Price per square foot and the law of diminishing returns. All other things being equal (location, views, amenities, etc.) There is a law of diminishing price per square foot. With the smallest one bedroom commanding $700 a square foot, as the =bedroom gets bigger, the price per square foot will shrink shrink shrink down to $500sqft or less. So sometimes less is more and more is, well, more. Where this really come into play is if you’re looking at a 600 square foot and a 650 sqft condo. They might only be $20K apart. ($400sqft for the additional space.)
Buyers: always ask your realtor about the price per square foot as it relates to similar condos sold and other condos for sale. It can give you a good understanding of where the market is.
Hoboken Condos 2008
Under contract 14
Sold since 1/1/08 6
Information deemed reliable but not guaranteed