A few days ago, MBC noted ("$1m to Cross the Street?
") that we were struck by the fact that two new midtown walkstreet homes of the same size, just one street away from each other, were priced $1m apart.
The most obvious explanation for the higher price ($5.849m
) on 200 19th
is its location west of Highland.
The lower-priced property (achem) at 332 20th
) has big ocean views due to its higher-up location, but that location is east of the Highland divide.
We asked you to imagine that all things were more or less equal between the two new homes, and tell us what the west-of-Highland premium
ought to be. Was it $1m
, as the start prices suggested, or some amount less?
As you'll see from the three chart segments in shades of green, fully 2/3rds (66%
) believe the premium is at least $500k
in favor of 200 19th. About one-quarter thought the $1m level was just right.
The dissenters consisted of about one-third (32%
) who believed that there is a premium to be paid, but it's less than $500k. Only 2% chose our option for no premium or the possibility that, in this specific case, 332 20th might actually fetch more than 200 19th, in the end.
The consensus in comments seemed to be that 200 19th was the superior home. They're both great – of course, at this price point – but we didn't see much debate on the point. A mild surprise to your humble correspondent, whose first reaction was the opposite.
There was chatter to the effect that 200 19th is already in negotiations, but who knows what that really means. We'll follow up when one or both homes has sold.
A special thanks to our readers for voting on what was, admittedly, a question that was difficult to phrase and, therefore, perhaps, tough to answer. But you got the point and the participation level on this one was close to our other pricing polls.