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So how much should you pay per square foot for a Main Line house?

So how much should you pay per square foot for a Philadelphia Main Line house?

I often have buyers of Philadelphia Main Line homes tell me a home is priced at so much a square foot and that it is overpriced. But how much is too much?

$ per square footI was reading this story on Housingwire today about a home in Hong Kong that is $22,677 per square foot. Is that too much? It makes it the most expensive house in the world if only considering price per square foot. The most expensive house listed is actually in London if loking only at price.

But what should you consider when buying a Main Line house? Is price per square foot something to rely on?

Like a good lawyer, my answer will be, it depends.

It depends on the features the house has, its location, does it meet your requirements, school district, crime statistics, distance from the nearest nuclear reactor, distance to the beach or the mountains for skiing. So you see it really does depend.

But knowing the price per square foot of a Philadelphia Main Line home is just knowing a number, it is just another statistic, somewhere to start. It only becomes relevant if you know the price per square foot of the other homes in the neighborhood. Is there a variance? If so why? Analyzing the data is what is really important and knowing what variables there are that can affect it. That is why having a good Main Line Realtor like Nick and Trudy Vandekar is important.

For example, both homes have finished basements, but one obtained a permit and has an escape window installed as per building and code regulations, the other does not. Is this worth more per square foot, or higher taxes?

One house has stucco finishes, we have had lots of problems with Main Line homes recently having stucco installed incorrectly and owners having to have it repaired for in some cases hundreds of thousands of dollars, the other home does not. Is it worth more per square foot because of this?

So just knowing a number is not always the end, you need to know the rest of the story.

Nick & Trudy Vandekar, Philadelphia Main Line Realtors are here to help you discover the whole story, not just a part of it and to help you understand the things that affect the price of the house you are buying so you can decide what is the right price for the home you want.

If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you,  contact us or connect

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Comment balloon 4 commentsNick Vandekar, 610-203-4543 • August 09 2014 12:09PM

Comments

Great points made here.  A relative of mine is dealing with the stucco mess you mentioned, and you're not exaggerating when you say it is PRICEY!  There are a lot of homes in disrepair with a lot of square footage.  Comparing the cost per square foot of that against a beautiful main line home is, as you said, nothing more than a number.

Posted by John Meussner, #MortgageMadeEasy Walnut Creek, CA 484-680-4852 (Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,) about 5 years ago

Unfortunately the stucco issues have become a major problem, regardless of who the builders were. They were all doing it wrong.

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) about 5 years ago

Nick and Trudy, that was a great explanation of price per square foot.

Posted by Sybil Campbell, REALTOR® ABR, SFR, SRES Williamsburg, Virginia (Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia) about 5 years ago

Sybil, thanks for the compliment

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) about 5 years ago

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