So my reality and TV world have been blurred to the point where I can't remember where I heard this but someone was on line explaining the law of diminishing returns in relation to Big Macs. The first one you eat is awesome. The second one you eat is just okay. By the time you get to the third one you're giving it away because you can't eat another bite. Basically your value for each additional unit decreases.
Price per square foot and the law of diminishing returns. All other things being equal (location, views, amenities, etc.) There is a law of diminishing price per square foot. With the smallest one bedroom commanding $700 a square foot, as the =bedroom gets bigger, the price per square foot will shrink shrink shrink down to $500sqft or less. So sometimes less is more and more is, well, more. Where this really come into play is if you're looking at a 600 square foot and a 650 sqft condo. They might only be $20K apart. ($400sqft for the additional space.)
Buyers: always ask your realtor about the price per square foot as it relates to similar condos sold and other condos for sale. It can give you a good understanding of where the market is.
You deserve a break today. So know your numbers and how they relate to the size of your condo.
Hoboken Condos 2008
Under contract 14
Sold since 1/1/08 6
Information deemed reliable but not guaranteed