There is no such thing as identical condos

view from a River Park Loft

In a condo building it isn’t unusual to find unite that have the same floor plan and are the same size as the condo’s directly above and below. Yet they are not identical because they are on higher or lower floors. They are similar but not identical.

The condo on the same floor but down the hall may not be the same size or have the same floor plan and it doesn’t have the same view.

Each piece of real estate is unique even if it is in a building with similar units. A 900 square foot condo on the 25th floor may be worth 30% more than the same unit on the 2nd floor. The unit that overlooks the patio won’t be as valuable as the unit that is the same size and has the same floor plan but has a view of the river.

A north facing unit with all of the windows on the North side may be less valuable than the similar South facing condo.

Homes can be similar to other homes. Maybe they were built the same year using the same materials and are facing the same direction. If the homes are in different towns or neighborhoods the values are not the same.

Home buyers usually don’t have any problem understanding the differences.