The Palos Verdes Peninsula possesses a full portfolio of views. Would you like ocean and island view? We have it. How about city lights? Yes, lots of those available. Are you happy with a peek-a-boo view? Those are quite common. If only a panoramic view will do, the price will reflect a big view is included.
Many buyers want to know what a view will cost. Sellers want to know what their view is worth. Pricing a view is one of the most subjective things an agent must do when listing a view property. History and experience helps us with this subjective and opinion filled task.
Last week my business partner and I decided to approach pricing view properties based on a more scientific approach. Using the sales from a recent 30 day period, we compared the price ratios of homes that sold with no view, any view, ocean views and panoramic views. We placed all single family sales in the most appropriate view slot. We then calculated the price per square foot for averages for each type of sale. The ratios of each category revealed rough estimates of the premium buyers place on each type of view.
The results:
Homes with a small view sold for an average of 10% more than homes with no view.
Homes with any view sold for an average of 17% more than homes with no view.
Homes with ocean views sold for an average of 25% more than homes with no view.
Homes with panoramic views sold for an average of 40% more than homes with no view.
There are many variables in this calculation (which means it still remains very subjective) and the percentage will vary with the number of homes sold and the type of view those properties possessed. Pricing a view home is best done by a knowledgeable and experienced agent because certain views are considered more valuable than others even though they may both be deemed panoramic.
We had fun compiling the list and assigning a value to our Palos Verdes views, but please remember the true value of view is determined by what buyers are willing to pay for view properties.
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Norma,
Here we have Washington Monument views, National Cathedral views, Capitol views and Potomac River views at the top of the list. And whatever the view, it's a total challenge when people come here from coastal California looking for a great view!
We are so spoiled by our views along the coast of California. The views make the cost of living here worthwhile (and the weather doesn't hurt either).