Profile picture for Merdot

how many percent an spectacular view adds to the value of a house?

Assume you have 3 identical houses in the same neibourhood:
1. Down the hill. Its view is blocked by a huge hill. Very depressive!
2. On a flat land with no view and no blocking.
3. On top of the hill with unblievably spectacular 270 degrees view of the city lights and hills.
You want to put them on the market at the same time. Your asking price for the #2 is one million dollar. What are your asking prices for the other two? 
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December 02 2010 - Los Angeles
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Answers (14)

Depends on which part of LA in particular.
I believe that value of homes with views are based on the perceptional value placed on the home by the prospective buyer and will vary by each each individual. However, you should base it on the value the seller believes in has.
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January 30 2011
This is a great question. First move would be to look at recent sale but if there was nothing, my numbers would be as follows;
1. 899,000
2. 1,000,000
2. 1,149,000
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January 28 2011
Profile picture for droopyd
Depending on where you are in LA, a truly spectacular view could add anywhere from 5-100% to the value of the same property with no view.
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December 18 2010
It's impossible to answer this question accurately without knowing which properties you're referring to.  Each house is different and must be evaluated individually.  Your agent can give you the market value of a specific property.
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December 18 2010
I would take a stab at saying...

House # 1 $975,000
House #2 $1,000,000
House #3 $1.150,000

An appraiser would probably have no problem justifying this given your assumption of value of home 2.

However, the real test is whether the person that enters the home happens to like the view of the city or if they like the view of the houses uphill LOL.  Chances are the majority of people will like the view of the city and that carries a premium... all other variable held constant, that is. 

PS.  Marketing is improtant... panoramic pictures, staging, etc.

Good luck!
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December 14 2010
Profile picture for wetdawgs
5 to 15% for a spectacular view.

A view of a hill may be wonderful in the eyes of some buyers.
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December 03 2010
Location of the property would have to be considered,
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December 03 2010
As you can see from the other responses there is not clear cut answer.  The most important factor is what other homes comparable homes have sold for.  The view house will undoubtedly fetch more as many buyers will find it highly desirable and will be willing to pay substantially more.  However, the comps will still need to justify it.
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December 03 2010
There is no hard and fast percentage that can be calculated.  It's all based on the comparable sold properties in that area.  If there are recent sales that are similiar to #1 and #3, then that's your comparable.  If there aren't then you have to look at a nearby area that has a similiar value and pull comps from there. 
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December 03 2010
There is no accurate way to answer that question without lookimng at comps in the area and compare them.  Good views do add value, but it varies by area, view and other factors. 
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December 03 2010
The term "view" means different things to different people. The other answers make good points. It depends on the specific neighborhood and the street itself. What if the street is narrow and winding? The views of the city may be panoramic but that is offset by a lack of street parking and the potentially dangerous nature of the street. While a lovely view may be a bonus, it is not the be all and end all for many consumers.
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December 02 2010
A gazillion factors come into play. Ive appraised plenty of homes where the owner says they have a view, and yes, they have a view of their next door neighbors property.

It depends on the market - in depreciating areas, views dont get what they do in good time, sometimes nothing more. And which area of LA? Malibu, Hollywood, Whittier ? Better areas garner better prices. If in the Culver City area, some view properties with tremendous views of downtown LA are located next to oil derricks.

In general, youll get more for view properties than non view properties, maybe like 10%. But the value of a view is in the eye of the beholder. Like Dan, I would take acreage over views.
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December 02 2010
Profile picture for the_country_hick
I only know I want the house on the flat land. The one at the top of the hill will be to hard to walk to. If driving it also places extra strain on my vehicle and use more gas. Going down the hill could even cost me more for brakes.

The real problem is ALL of those houses are in a huge city. they ALL have horrible views because all kinds of other houses are in that view. Can we talk about a house with 40 acres instead? Those can have a free view.
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December 02 2010
It depends on the area. Which area are we speaking of?
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December 02 2010
 
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