3 ms·
Here'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
by sampo 8y ago
Here'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.