Real estate value is extremely location-dependent. We all know the 3 rules… I was looking thru some real estate listings in New York City recently, and the numbers were insane! Want a place at Central Park West?
Well, there are 5 spots available, at $7391 per foot… Click around on some other listings, in these high rise condos, and the PPSF bumped over $10,000… PER FOOT!!! You might think Trump Tower would be near the top, right? Nah – it was cheap, at $6000 per foot.
In every case we can look at, from NYC condos, to acreage in the west, location matters. Here in the Phoenix area, we enjoy prices from under $100 per foot (on the outer edges), to over $500 per foot at the high end (there are over 300 homes on the market at $3 million +)
In Gilbert, where I’m based, the PPSF clocks in around $150. Waterfront or golf course homes are quite a bit higher – this is just an average. The same subdivision might have golf course homes as well as power line homes. Same builder, same age, etc. Yet the PPSF will be very different.
So, what does $7300 PPSF get you? Central Park West IS very nice inside. And it faces Central Park… It is just a very different lifestyle than most desert dwellers opt for. As for me, I’m staying here in the desert. Wide open Arizona beats Central Park every time!
Patrick Harfst is a desert dwelling, freedom loving, full time Realtor, working from the desert oasis of Val Vista Lakes, in Gilbert Arizona. He likes data, maps, and hiking the trails & canals around the Phoenix area.