Luxury condominium prices vary widely for homes that look similar on paper. The reasons include location within the district, the floor and orientation of the unit, the age and reputation of the development, and the facilities on offer.
Start with comparable transactions. Look at what similar units in the same development or nearby have sold for recently, and adjust for size, floor, condition and view. Public transaction records are the most reliable reference, so use them before you rely on asking prices.
Understand the tenure. A freehold condominium and a 99-year leasehold condominium are different products, and their values can behave differently over time. Factor the remaining lease into your analysis, especially if you plan to sell or pass the home on.
Check the costs beyond the price. Look at the maintenance fees, the sinking fund, the stamp duty that applies to your situation, and any renovation or financing costs. A low headline price can be offset by high ongoing costs.
Finally, negotiate with a plan. Know your walk-away price, understand what the seller needs, and be prepared to walk away if the numbers do not work. A disciplined buyer is usually the one who pays the right price.