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> The land, on the other hand, costs more than that alone in major cities. You can build apartment buildings 5, 10, 20 or even 80 floors high. The cost of land
by sampo 8y ago
> The land, on the other hand, costs more than that alone in major cities.
You can build apartment buildings 5, 10, 20 or even 80 floors high. The cost of land per apartment can be made quite small by building higher.
- dajohnson89 8y agoBut a 30-story apartment building will block my view of the river!
- megy 8y agoYou can mock, but if someone bought a house, and paid a lot for it so they can view the river, then this is a reasonable concern.
- kamaal 8y agoIn that case and if you truly own something like a view. I'd suggest something like that should be taxed too. And since the person owning it puts a premium value to it. Something in the ballpark of 40% of the net price of the home extra apart from the property taxes is perfectly justifiable.
- ABCLAW 8y agoThey're more than welcome to buy the air rights to the lots between them and the river.
- xenonite 8y agoWell the shadow of a tall building covers sunshine in a large area. This limits its applicability.
- p1necone 8y agoI'd rather have an apartment building than be homeless in the sunshine.
- leguminous 8y agoAs you build up, the construction costs (and ongoing maintenance costs) per square foot of livable space can increase significantly, though. You need more engineering, more expensive materials, fancy cranes, extra safety procedures, etc. Plus more of the potentially livable floor space is instead taken up by elevator shafts and machinery.
- sampo 8y agoHere's one almost 30 stories high apartment building in a place where the location and land don't have too much value as such (Atlantic City). 1,000 sq.ft. 2br condos seem to be priced from $160,000 to $250,000. https://www.zillow.com/b/bella-atlantic-city-nj-5Xjxz9/ https://www.zillow.com/b/bella-atlantic-city-nj-5Xjxz9/
- leguminous 8y agoThat's a 30-year old building in Atlantic City, though. The building itself will have depreciated since then, and Atlantic City isn't a very desirable area any more. The current prices won't necessarily reflect the original construction costs. There are some actual numbers in this Fannie Mae commentary: http://www.fanniemae.com/resources/file/research/emma/pdf/MF_Market_Commentary_031517.pdf http://www.fanniemae.com/resources/file/research/emma/pdf/MF... The average costs to build 1-3 and 4-7 story apartment buildings was $192.0/ft^2 in 2017, compared to $233/ft^2 for 8-24 story buildings. I assume the square footage includes common spaces. I don't know if they attempted to control for sample biases (e.g. if taller buildings tend to be build in areas with higher labor costs).
- d-sc 8y agoGetting apples to apples numbers to compare can be difficult. People tend to built more stories in more desireable (read expensive) places.
- dredmorbius 8y agoSimply builing to 5 floors with dense infill would be higher density than any US city west of New Jersey. And is approximately the scale of central Paris.
- deleted 8y ago[deleted]