the 70s about how there was, above the fourth floor, a demonstrable correlation between higher floors and higher incidence of mental illness.

Citation eludes me for the moment.

Why would people pay more for a more stressful home?


I have heard that argument at City Council in fending off whatever highrise proposal was raising hackles at the time, probably one of Chard's.

Here's a recent article on the phenomenon, including a quote from an author that says feelings of disconnect begin as low as the fifth floor.

http://www.crikey.co...ving-unnatural/
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#9 MarkoJ

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Posted 18 June 2012 - 09:09 AM

That all sounds about right. Honestly, even if the view is not too different, I think, if the unit is for yourself, there is good reason to pay a little more premium for the top floor, over the next-to-top floor, especially in a 4-floor wood-frame, or the new 6-floor ones.

What I'm saying is, even if the view (and potential views if there is the possibility of adjacent development) is the same, it's worth a few grand extra for never hearing neighbours above.


I would definitely pay a solid premium for top floor in a wood frame building.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#10 aastra

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Posted 18 June 2012 - 10:08 AM

It’s true that humans can’t easily make out visual detail at street level beyond a certain height...


They also can't easily make out visual detail at street level when their houses don't have any windows that face the street, or their lawns are guarded by tall fences or hedges.

#11 Bernard

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Posted 18 June 2012 - 01:05 PM

When I say on PARP, the floor premium within a given stack seemed to be in the range of $7 per square foot per floor. This was a couple of years ago and the market has changed since then.

 



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