Someone recently made the comment that “a single story home has to be the best investment you can make in real estate today.”
I’m always surprised by how much more popular a single story home is. I’m not just talking about senior citizens for whom avoiding stairs is a practical thing–in general, people perfer one story homes. Personally, I love a two story home, but I recognize that my two story home is less valuable than a single story equivalent.
We’ve all noticed that builders aren’t choosing to erect the single story very often–certainly the two story is a better use of land and they can fit more housing on a smaller space–and the developers will tell you that a single story home is also much more expensive to build due to the larger foundation. So the single story has become rare–at least the newer construction single story homes.
Just because they are more expensive to build doesn’t necessarily mean they will be more expensive to buy–but I have often analyzed the price per sq foot; here are my notes from 9/1: – So far this year, there have been 117 single family homes sold in Alamo. Price per square foot for the group is a range of $214 to $599, and the average is $366. – Of those 117, 63 are single story homes. The average per sq foot is $384, and the range is $248 – $599. – The remaining homes are not single story, as a group they have an average price per sq foot of $340, and a range of $214 – $436. – Consider also, that of the 63 single story homes, 15 fetched a higher ppsf than the highest non-single story home ($436 – $599).
The data remains insistent that single story homes are worth more. I could do a similar analysis of newer homes. Single story and newer are too rare, I would guess, to have enough supporting data, but my point is that there is value in the age of the home and the fact that it is a single level.
Today on tour in Alamo: 334 Corrie Place, video tour here: http://www.youtube.com/watch?v=zs8g2Q0nJA0 This beautiful home has an amazing combination of rare attributes: single story, newer construction, large square footage, flat lot, dramatic views. Open on Sunday, 10/21 from 1:30 to 4:00.