Financing in Waialua>Question Details

Roya Dennis, Both Buyer and Seller in 96816

What does an ocean view add to the value of a home in dollars and cents?

Asked by Roya Dennis, 96816 Sun Jun 7, 2009

What does an ocean view add to the value of a home in dollars and cents?

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Katie Minkus, R(B)’s answer
Aloha, Roya. A highly regarded appraiser told me recently that if you are comparing two properties that are in the same neighborhood with roughly the same number of sq.foot under roof, same age, etc. (very comparable properties, in other words) superior ocean views will add roughly 10% to the value of the home from an appraisal perspective. As Frank points out below, however, comparing ocean FRONT to ocean VIEW - all bets are off, especially here in Hawaii. The other thing you must consider in Hawaii is which way does your ocean view face? For obvious reasons, a sunset ocean view is more valuable than a sunrise ocean view. Warm aloha, Katie Minkus, R(B). katie@hawaiilife.com
0 votes Thank Flag Link Sun Jun 7, 2009
An ocean view does add to the value of a property but as previously pointed out, there are many other factors. The amount that an ocean view contributes to the value of a home could be influenced by the type and location of the home, quality of the view, proximity to amenities etc.

It is impossible to assign a dollar & cents value without more specific information.
0 votes Thank Flag Link Sun Jun 7, 2009
Hi Roya,

It is entirely subjective. Personally, I would rather not be directly on the ocean. Lots of sand, dust, higher maintenance costs, etc.
The "ocean view" depends a lot on whether a good view, partial view, etc.
All you can do is find comparable properties and try to make your best estimate. In the case of condos such Luana Waikiki, it can vary by over 500% from no view to a direct water view. A condo near the street could go for $200,000, while the exact same one could go for over $1M on the beach.
Web Reference: http://www.hawaiihome.biz/
0 votes Thank Flag Link Sun Jun 7, 2009
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