Quote Originally Posted by davewindsor View Post
I think you missed my point.

You can't compare square feet of a mansion to square feet of a new condo complex. These are apples to oranges comparisons. The condos are worth more per square feet because they are new and they were approved with zoning for a plan of condo subdivision. Wood frame vs. condo construction is different. The condos have elevators. The layouts are different. Old buildings cost a lot more to maintain and, thus, worth less from a banker's perspective. A square footage comparison to the condos is ridiculous.

My point is that a mansion in a neighbourhood of which the property is surrounded by $85K condos is worth a lot less than mansions in a neighbourhood of mansions. A mansion this size is worth a lot more in Indian Village because it's surrounded by other large mansions, not $85K condos. You have much higher calibre residents in Indian Village. I'm not even sure if you turn a mansion in Indian Village into a multi-res. because of the zoning. In fact, it doesn't look like there are a lot of zoning restrictions in Brush Park. Yet, they want more than a similar sized mansion in Indian Village, which is ridiculous.
If the price per square foot in Brush Park is on average more than the price per square foot in Indian Village, then a mansion in Brush Park will cost more than a mansion in Indian Village. It doesn't have much of anything to do with whether there are other mansions in the area. A mansion in Manhattan will cost more than a similar sized mansion on the North Shore of Long Island, even though there are a lot more mansions on the North Shore.