pricing your unit by $/sq foot--it's a decent rough estimate

I've had a few emails the last couple of days from sellers asking how to price their unit by $/sq ft, specifically what number should they use. I don't use price per sq/ft as a measure of existing single family homes, there are too many variables to factor in (lot size, location,age,  condition of home, etc...), but this is a fairly reliable measure for any newer condo since the condition of the units were all in the same condition when they were built (and they are all the same age). Older condo buildings are a little more difficult to price out if you are just using $/sq foot as a measure but it's still a decent measure.

Last Spring we had a lot of sales so it is fairly easy to come up with an average of what units were selling for per square foot. In buildings built around 1980 (and there were a lot of these built in downtown PA around that time), remodeled units were selling for around $770 a sq/ft. Units in need of upgrades in the similar aged buildings were selling around $710 a sq/ft. There were exceptions of course and I threw out the high and the low sales. But, those were the numbers I would use if I was pricing something out LAST SPRING. 

If you live in a building built around 1980 you should use a number that is less than the 2 I quoted above since our market has declined since last Spring. How far it's declined is still anyone's guess since we don't have any recent comps to use. You would be safe in taking off at least 10%....

If you don't live in a building built circa 1980 and want to know the numbers for your specific building or something close to it, please contact me and I will be happy to pass it along...