Pricing Premium – 2 Bedrooms 1 Bath vs. 2 Bedroom 2 Bath
When it comes to 2 bedroom condos I have often had clients ask about the value of a second bathroom in resale. While these units sell at a premium to units with a solo bathroom, they are also purchased at a premium. What is dynamic is that the premium varies dramatically depending on the neighborhood. Point of clarity, the extra bathroom is not the soul difference between these types of units. Often a 2/2 is somewhat larger than a 2/1. Other confounding factors could be a dearth or abundance of one type of unit in a specific neighborhood, however, the discrepency from neighborhood to neighborhood is still worth noting.
2 bedroom 1 and 2 baths - median prices in 2009 by neighborhood
Click here for the original post by Fran Bailey over at: http://www.chicagometroarearealestate.com/2-bedroom-1-bath-vs-2-bedroom-2-bath-condos-for-sale-in-chicago/
The greatest premium is paid in the loop and on the Near North side at 48% and 44% respectively. The lowest premiums were found in Lincoln Park and Edgewater at 20% and 17%. Lakeview, Uptown and Rogers Park fill in the middle at 33%, 28%, and 26%.
Not depicted here is wicker park and bucktown which I calculated at 38% premium, placing it third highest.
Best,
JLC
