Why are condos more expensive than single family homes near downtown?
New downtown condos typically cost $100 more per square foot than new housing in high-end areas close to downtown such as Tarrytown, Pemberton, and Clarksville. The costs come first from the land: prime downtown lots are very expensive. Second, high-rise buildings require lots of concrete, glass, and steel and are more expensive but also higher quality and easier to maintain than the typical single family home. When you focus on price-per-square-foot in evaluating costs, downtown condos may seem expensive. But there is more to the cost: – Energy costs in a condo are typically very low: it’s not uncommon for average utilities in a 2,000 SF unit (Electric + Gas + Water) to be under $100 per month. A similar house with a lawn could have average monthly utilities in the $300 – $500 range. – Maintenance costs are included so you won’t have to spend $10K for a new HVAC unit, roof, or other potentially expensive repairs. – Downtown living can enable a different life style. Some couples or fam
