Weight of view on appraisal value?

[Surf Cat]

Maybe, maybe not. If the OP is actually the general public. They probably said "WTF" after the first response and realized after a few more that any answer was fleeting at the best

I don't know.... I thought there was some good information provided.

At least the op can walk away from here knowing that their instincts were correct in that a proper analysis wasn't done on their property in regards to the view. There's methodologies involved to be sure, but it's not rocket science.

Also, no disparaging remarks against the op...aside from calling them a troll LOL. But hey, we were jilted!

At least we weren't in the mud in the political threads gouging eyes out.

 

[Sadie]

I don't know.... I thought there was some good information provided.

At least the op can walk away from here knowing that their instincts were correct in that a proper analysis wasn't done on their property in regards to the view. There's methodologies involved to be sure, but it's not rocket science.

Also, no disparaging remarks against the op...aside from calling them a troll LOL. But hey, we were jilted!

At least we weren't in the mud in the political threads gouging eyes out.

We don't know if the instincts are correct as there may have been commentary in the addendum that was not mentioned. How else would it get through underwriting?

 

[Surf Cat]

We don't know if the instincts are correct as there may have been commentary in the addendum that was not mentioned. How else would it get through underwriting?

Yeah.... we definitely needed a couple more bones thrown at us to gnaw on...

 

[Fernando]

Not wearing my appraisal hat, as a high end buyer, I would pay a high premium for a million dollar view.

 

[David S. Roberson]

Since we have a lot of hills in the SF Bay Area, we also have quite a few homes with nice views. Understandably some don't. But, I would be cautious on views. They are overrated - and a major source for overvaluation.

Understand very rare spectacular views can indeed be worth a lot. You have to have a sense about how rare that view is. You have to be familiar with the real estate. Ask agents.

Also understand, most high income earners spend most of their real time in front of a computer, maybe all day long, and they think - yea a good view is nice - but they can get by without it and other things like the quality of the neighborhood, commute issues and so on are practically speaking more important.

I have a decent view of the ocean and I certainly appreciate it, but I don't have much time to stare out the window. I have work to do.

What am I concerned about? 1. Clean air, water, noise. 2. Functionality and House Infrastructure (I with I had a good battery system with the Solar). 3. Space - I could use more for a separate excercise room. But my wife has other views. ...... Everyone has their own tastes, and you have to have a sense of where the averages are - and the distribution.

I would venture to guess that relatively few people spend more than 5% of their waking hours looking out the window or in the backyard.

Very interesting perspective from that market!

 

[David S. Roberson]

Textbook - "Land is valued as if vacant and available for its highest and best use."

Land is worth exactly the same to the developer, the homeowner, the state. That by definition. "View" is part of the LAND with the exception of the 3-dimensional aspect of multistory condos. A simple lot has a fixed value (whether we accurately appraise it or not) and an identical lot without that same view will value differently. The problem is that view varies radically, even 2 lots within a few hundred feet have serious differences. And, therefore, "view" becomes an intangible that is extremely difficult to quantify. Ditto for the overall lot values.

My bottom-line is that the site is inseparable from the view with the condo exception which is impacted by the three-dimensional aspect. So, why delve into the intangible of the view and concentrate upon the lot value?

So two houses exactly alike next door to each other, and one has a really nice view of the mountains, and the other has a view of tress and underbush, yet both would bring about the same probable price. Arkansas is wierd.

 

[Tiffany Gibbons]

Back in the olden days on the old 1004, the site and view were on the same line. I kind of liked.

Same, I'm still going to have to write a paragraph and put vacant sales in to justify an adjustment or no adjustment, doesn't really matter.

 

[Fernando]

Very interesting perspective from that market!

HIgh end buyers who can have everything want good views as well as large lots and good curb appeal.
Most folks won't pay a premium for a view but rich folks do want good views.... best views as possible.
Reminds me of a story about highest priced home sold recently in this Australian town.
Owner wanted $17 million for this property near the beach. This farmer offered $15 million but owner refused.
Eventually, farmer bought at $17 million. Only $2 million more to get location he wanted.

 

[J Grant]

HIgh end buyers who can have everything want good views as well as large lots and good curb appeal.
Most folks won't pay a premium for a view but rich folks do want good views.... best views as possible.
Reminds me of a story about highest priced home sold recently in this Australian town.
Owner wanted $17 million for this property near the beach. This farmer offered $15 million but owner refused.
Eventually, farmer bought at $17 million. Only $2 million more to get location he wanted.

Here, middle-class buyers pay for views, too. In a starter house or condo, one will just see more modest view premiums. Many buyers want a nice view and will pay for it—I did when I bought my place; other buyers don't care, or if they are on a budget, they would rather get a bigger house for the money or be in a better location and sacrifice the view.

 

[Fernando]

Here, middle-class buyers pay for views, too. In a starter house or condo, one will just see more modest view premiums. Many buyers want a nice view and will pay for it—I did when I bought my place; other buyers don't care, or if they are on a budget, they would rather get a bigger house or the money or a better location and sacrifice the view.

When I look at condo comps compared to subject, especially with similar gross area, one of main difference in price is the view. So I do more work and find out where the condos are located and figure out if views are inferior or superior.