Real Estate Tip: Ceiling Heights

 

www.remaxcondosplus.com Welcome to Inside the Real Estate Market, I’m Jamie Johnston, Broker/Owner of RE/MAX Condos Plus. Today I want to talk about the difference between 8 foot and 9 foot ceilings in condos. 10 years ago, buyers were focused on stainless steel appliances, granite countertops, and hardwood floors. All condos had 8 foot ceilings. Today buyers want all of the above plus 9 foot ceilings. Why? With smaller units, 9 foot ceilings make the place seem bigger. Unless you’re 7 feet tall, it really doesn’t make much difference. However, for developers, if you build condos with 9 foot ceilings as opposed to 8 feet, you will lose a floor for every 9 floors you build. On a 45 storey building, the difference could be at least 9 floors. So, what is the cost to the builder? Not 11% more because you save on the finishes within a unit. My guess the cost is 5%-6%. Translating that to the real estate market, 9 foot ceilings would add $25 to $40 per square foot to the price of a condo. So keep that in mind when you are buying and comparing condos. I’m Jamie Johnston.