homer_simpson
Well-known member
akim997 said:
Where do you live?
how much more would you pay for a detached vs attached...
- Thread starter villiagepeople
- Start date
NEW -> Contingent Buyer Assistance Program
Where do you live?
A very good question. Taking a look at historical data may help give an answer of how much more people have paid.
For Orange County, I broke down purchases for three different (very arbitrary) groups based on size:
Group 1 - small (1-2 bedrooms, up to 1200sqft),
Group 2 - medium (2-3 bedrooms, from 1200-1800sqft),
and
Group 3 - large (3-5 bedrooms, from 1800-2500sqft).
I further limited the search to homes built after 1980 to try to take some noise out of the equation, but still return a healthy sample data population. While I didn't try to normalize some of the other factors mentioned above that would be really, really tough to pull in (HOA fees, Mello Roos, etc) hopefully our pool is large enough to accommodate a decent confidence factor...
The answer appears to be that people pay a higher premium when the homes are smallest.
Group 1 paid an average of $284.22/sqft for attached (n=72714) while paying an average of $412.73/sqft (n=10406) for detached living; a premium of 45.2%!
Group 2 paid an average of $257.58/sqft for attached (n=61350) while paying an average of $305.81/sqft (n=64687) for detached living; a more modest but still significant bump of 18.7%.
Group 3 paid an average of $264.60/sqft for attached (n=11303) while paying an average of $270.77/sqft (n=65803) for detached living; only a 2.33% difference.
If you've got other suggestions, I'll pull some tighter specs if you like (when I have the time, which is not necessarily right now :-[ ).
Thank you,
IR2
Group 1 (a) = 700 homes - $326.83
Group 1 (d) = 94 homes - $406.37 (24.3% higher)
Group 2 (a) = 954 homes - $324.96
Group 2 (d) = 490 homes - $384.33 (18.3% higher)
Group 3 (a) = 280 homes - $310.93
Group 3 (d) = 677 homes - $346.06 (11.3% higher)
Similar pattern developing, but with a much smaller sample size.
Where do you live?
irvinerealtor
Well-known member
villagepeople said:
A very good question. Taking a look at historical data may help give an answer of how much more people have paid.
For Orange County, I broke down purchases for three different (very arbitrary) groups based on size:
Group 1 - small (1-2 bedrooms, up to 1200sqft),
Group 2 - medium (2-3 bedrooms, from 1200-1800sqft),
and
Group 3 - large (3-5 bedrooms, from 1800-2500sqft).
I further limited the search to homes built after 1980 to try to take some noise out of the equation, but still return a healthy sample data population. While I didn't try to normalize some of the other factors mentioned above that would be really, really tough to pull in (HOA fees, Mello Roos, etc) hopefully our pool is large enough to accommodate a decent confidence factor...
The answer appears to be that people pay a higher premium when the homes are smallest.
Group 1 paid an average of $284.22/sqft for attached (n=72714) while paying an average of $412.73/sqft (n=10406) for detached living; a premium of 45.2%!
Group 2 paid an average of $257.58/sqft for attached (n=61350) while paying an average of $305.81/sqft (n=64687) for detached living; a more modest but still significant bump of 18.7%.
Group 3 paid an average of $264.60/sqft for attached (n=11303) while paying an average of $270.77/sqft (n=65803) for detached living; only a 2.33% difference.
If you've got other suggestions, I'll pull some tighter specs if you like (when I have the time, which is not necessarily right now :-[ ).
Thank you,
IR2
villiagepeople
New member
wow.. that's a lot of homes (i'm assuming n= number of homes)... so how far back does this data go? i would be interested to see the data for transactions in the last 2 years and just for irvine...
thanks!
i really appreciate everyone's help here... i was a long time reader of the irvine housing blog but then the forums went away and i didn't know where everyone went... i stopped reading (for various reasons) but somehow i stumbled on this site while researching new homes.
thanks!
i really appreciate everyone's help here... i was a long time reader of the irvine housing blog but then the forums went away and i didn't know where everyone went... i stopped reading (for various reasons) but somehow i stumbled on this site while researching new homes.
i guess there are ALOT of variables that go into the answer to this. On SFR's alone, there is variance based on lot size. For example, let's say there happened to be a new home 2000 ft on a 10,000 sq ft lot... pricing would be out of this world. For example, the Campanile/ Portisol 1949 sq ft SFRs always get listed at a higher price than the surrounding areas $/ft average.
irvinerealtor
Well-known member
villagepeople said:
Group 1 (a) = 700 homes - $326.83
Group 1 (d) = 94 homes - $406.37 (24.3% higher)
Group 2 (a) = 954 homes - $324.96
Group 2 (d) = 490 homes - $384.33 (18.3% higher)
Group 3 (a) = 280 homes - $310.93
Group 3 (d) = 677 homes - $346.06 (11.3% higher)
Similar pattern developing, but with a much smaller sample size.