Condo buildings with no elevators. Are 1st floor units worth more in total value?

[Anonymous]

In college the building I rented in charged less for 2nd and 3rd floor rentals.

Does the same hold true with individually owned condo units as well?

[Anonymous]

America isn't getting any thinner.

[Anonymous]

Anonymous wrote:America isn't getting any thinner.

Huh?

[Anonymous]

If it's in a dicier area, there's the perception that first floor units are less safe than upper ones.

[Anonymous]

Anonymous wrote:If it's in a dicier area, there's the perception that first floor units are less safe than upper ones.

This. Usually they are worth less.

[Anonymous]

In my 4 unit, 4 story building, the units increase in value with each level up. Also, the garden and first floor units have invested in additional security (more cameras and security service subscription) because their exposure is so much higher. All of their windows are accessible from the ground outside. The two upper units are fine with just the existing building security.

The upper units also have better views and more outdoor space (because of rooftop access). And just the pleasure of not having people walking by e able to stare straight into our living room or see what we’re watching on TV.

It’s one or two flights of stairs. Yes, obviously that will be a deal breaker for some people. But there are lots of people willing to walk up a flight of stairs for more privacy and better views.

[Anonymous]

Really depends how its set up - if the ground floor one has a patio, that'll usually come at a premium and ditto for a higher floor with better view.

[Anonymous]

In general, having no elevators holds down the value of the whole condo building. After that, as other PPs pointed out, features such as a patio may make the 1st floor more attractive OR a 3rd floor view may make that unit more attractive. Additionally, the location of the building makes a difference. Is the first floor unit right on the street where you wouldn't be able to open your windows and you will need special blinds so that people aren't looking at you like an animal at the zoo? Basically there is a lot of variables. Don't get fixated on just one.

[Anonymous]

Generally, they're worth less.

Few want to be on the ground floor due to ease of break ins, pests, etc.

[Anonymous]

I lived in the first floor and it really various.

My building the front was a very busy street. One side faced a cut through street, other side quiet but next to large office building so dark in units and back of building faced backyards of million dollar homes.

No first floor unit has outdoor space. The unit prices really varied. The back was easiest to sell.

[Anonymous]

It’s the opposite in my ten-unit condo.

Ground is worth less— less privacy, greater break-in danger, have to have bars on windows.

Middle units all are about the same as each other, about $15-20k more than ground.

And then the top is about $30k-$50k more— great views, feels more open.

[Anonymous]

Anonymous wrote:In general, having no elevators holds down the value of the whole condo building. After that, as other PPs pointed out, features such as a patio may make the 1st floor more attractive OR a 3rd floor view may make that unit more attractive. Additionally, the location of the building makes a difference. Is the first floor unit right on the street where you wouldn't be able to open your windows and you will need special blinds so that people aren't looking at you like an animal at the zoo? Basically there is a lot of variables. Don't get fixated on just one.

Having no elevator means smaller association fee as elevators are expensive to maintain and repair, cost electricity

[Anonymous]

As an owner you will appreciate the no elevators. Much lower condo fees per month. Top floors in our building are worth more (3rd floor) bc of privacy and light.