Subject Views Any Value to Views? Do you make Adjustments for Views?

[Bill_FL]

Ray,

After appraising most of my life in an area with mountains, I finally figured out how to explain to large city underwriters the view adjustment. I would ask them if they knew about any skyscrapers, either office buildings or a residential condo. Almost all would say yes. I would then ask, do the units on the second floor sell for less than the units on the upper floor. They would say yes. Then I would ask them why. They would get all indignant and say,well the view from up there...I wold then interrupt and say, exactly.

 

[Kendall Jackson]

Views can impact value positive or negatively.
I once had a HO tell me he had the 10th best view in CO??. I guess the same guy who rates what return improvements lend to a property rated this guys view...??
I usually try to use sales with equivalant views and not make a subjective adjustment...

 

[Marcia Langley]

Highrise developers sometimes pay many millions for air space above the neighboring properties to raise the view value of their units.

Like Joyce said, to control the view. A mountain ridge has a naturally controlled view.

 

[Terrel L. Shields]

How would you adjust a lot on the lakeside or lakeview and one a mile away if not view? We have mobile homes on Grand Lake selling for double what they do a mile away. So.....I find a lot of people don't like "view" as an adjustment. Well, the view goes with the lot, so imho, it is a reflection of the site value, whether a house is there or not, and therefore most of my adjustments will be in the site not the view catagory.

 

[John Hassler]

I've made $500,000 dollar view adjustments without breaking a sweat. What do you think a view of San Francisco, the bay, the bridge and the ocean is worth from Mt. Tamalpais? $4 million - $10 million?

Greg, the view from the top of Mt. Tamalpais is free if you live dangerous and don't put your $5 automobile fee in the Park Service box!

Below are the view pics from a job of few weeks ago. Ridge top lot was purchased for $1.7m three years ago and has, at best 1/3 acre of usable area. First pic is SF from the front patio and the second is Mt. Tam from the back by the infinity pool.

Ray, tell the UW views can be important.

 

[Joyce Potts]

Highrise developers sometimes pay many millions for air space above the neighboring properties to raise the view value of their units.

Like Joyce said, to control the view. A mountain ridge has a naturally controlled view.

YES! Especially when the vacant lot in front my log home in Franklin, NC, had trees that were creating a major obstruction.

Thank God for the surge in beavers that summer.

 

[Mike Garrett RAA]

I once appraised a single family residence on 35 acres for a banker from Kansas. He wanted to buy the adjoining property so he would have an unobstructed view of the back of Pikes Peak. Long story short, he paid $350,000 for the property and had the house torn down.

View? Nah, we don't need no stinkin view adjustment!

 

[Jack D. Pratt]

Panoramic Mountain/Valley/Lake/River/Ocean/ dense forest rear/private view .......you bet. Tell the LO ditch the incompetents who don't - and give YOU allllll their business.

Can I get an amen! With all the inland lakes and beautiful ravines not to mention Lake Michigan. You bet I adjust for views...tough to find comps in most of my area. I just recently made a decision to do a time search on the subjects immediate nieghbors..huge adjustments....accurate value!!!

 

[Michigan CG]

I've made $500,000 dollar view adjustments without breaking a sweat. What do you think a view of San Francisco, the bay, the bridge and the ocean is worth from Mt. Tamalpais? $4 million - $10 million?

OMG...I thought my potential post about a $20,000 view adjustment of the Mississippi River would be high in other appraisers opinions, but it was just verified by Greg. We did a study for a property and found that for high dollar homes in Iowa that this was justified.


$500,000...some people have too much money, but that is the market.

 

[Doug Wegener]

If the subject has a dynamite view, I always try to include both view and non-view properties as well as make the adjustment. Who can argue with the facts?