“While price per square foot is often considered a fair way to evaluate similar properties, there are many variables that must be considered:
Location – the primary price consideration in valuing like properties. For example, a 2,400 square foot home on the Charleston Harbor would demand a much higher price than the same size home two blocks over with no water view. Neighborhoods can also play a big part. A well-established neighborhood, centrally located with a solid sales history, would command a higher price than a new home in an area that is just being developed.
Quality of construction – there are many levels in comparing the quality of homes. Does the home have a designer kitchen with top-of-the-line appliances? Does it have hardwood floors or marble baths? Does it have high ceilings? All of these things affect value.
Amenities – Does the neighborhood offer more amenities than others? For example, does the neighborhood have a tennis court, swimming pool, or access to water? Some condominiums currently on the market offer full-time concierge services, a fully equipped private fitness center, etc.
Although the Charleston area buyers value older, historic homes higher than new homes, homes that suffer from a lack of closets or a number of baths will be valued less than similar homes that have been renovated to solve these problems. An astute appraiser adds or subtracts value when comparing properties for view, number of rooms, garage or off-street parking, number of fireplaces, construction, etc. Here in the Charleston area, the age of the home and its history can make a huge difference in the value. ”
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