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Answers (7)
- Pasadenan
- Contributions:21453
"Since Zillow can't see the view, they can only add value based on a higher sale or assessment for a view house that is visible in the numbers alone." -
Yes, the two variables that Zillow uses for extra value such as "views" in their value modeling are:
1) Last sold price adjusted for sold date
2) Tax assessed value adjusted for local tax rules
So, the "view" value does show up in the estimate, but can't be separated out. But if one did an average of 3 near identical homes with desirable views, and did an average of 3 more homes nearly identical to the first three, but without any views, all in the same "vicinity"... one could take the % difference of these numbers to get the approximate "premium" for the view in that area.
Still, the "view" is not an "independent variable" in such a calculation method. Proximity to the ocean for "access" would also factor into that number.
Yes, the two variables that Zillow uses for extra value such as "views" in their value modeling are:
1) Last sold price adjusted for sold date
2) Tax assessed value adjusted for local tax rules
So, the "view" value does show up in the estimate, but can't be separated out. But if one did an average of 3 near identical homes with desirable views, and did an average of 3 more homes nearly identical to the first three, but without any views, all in the same "vicinity"... one could take the % difference of these numbers to get the approximate "premium" for the view in that area.
Still, the "view" is not an "independent variable" in such a calculation method. Proximity to the ocean for "access" would also factor into that number.
- Pasadenan
- Contributions:21453
"Homesand has no 'ocean views' estimate function." -
I was referring to the Home Value User Opinion page on that site, that lets you select how much view in 90 degree increments, and does an averaging between the comparables. The "default" for % of price for a quarter view (90 degrees) on that site for the comparables is 5%, but it lets you put in any percentage you want.
Of course, since the user is inputting the numbers, it is only as valid as the skill and experience of the person providing the information.
I was referring to the Home Value User Opinion page on that site, that lets you select how much view in 90 degree increments, and does an averaging between the comparables. The "default" for % of price for a quarter view (90 degrees) on that site for the comparables is 5%, but it lets you put in any percentage you want.
Of course, since the user is inputting the numbers, it is only as valid as the skill and experience of the person providing the information.
- sunnyview
- Contributions:25128
It depends on the view. A breaking wave view from the main level is worth more than a blue ocean peek from an upper window. Since Zillow can't see the view, they can only add value based on a higher sale or assessment for a view house that is visible in the numbers alone.
- HomeSand.net, "White Picture"
- Contributions:4393
Thanks Pasa.
As same as Zillow, Homesand has no 'ocean views' estimate function. 8)
As same as Zillow, Homesand has no 'ocean views' estimate function. 8)
- Pasadenan
- Contributions:21453
I'm sure people must really "love" those "ocean views" over the tops of 5 blocks of houses with large power lines going straight across the view; especially if the water is only visible in about a 10 degree window and no view of the shoreline.
Try homesand.net and see what it estimates the value of your view is.
Try homesand.net and see what it estimates the value of your view is.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3917
Vince is right, depends on where it is, what kind of ocean view....you are in Dana Point California, right? Great place! Call a local realtor or Vince, thats his part of the world.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
House, condo, commercial property, rental, what ?!? Be more specific, or post a view shot. Whats the address ? And how much is it worth to you ?
HOw much does an ocean view add to a property's value?
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