 |
| View from Apt. 20A at 377 Rector Place BPC |
In May 2003 a study was conducted by Michael H. Schill, director of the Furman Center for Real Estate and Urban Policy at New York University; Jonathan Miller, president of Miller Samuel, millersamuel.com a leading Manhattan appraisal company; and Ioan Voicu, a research fellow at the Furman Center. nyu.edu
The study looked at attributes and ammenities in features ranging from the age of building, fireplaces, terraces, condos vs coops, views, financial requirements, square footage, doorman etc. and gave each a premium.
The study found there is a 15% premium for condos over coops. Some say there is a premium for condos because they are easier to get into. A prewar condo has a 30% premium because they are so rare.
The study found old is in - the older the better. I think that is changing as more and more buyers are demanding the ammenities and views in new condo developments.
There is about a 10% premium for a Fireplace a status symbol of old New York. Balconies and terraces a premium of about 9%. Even if never used everybody wants them.
A good view 3.6% and excellent view 7.99%.
I have seen two listings of the same apartment - one facing the back of a building and the one with the view listed for 50% more. Both priced right.
A view is subjective. A good view is subjective. What is a good view? what is an excellent view? a breathtaking view? a spectacular view?More and more buyers seem to want views. How much is it worth to you?
google +
Posts
comments
5 Responses to "How Much Would You Pay For A VIEW?"Didn't realize I needed to sign-in before commenting...I'll try to remember what I previously wrote.
To me, views are very important. I'd rather have a view of the ocean than of a street. But, it all boils down to the almighty dollar, doesn't it. The people who have will get, the people who don't, won't.
Nice blog.
Views are pretty hard to come by in the midwest...I know we appreciate them on vacation. There are homes on the rivers, lakes, ravines etc. with great views... The views downtown are totally different than suburban views and we really are mostly very suburban here.
I live on a lake in Minneapolis and we pay a premium for it! LOVE LOVE your green page!
Mitchell - in all your spare time, you really should keep this blog up too. There's some good stuff here!
Jay Thompson
http://www.PhoenixRealEstateGuy.com
Mitchell, I like this blog! Easy to read and seems to give you flexibility with what you can feature. As to views? Maureen McCabe is stuck in the middle of the State lol. We have great views to offer here in Cleveland; Lake Erie can look like the ocean, it's large : - ) Yes I know, no views of the Statue of Liberty; we can't match that!
Post a Comment