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What’s the Sales Difference at Cosmopolitan by View?

March 9, 2010 by  
Filed under Cosmopolitan, Featured, Land Use, Selling

Cosmopolitan closings, N, S, E facing:
Address Bd Bth SqFt Date CDOM Sale Price $/SqFt
3204
1 1.5 1,093 6/27/2008 11 549,950 503
3102
2 1.75 1,316 10/8/2009 5 510,840 388
2804
2 2 1,186 8/15/2008 102 715,000 603
2706
1 1 734 2/1/2008 79 438,000 597
2704
2 2 1,195 9/7/2007 118 735,000 615
2702
2 2 1,318 5/2/2008 243 800,000 607
2606
1 1 734 4/19/2007 104 441,950 602
2511
1 1 954 6/8/2007 12 590,000 618
2505
1 1 767 2/25/2010 262 330,000 430
2504
2 2 1,195 7/20/2007 27 710,000 594
2502
2 2 1,316 6/20/2009 139 750,000 570
2402
2 1.75 1,318 7/24/2007 35 892,000 677
2305
1 1 740 6/19/2007 31 455,000 615
2301
1 1 943 6/18/2007 24 572,300 607
2206
1 1 739 8/30/2007 112 412,000 558
2011
1 1 954 6/5/2007 41 579,950 608
2005
1 1 735 5/31/2007 23 430,000 585
1904
2 2 1,195 2/6/2009 138 535,000 448
1806
1 1 739 9/25/2008 245 377,000 510
1805
1 1 738 7/25/2008 24 370,000 501
1711
1 1 954 10/7/2009 100 367,000 385
1703
1 1 820 3/13/2008 41 504,750 616
1505
1 1 738 11/10/2009 136 240,000 325
1505
1 1 735 6/8/2007 27 431,000 586
1401
1 1 965 8/13/2007 115 532,500 552
903
1 1 820 10/10/2007 62 425,000 518
1204
2 2 1,186 3/1/2010 105 500,000 422
1202
2 1.75 1,316 7/29/2009 35 650,000 494
1006
1 1 738 12/14/2007 212 366,000 496
1001
1 1 943 9/28/2007 151 495,000 525
906
1 1 735 6/13/2007 28 439,900 599
Averages 963 89.903226 $520,811 $540
Cosmopolitan closings, West facing:
Address Bd Bth SqFt Date CDOM Sale Price $/SqFt
3010
1 1 979 7/31/2007 63 625,000 638
2910
1 1 943 10/5/2007 145 607,000 644
2708
1 1 722 3/25/2008 50 400,000 554
2708
1 1 722 9/6/2007 82 439,000 608
2607
2 2 1,248 8/2/2007 76 760,000 609
2009
1 1 719 7/10/2007 53 400,000 556
2008
0 1 427 6/21/2007 59 255,000 597
2007
1 1 800 3/2/2009 537 330,000 413
1907
1 1 800 6/14/2007 98 445,000 556
2109
1 1 719 10/29/2007 16 400,000 556
2409
1 1 719 7/19/2007 42 440,000 612
2209
1 1 719 5/15/2007 23 330,000 459
2208
0 1 424 9/28/2009 17 202,000 476
2309
1 1 719 8/24/2007 93 415,000 577
1808
0 1 427 6/30/2008 370 222,000 520
1708
0 1 419 9/24/2008 528 220,000 525
1609
1 1 719 5/30/2007 56 399,950 556
1511
1 1 943 4/27/2007 19 560,000 594
1508
0 1 419 5/4/2009 23 206,000 492
1409
1 1 711 5/25/2007 36 379,950 534
1407
1 1 800 5/8/2008 27 380,000 475
1209
1 1 719 8/16/2007 76 378,950 527
1109
1 1 719 4/30/2007 14 389,950 542
1107
1 1 800 10/8/2007 112 425,000 531
1009
1 1 711 5/8/2007 17 377,000 530
1008
0 1 427 7/27/2007 27 242,900 569
Averages 710.538462 102.26923
$393,450
$548
Curently on market, west facing:
Address Bd Bth SqFt Date CDOM Sale Price $/SqFt
1905
1 1 738 2/27/2010 237 299,000 405
2908
1 1 722 12/12/2009 241 299,950 415
1607
1 1 800 12/3/2009 318 307,000 384
1801
1 1 954 12/2/2009 183 325,000 341
2808
1 1 722 2/9/2010 127 350,000 485
2407
1 1 800 2/16/2010 195 360,000 450
2909
2 2 1,322 3/1/2010 244 599,950 454
3009
2 1.75 1,324 3/2/2010 511 645,000 487
Averages
922.75
257
$398,238
$428

Comments

8 Responses to “What’s the Sales Difference at Cosmopolitan by View?”
  1. cosmo resident says:

    Thanks for this post! But the results seem odd–avg price/sqft is higher for west-facing units. How did you decide on the sample set of sales?

    A couple of observations about your data:

    – there is a higher percentage of 2007 sales (possibly pre-sales?) in the west-facing list
    – a couple units in the “west-facing” list may actually be north-facing:

    3010
    2910
    1511

  2. Chris says:

    These are resales, right?

    I’d like to see the difference between the original sales price and the resale (by view).

  3. Thank you for the comments and questions regarding this post!

    This is a study being done by a new colleague of ours here at Realogics Sotheby’s International Realty.

    He’s pretty busy right now, and will look into how he’s compiling this data. However, this is just part of a study that will eventually break down the difference in price by view. We just snatched this up from him and posted really quick since it’s an interesting topic (especially in regards to Cosmo).

    Please allow us some time to follow up and answer your questions. I believe the completion of the full study will have complete details about how the numbers are compiled.

    I’m sure the questions just added more work for the guy;) Good stuff! Thank you!

    The eNews and Updates is the best way to stay updated which is in the top left of the blog. It is a double opt-in (annoying I know) which means once you enter your email, you’ll then have to approve the subscription in your email.
    JB

  4. Thank you for your comments to the MLS statistics we compiled for the Cosmopolitan. I’d like to give you some insight about these figures.

    Firstly they are MLS statistics, so these figures are available to your real estate agent if you’d like them to provide you with more details on any of these sales specifically, or if you’re thinking of buying or selling. The host of this blog is a mighty fine agent if you don’t happen to know one, & very good with statistical analysis. Feel free to contact them.

    The purpose of the excercise was to see the value of a view home vs. a non view home. As many condo properties in seattle face the possibility of eventually losing their views to future towers & a few have paid millions of dollars to purchase air rights to protect their views in perpetuity we wanted to see what the difference in price really is in a prepetual view compared to a view that may eventually go away.

    The first thing we did was eliminate all builder sales, So as far as we can tell these are all homes that were closed & then resold.

    The high precentage of sales in 2007 are a result of original buyers reselling soon after they closed. In 2007 inventory was quite low in Seattle & 1918 Stewart hadn’t started construction, & there was a possibility it wouldn’t be built. So any available inventory was selling quickly. Without 1918 Stewart the western views would still be quite desireable.

    According to the MLS there haven’t been many sales on the west side since 2008, which leads one to believe 1) current buyers are quite content there or 2) the presence of the completed 1918 Stewart building, effectively blocking most of the views to the west, mmakes these homes less interesting to prospective buyers.

    We also analyzed sales numbers for Cristalla, 1521 2nd Avenue & other towers where a perpetual view home can be easily compared to a non-view home or homes where the view can someday be taken away. While there are numerous variations in pricing our study indicates the value of a home with guaranteed perpetual view easemens can be 20 to 30% higher than the same home with similar features in the same tower may sell for at the same market time with an impaired view or the possibility of future construction taking it away. Obviously if views are less important than price a non view home in the right tower may be very attractive, & as we’ve recently experienced some of those views with planned obstructions may last much longer than expected.

  5. cosmo resident says:

    Hi- thanks for the clarification on your study. I look forward to seeing the final results!

    However, it appears you still have errors in the data posted here–at least three units in the west-facing column are actually north-facing (unit numbers noted above). The implication is that these 3 units (out of 26 total) would inflate the calculated average for west-facing units. Indeed, your comparison shows that west-facing units have a higher average resale price/sq-ft, ($548/sqft vs $540/sqft) which is counter to your stated findings:

    By the way, what is CDOM?

  6. CDOM is current days on the market. DOM (-current) is a fairly common abbreviation you’ll see on many sites with listing inventory.

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