price per square foot

Definition

A metric that pretends all square feet are created equal, whether they're in a penthouse or a basement. It's the real estate version of judging a book by counting the pages without reading any of them.

Example Usage

At $500 per square foot, this closet-sized studio in Manhattan is actually a bargain compared to the shoebox next door at $600.

Source: Real estate valuation metrics

Related Terms

Intermediate

assessing

The art of determining property value for tax purposes, usually performed by a government official who will inevitably conclude your home is worth more than you claimed. This process involves evaluating comparable sales, property features, and market conditions to establish a taxable value. It's the reason your property tax bill keeps going up even when your neighborhood looks exactly the same.

🏠 Real Estate

Intermediate

special assessment

An additional fee charged by HOAs or municipalities for specific improvements or repairs not covered by regular dues or taxes. It's the surprise bill that reminds you that common ownership comes with uncommon expenses.

🏠 Real Estate

Beginner

clear to close

The glorious moment when underwriting has approved all conditions and you're authorized to actually close on the property. It's the green light you've been praying for after weeks of document requests.

🏠 Real Estate

Beginner

Starter Home

A concept from the 1990s where young people could afford a small first home before upgrading. Now it mostly exists as a fairy tale told by boomers alongside legends of affordable college and pension plans.

🏠 Real Estate

Advanced

debt service coverage ratio

A metric comparing property income to debt payments, calculated by dividing net operating income by annual debt service. Commercial lenders worship this number, typically requiring 1.25 or higher to prove you can actually afford the loan.

🏠 Real Estate

Intermediate

remortgage

The financial equivalent of a do-over, where you replace your existing mortgage with a new one, usually to snag a better interest rate or release equity you've built up. It's like refinancing's British cousin—same concept, fancier vocabulary. Homeowners often remortgage when their initial deal expires or when they need cash for renovations, though banks will happily charge you fees for the privilege of switching.

🏠 Real Estate

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