Monday, November 10, 2008

Year Over Year Price Per Square Foot

The Chron has published this Down Around the Bay tool which allows you to enter a Bay area zip code and see the median price per square foot for 2007 versus 2008. (It pulls July through October sales for both years.)

Of course all properties should be evaluated individually, and there can be a significant block-by-block difference with regard to desirability within any one zip. For example, a residence on a tree-lined street with well-maintained historical architecture and a strong neighborhood association will out-price a flat on a seedier strip with a lot of street noise, commercial traffic and petty vice. The old rule of location, location, location still applies.

And this data doesn't address the perpetual question of how much price differential there should be between an equivalent condo and TIC. In my zip the price per square foot for 2008 reads $739. Using my own place as a yardstick, I'm almost certain I would not be able to sell my 1,000 square foot TIC for $739K in this market, even if it is a historic building on a verdant block, and my unit includes a private garage and big bay windows with top floor city lights views.

But this tool is an interesting data point and a good gage on how well your neighborhood, in general, has withstood the real estate downturn.

2 Comments:

Blogger Thaddius said...

I think that is about ball park for what a 1k square ft. place would go for in 94115. I'm shopping now and if a place was nice and had recent remodel that seems about right.

6:45 PM  
Blogger rp said...

Are you shopping for a condo or a TIC? Happy house hunting.

11:22 PM  

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