Vancouver Condo Real Estate Video Blog #641 - February 21, 2011
Studios Are Sometimes Exempt From Price Per Square Foot
Ian Watt video blogs about how there are so few studios on the market right now and that can exempt the units from having a price per square foot that has been dictated by past sales or the building averages. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to firstname.lastname@example.org and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years.
Ian Watt: Hi good afternoon it's Ian Watt in Downtown Vancouver. I know we spend a lot of time in Downtown Real Estate focusing on price per square foot but sometimes price per square foot is not the best way to calculate what a place is worth or have a listed. So I'll tell you this what happens is price per square foot in a building it might be 700 or 600 dollars per square foot is the average for that building. However if there's nothing on the market for a certain price and everybody is looking for it why would you just price it at what you think the people would pay regardless of the average for the building. Especially when it comes to studios there very few studios on the market right now in Downtown Vancouver so some of those are pushing high like almost a hundred dollars a square foot more than the averages of the buildings doesn't make sense but if there's nothing out there and all you have is a studio and you put it on for 325, for 395 square feet. Chances are it's gonna sell because there's nothing out there right now with parking and storage in a good building, in studios in Downtown Vancouver. Definitely something to think about the price per square foot is not everything. My name is Ian Watt if you have any questions. You can always email me at email@example.com. Thank you very much and have a great day!