While a Tesla charging station may be the latest amenity being offered, developers are continuing to command a premium for high ceilings and windows. In fact, according to Realtor.com analysis, buyers are more than willing to fork over larger sums for units with ceilings rising 11 feet or higher.
Developers who raise the ceiling to 10 or 11 feet from a more typical 8 or 9 feet may ask an average premium of 50 percent on a square foot basis. And units with ceilings between 12 and 15 feet high can ask a premium of 76 percent over their standard counterparts. In New York, condos with ceilings between 12 feet and 15 feet had an average asking price of $3,700 per square foot.
Since each foot can cost developers 5 to 10 percent more to build, the tallest ceilings are typically found on higher floors, where developers are already looking to maximize value. According to Miller Samuel’s Jonathan Miller, the opposite can be true if the apartment is too small. The smaller the apartment, the smaller the impact of tall ceilings.