Once you build a family you need 3 bedrooms and probably don’t have $1.8 million for such a condo. But the reason condos cost so much per square foot is regulation. Fundamentally, they should be cheaper than comparable houses.
Perhaps if urban living were even more popular, condos could fetch $10k/sqft instead of $1k. But to the extent that today's cities are harmed by their level of desirability, it is still in the direction of being too desired relative to their capacity. $1k/sqft is still ludicrous.
I was looking at home prices there a few months ago and was shocked. If I sold our 4 bedroom home on 5 acres I'd barely be able to make a down payment on a condo there.
Not to rub it in, but something many people also don't consider when looking at condos is that there are generally speaking condo fees associated which can easily run $300-$800 for a run of the mill condo depending on amenities. There's also a dirty little secret that really doesn't get a lot of air time, many of the condos have what are essentially builder / developer royalties that go to the developer in perpetuity. So, on top of dropping 5 digits on closing and paying thousands in property taxes, you get to pay monthly fees and part of those go to the developer that built the complex with lowest bidder and shoddy illegal immigrant labor.
$2.5 million for a huge plot of in land in a very popular city, in the most desirable state in the country, in one of the most desirable countries in the world. It seems pretty reasonable to me.
In Boston metro I doubt you could find a decent condo in a decent area for much less than $500K. Which you can get a house on some land for an hour outside the city in some communities.
They are, but they're also frequently far more expensive, and downright unaffordable to many people compared to much larger homes in more rural areas. In the big city near me, a little condo in a high-rise can easily cost $400k. But a couple hours away from the city I can buy a house for $50k or $75k. People who have no hope of earning enough money for a $400k condo (even though jobs in the city usually pay a little more) can frequently afford one of those rural properties.
I can't imagine property being so cheap - that too in the US. Here in India where I reside, you wouldn't be able to get even a 100sq.ft of open land for that price.
Compared to the fact that 1,000+ square foot living spaces are available in other suburban areas for less than $100,000, this is still pretty darn insane, even if it "goes for less".
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