Smaller Homes Sell At A Higher “Price/Sq.Ft.”
December 16th, 2010 | categories: Coconut Grove Real Estate
In this market buyers are very focused on “price per square foot”. Currently the average SP$/SqFt in Coconut Grove is running about $280.00. I have buyers who know that figure and are shocked when they are purchasing a 1,500 square foot house that has a price per square foot of over $300. What I have to explain to them is that as a house gets smaller the price per foot usually increases. This is due to the fact that there is a value for the land that must be distributed into the price and the smaller the home the more that value is concentrated.
Below is a spreadsheet of homes between 1,000 and 1,500 square feet that have sold this year in Coconut Grove. You will see that many of the homes’ average “price per square foot” is significantly higher than the average of $280.00 in Coconut Grove.
- LP$ = List Price
- LA = Square Feet Of Living Area
- LP$/SqFt = List Price Per Square Foot
- SP$ = Sale Price
- SP$/SqFt = Sale Price Per Square Foot
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate and are looking for an experienced Realtor in Coconut Grove, please don’t hesitate to contact me at 305.342.1623 or send me a note here.