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Once you build a family you need 3 bedrooms and probably don’t have $1.8 million for such a condo. But the reason condos cost so much per square foot is regulat
by closeparen 4y ago
Once you build a family you need 3 bedrooms and probably don’t have $1.8 million for such a condo. But the reason condos cost so much per square foot is regulation. Fundamentally, they should be cheaper than comparable houses.
- wing-_-nuts 4y ago>But the reason condos cost so much per square foot is regulation. Can you cite any specific examples of such regulations here? I currently live in a condo that was converted over from an apartments (quite common). If anything, the reason a condo might cost more per square foot is that smaller houses cost more per sqft period (less sqft to 'divide' fixed expenses across).
- closeparen 4y agoTry a zoning map, like San Francisco. Multifamily structures are illegal on the vast majority of the land. In those areas that do allow multifamily, it is mostly very small ones. And even when a large multifamily structure is permitted by zoning, it can be years of environmental litigation and discretionary review hearings. https://sfplanning.org/sites/default/files/resources/2019-02/zoning_use_districts.pdf https://sfplanning.org/sites/default/files/resources/2019-02...
- TheCoelacanth 4y agoMost areas in the US have regulations along the lines of "Ratio of floor area to size of lot must be no higher than X, must have at least Y parking spots per unit, building must be no taller than Z stories" which greatly increases the cost of multi-family housing units.
- alamortsubite 4y agoDon't forget parking minimums.
- tekknik 4y ago$1.8mil for a condo is ridiculous, in many places you can get many hundreds of acres of land for this amount