Car Terminology vs. Housing Terminology
In auto sales, cars priced roughly around $40k today apparently are referred to as “entry-level luxury.”
So, what would you call an $800k home in the Twin Cities?
“Lower upper bracket” (the latter term is courtesy of a former law colleague).
“Only $150 Per Square Foot!!”
Unlike real estate, cars are never sold based on their price per square foot.
That’s because two similar-sized cars can fetch dramatically different prices based on their finishes, craftsmanship, and styling.*
The same applies to housing.
Even if that weren’t the case, emphasizing a home’s value (“only $150/per square foot!!”) is usually a mistake, because Buyers make purchase decisions emotionally (by contrast, home inspections are much more dispassionate).
See also, “Touting a ‘For Sale’ Home’s Price Per Square Foot.”
*One very key difference between homes and cars: “location, location, location” doesn’t apply to the latter.
