What’s the Sales Difference at Cosmopolitan by View?
March 9, 2010 by James
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
|
|||||
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
These are resales, right?
I’d like to see the difference between the original sales price and the resale (by view).
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
shoot! top right.
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.
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?
CDOM is current days on the market. DOM (-current) is a fairly common abbreviation you’ll see on many sites with listing inventory.