Price / Sq. Ft. is King!

After choosing an area, “How much is that per square foot,” is by far the single most used phrase regarding the value of a home in this market. It is the first thing anyone looks for when they try to price their home. Its the first thing any Buyer does when they are looking for a house, land or investment property. Many markets are not quite like this. Beds/baths take a much grander role in the valuation of a property. Not here. Price per foot is King.

Shandon in Columbia is a prime example. If its great with granite, $160-$165/ft seems to be the mark. If its “unreal,” Shandon can bring $180+/ft., with some “statement” homes bringing over $200./ft. A nice home in Shandon “not granite,” that needs some updating hovers around $140-$$150/ft. depending on curb appeal and street. It makes it difficult because many times a Seller wants “what their neighbor got” per foot. More often than not, this is why homes stay on the market longer than they should.

Cross one street into Rosewood, and the price goes to $120ish/ft. Cross the street into Heathwood, and the price/ft. remains roughly the same. The difference here? The homes in Heathwood can bring a tinch more than Shandon per/ft…..but the homes are bigger and have more “wow” power.

Do you know the price per foot in your neighborhood? Do you care? You should. Get to know your price/ft. and you will be able to tell what you should do to your house to maximize the value, without “over-cooking” it.

Perfect system? No. Exceptions? Yes. Take a 270 sq. ft. dwelling with 1 bath that is on the market for over $300,000. This is a property that sits on wheels in an industrial section of Columbia, that is asking a handsome $1147./ft. Name of the property………….? Cockaboose.