How much more would you be willing to pay to live on the 50th floor of a building?
Roomvu, a Vancouver-based real estate marketing and analytics firm, has calculated the average price per square foot for each floor level per neighbourhood and by what percent it changes as you go up.
The firm used 20,000-plus MLS real estate data points for every apartment available since January 2016 in Greater Vancouver. It calculated the average price per square foot, separating each level from the ground floor to the 65th level.
The data revealed that Coal Harbour and Central Lonsdale have the biggest increase in price per floor. In contrast, Brentwood Park and Central Coquitlam experience the smallest increase in price per floor.
- Zone 1: Floors 1-10: $28/sqft (approx. 3 per cent increase/floor)
- Zone 2: Floors 2-25: $7/sqft (approx. 0.7 per cent increase)
- Zone 3: Floors 25-35: $14/sqft (approx. 1.2 per cent increase)
- Zone 4: Floor 35: $47/sqft (approx. 2.3 per cent increase)
- Zone 5: Floors 35+: insufficient data
The data shows that the price per square foot per floor-level increases in neighborhoods where there are more high-rises and better views of the city or the water.
For example, in Coal Harbour or Central Lonsdale the cost per floor-level increased more than buildings in Metrotown and North Coquitlam.
Living mid-level, floor one to 25, affords the best value in the Greater Vancouver area at about $7 per square foot with only a 0.7 per cent increase from floor to floor. Those who want live higher (35+) can expect to pay $47 per square foot with an approximate 2.3 per cent increase from floor to floor.
In places where the real estate is already high, such as Coal Harbour, the first 25 floors start at a whopping $1,000 to $1,300 per square foot. Of course, this is due to the neighbourhood’s stunning waterfront locale, but, unlike other areas, it jumps significantly in price the higher up you go. This is mainly because Coal Harbour is on the waterfront and located in a lavish area. From the 30th floor upward, buyers can expect to see an increase of approximately 3.3 per cent each floor level up. In contrast, Yaletown doesn’t see a significant increase until the 40th floor, with prices generally increasing at 1.3 per cent per square foot, per floor-level up.
Vancouverites can expect to pay substantially more for apartments with a great view. With one of the world’s most breathtaking waterfronts, it’s safe to say that nearly everyone wants a piece of the pristine panorama from the comfort of their homes.
Read the original article here.