How's the price of your Boston high rise condo determined

Just as with other types of real estate, the value of a Boston high rise condo is determined by many factors. Of course, many of these factors are unique when it comes to condos and other homes with shared community space. Here’s what determines the value of your Boston high rise condo

Location

Location is everything in real estate. Boston high rise condos in busy urban areas such as downtown Boston and Seaport District are desirable and typically command a higher price than those in more open suburban communities. Nearby amenities are also important.

Space/Sq. Footage

Most Boston luxury condo buyers prefer a high rise condo with at least two bedrooms for flexibility. If the second bedroom won’t be used by the owners, it can be rented out to reduce the carrying costs of the condo. One-bedroom condos in Boston Midtown area can be difficult to sell. The premium on living space also extends to the outdoors. Units with balconies or patios are easier to sell with a higher value than condos without private outdoor space. Boston high rise condo buyers also place a premium on parking spaces. Units that do not have a parking space can be challenging to sell. As a general rule, any unit with less than 700 square feet of living space will take a hit on its resale value.

View and Exposure

The view and sun exposure are much bigger factors with condos than with single-family homes. Boston high rise condo for sale in the Seaport District with a great view of the city, harbor or a Boston Common will have a better resale value than one that overlooks an alley or neighboring building. Sun exposure is also important to many buyers. A Boston condo with western exposure will not get sun in the morning, while a condo with eastern exposure won’t receive much afternoon sunlight.

Other Factors That Influence Price

There are many other factors that can play a role in a condo’s value:

Nearby community features like bicycle facilities, walking trails, shopping, and public transportation.
School proximity and school district.
Boston condo fees – When a buyer considers a property, he or she must take into account the monthly costs of owning the property. In addition to the mortgage, the condo fees can represent a major monthly expense and may affect the condo’s resale value.
Condo amenities – Many Boston luxury condo buildings offer amenities that may be attractive to buyers and increase resale value. These amenities may include a swimming pool, BBQ area, dog park, and fitness center.

Comparable Market Analysis

Whether you are buying or selling a Boston luxury condo, your agent will prepare a comparable market analysis to determine the fair market value of the condo based on market conditions, current competition on the market, and comparable sales of similar condos in the area. Sales within the same building are usually the starting point and give the most accurate values.