I recently did a study for a client who was debating whether or not to pay more for a unit with a balcony. At least in this Old Town high rise, buyers will pay more for balconies and units with a balcony hold their value better. Certainly there are other contributing factors: finish level, floor level and view.
My data study when back to before the bubble burst in to 2007. In 2007 the overall average price per square foot for units with a balcony was $316 v. $291 for those units without a balcony. For this building, whether the unit is a studio, one bedroom or two bedroom, with or without a balcony, the market time was equal at two months.
Today’s market, including sales data since the beginning of 2012, the average price per square foot for units with a balcony is dipped slightly to $314 v. $246 for units without a balcony a 15% drop. Over the long term, units with balconies held their value better.