How To Price the Priceless Features of Pre-War Buildings!
How to value the price of priceless features found in pre-war buildings? The construction time span for these iconic buildings is usually defined as 1900 to 1939, but apartments dating back to the 1880s are often included in the prewar category.
Pre-war apartments are known for their spacious layouts, high ceiling and solid construction. In the truly unique residences, you’ll find decorative architectural details, including archways, intricate millwork, ceiling medallions, detailed crown molding wood-paneled libraries, built-in bookcases and wood-burning fireplaces among other things.
50 Central Park West, Unit 8CD
112 Waverly Pl, Unit PH
How does one value these features when it comes to pricing? According to Michael Vargas, the President and CEO of Vanderbilt Appraisal Company, when comparing pre-war residences to similar homes that lack original details/high ceilings the appraiser might apply a 15% or +20% upward adjustment but there can be offset if the apartment has these features but needs a renovation.
Some studies indicate apartments with fireplaces cost an average of approximately two to five percent more than those without. The "high ceiling premium" adds about five to 10 percent to the value of an apartment according to Jonathan Miller.
A comp analysis is both a science and an art, in the case of valuing distinct pre-war features the latter is more applicable.
Written by. Marianna Dimentman | (E) mariannad@compass.com , (M) 917.853.3262
