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[ChartFloor] Manhattan Price Per Floor Breakdown

trdfloorlevel [1]

Floor pricing has been the stumbling block for credibility with automated valuation models (appraisal replacement tools) used by banks and for services like Zillow [2]. StreetEasy [3] gets it right, in the way they display information – grouped by building so the patterns are apparent.

Matthew Strozier over at The Real Deal Magazine [4] asked me to crunch apartment prices to show some sort of floor level relationship to value [5]. I took the down and dirty approach (because SPSS [6] is way over my head) and looked at all closed co-op and condo sales in 2009. I broke those sales down by floor level and crunched the metrics for each floor. The results are seen in this very cool chart. Click on the graphic to the right that TRD created to open the big version.

Some observations

In addition, the erratic price per square foot patterns on the higher floors reflect the differences in views. In our appraisals, we make adjustments for floor level and view separately.

I ended the presentation at the 25th floor only because the data set gets so thin that it was more difficult to extract or infer a pattern.