By Robert E. Rodgers
Beauty is in the eye of the beholder, so it is said. Visually pleasing is a lot better than being exposed to boring images, in person or on the screen. In the real estate housing industry, this idea can be summed up in a few of the industry’s key words: curb appeal (the first impression), staging (furnishings and decorations), fixtures (their condition and age), and the most nebulous of all, the view.
“It has a million-dollar view…” is hyperbole to express the notion of a super view. Rarely are views worth that much money. In Costa Ballena, most of the views marketed are water (ocean) views that can be further categorized as peekaboo, blue water, or white water view: good, better, and best (visually and ergo, monetarily).
The market price will be set by the price a willing seller will accept and the price a willing buyer will pay. What is the asking-price, though?
Ask yourself, for two equal properties, with the same square area, and the same quantity and quality of construction, how much more would you be willing to pay for the property with a super view (in terms of percentage of the sum of the value of the land and the construction)?
Keep in mind, in most instances this perceived view value is going to have to be accepted by both the appraisers and the bankers. For a reasonable time on the market period, start with 10 to 15% for a ‘better’ view.