This is surely one of the most often asked questions Ron Buck, Realtor encounters as a working Realtor. The other most frequently asked question is, “How long has it been on the market?”
Ron Buck, Realtor, has always been fascinated by price per square foot. Here are a few things Ron Buck thinks you should keep in mind. The price per square foot is very much neighborhood specific. In a given neighborhood or a given area the price is fairly uniform.
What you will see within that neighborhood is that the smallest house has the highest price per square foot and the largest house has the lowest price per square foot.
That number is very specific to city, price range, finishes, view, ocean view, style and age. Also it varies based on whether the home is tract or custom. Here are a few examples. For detached homes from $500K to $750K sold price in the last quarter in Laguna Niguel averaged $291 per sq. ft. For homes from $750K to $1 million the price was $301. Homes from $1 million to $1.5 million the square foot price was $380. For homes from $1.5 million to $2 million the price was $354. For homes above $2 million the price was $444.
For Dana Point sales from $1 million to $1.5 million the price was $413 per square foot. (10% more than LN).
Ron Buck knows that one story homes usually sell for more per square foot, and ocean view homes always sell for 10% to 20% more. Older homes in general sell for less unless they have been remodeled completely.
Ron Buck has included, just for laughs, the Laguna Beach homes that sold in the last four months between $1 & $2.5 million sold at $679 per square foot. and the homes from $2 to $6 million in Laguna Beach sold at $869 per square foot in the same period.
Be careful where the square foot data comes from. Is the data from the builder, appraiser, assessor or is it just an “estimate” by the owner or Realtor? If the square footage is an estimate it will transfer over to public records when the new sale is recorded.