In this week’s issue of New York Magazine, Jhoanna Robledo goes all out on the topic of outdoor space in city residences in “1/100th of an Acre of Heaven“. She asked me how our appraisal firm approaches the valuation of outdoor space.
The outcome of our conversation was this cool tape measure-like graphic:
[click to expand to – huge – widen your browser window.]
[click to expand]
And it brings to mind one of the most read posts on Matrix: Understanding The Value of Manhattan Apartment Outdoor Space where I break down the background and logic for the valuation of outdoor space. I point real estate agents to this post nearly every day.
Hypothetical examples of our valuation logic is displayed in these 2 crude sketches [pdf] with hypothetical scenarios I submitted for this NY Mag piece that weren’t used (hey, I never took art in school, EVER). It’s part of my attempt to compartmentalize amenities of properties to derive a reasonable value relationship with the basic property.
First hypothetical scenario sketch – i.e. a Brownstone garden apartment.
Second hypothetical scenario sketch – i.e. a studio apartment with an oversized yard.
1/100th of an Acre of Heaven [New York Magazine]
Terra Logic: Understanding The Value of Manhattan Apartment Outdoor Space [Matrix]
Tags: New York Magazine, Jhoanna Robledo
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Wow, I just can’t imagine that small of space goes for so much. But if you can make it work, all the better! Great post for those in your area.
[…] the next 250 sq ft, and $0.10-$0.25 after that.” Jonathan elaborates on the formula in a post on his blog, including a sketch of how to apply to a brownstone ground-floor apartment with garden. […]