Would You Pay $140,000 for a Closet?
David Bates / January 14, 2011-12:40 pm
Have you ever considered the value of closet space? I’m not talking about having enough closet space to hang all of your clothes or even enough closet space for you and your spouse to live comfortably. I’m talking about the amount you pay for the space your closets occupy in your condominium.
Downtown brokers will tell you every square foot of space has value. So when the MLS shows that you would be paying $500 per square foot for the condominium you like, you’re paying $500 for every square foot of closet space in that condominium, too. The value of this understated part of your home can add up to real money fast. For example, consider the costs of the closets in the 96 Beacon St. Penthouse, a Boston condominium that sold for more than $1,800 a square foot. At $1,800 a square foot, a 12-square-foot coat closet has a value of $21,600. A modest, 10 x 8 walk-in closet cost you $144,000.
I’m curious: If, in some imaginary Boston of the future, they sold condominiums without closets and you had to pay an upgrade charge to get a closet, would you be willing to pay $21,600 for a coat closet or might you purchase a car instead? Would you pay $144,000 for a walk-in closet? Hey, for those of us that love living in this great city, owning that $144,000 closet is better than owning an entire home in San Antonio, where the median home price is around $140,000, right?