Valuation check: 1,880 sq ft new-build flat in Boston at $1.41m

[xavi_flint]

$1,410,000 for 1,880 sq ft sounds attractive on a simple per-foot calculation, but the 1-bed layout makes this Boston flat difficult to compare with conventional units. It has good light and location, while the finishes appear average or dated for a new build. I have three active listings and one closed transaction to work from.

Would you value the excess floor area at a lower marginal rate, or first adjust for the layout and condition? I also need the exact building position, service charges, parking and details of any private outdoor space. Which of those would materially alter your view? I’ll still commission a local appraisal before making a decision.

 

[mae_cane]

It is tempting either to use the closed sale as the anchor or to average all four properties, but I would not do either until the layouts are compared. At about $750 per sq ft, this unit may look reasonable while still being difficult to resell as an unusually large 1-bed.

The exact building and unit position could explain differences in light and outlook, and the condo charges affect the ongoing cost. Even so, the floor plan is harder to change than either the finishes or the asking price. I would want to know whether a credible second bedroom can be created before giving all 1,880 sq ft the same rate as a standard layout.

 

[SimpleWall]

I’m not sure condition should get a broad percentage adjustment here. “Dated finishes” in a new-build can mean anything from unfashionable colours to a kitchen that buyers would replace. Estimate the actual work, then consider whether the inconvenience warrants anything extra. Also compare light, floor, outlook and outdoor space before adjusting for area; those could explain more than the finishes.

 

[PrimeReed]

The floor plan may be the deciding item. A very large 1-bed can attract a narrower buyer pool unless there is a realistic route to a second bedroom. I’d ask for the completed comparable’s closing date, floor plan, floor level, parking and outdoor-space details, then compare its condo fee and tax position with this unit. Without those, an apparently close sale could be misleading.