Does your average price per square foot refer to gross feet, and do you have maintenance/sf data?

Q: Does your “average price per square foot” refer to gross feet, which sometimes includes a percentage of public spaces, such as elevator shafts, or “carpetable” feet? Do you have data on maintenance and real estate taxes per square feet? If not, can you get it?

A: The average price per square foot is based on the net square footage, also known as the “interior perimeter,” which means inside wall to inside wall. Some condominiums do include certain common areas in these totals, but that tends to be the exception, not the rule. We do track the maintenance per square foot (per month) for the co-ops and common charges/real estate taxes per square foot for condo sales that occur in each quarter. Our latest Elliman Report on Manhattan provides this information in the narrative. I recently created a chart on this metric for both co-ops and condos. I hope you find it useful.

Please note, the enclosed metrics are a study of the market as a whole and are not intended to provide a basis for a specified condominium unit.

Filed Under: Appraisal