Home Buying in 60654>Question Details

Riverbuyer, Home Buyer in Chicago, IL

Highway view

Asked by Riverbuyer, Chicago, IL Thu Mar 15, 2012

Is a partial Highway view a killer for resale value? How does someone comp "views" ?

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It can be, although noise is probably the bigger issue.

When comping it out, ideally you want to use similar properties. When that is not possible, you have to assign a value to it based on the sold price difference of other properties with these differences. When all else fails, a best guess is what one eventually resorts to.
1 vote Thank Flag Link Thu Mar 15, 2012
Houses within close proximity to train tracks, electrical towers, and highways are difficult to sell. If this is your prop and you want to try and sell it, you probably got a good deal on it when you purchased, or I hope you did. Prepare to offer a buyer some great incentives and good price reduction. Or, stay in the prop...maybe rent it. Good luck to you!
0 votes Thank Flag Link Fri Sep 6, 2013
Comping out highway views and noises can be difficult depending on the neighborhood. Typically a highway view will have a longer market time due to the fact that it is not desirable to a large amount of people.
0 votes Thank Flag Link Fri Sep 6, 2013
Usually, the highway noise (rather than view) is the bigger challenge. Properties may show excellent and be updated, however, buyer offers will be hard to come by if there is excessive highway noise.

Pulling comps for similiar types of 'highway properties' is also tough unless you map out the streets accordingly and then have your agent look on the MLS using specific addresses (very tedious).

If you have a partial view and just a little noise, the resale value shouldn't be effected that much.
0 votes Thank Flag Link Wed Jun 13, 2012
Views (and highway noise) are really hard to comp as they are extremely personal -- every buyer responds to them differently.

It sounds simple, but your insurance against being *stuck* with a home with a significant drawback like this is a very low purchase price. In the future more people will be able to overlook a flaw if the home is priced correctly to factor that in.
0 votes Thank Flag Link Tue May 29, 2012
From what I've seen during my condo search, yes. I was attracted to several units that overlooked the expressway due to their lower prices. In the end, the noise levels were a bit too much for me. You could always get sound proof interior windows installed behind the existing windows and they work surprisingly well - I actually was considering this as an option. However they are pretty costly.
0 votes Thank Flag Link Thu Apr 26, 2012
There are a lot of factors that go into that, but I usually see a discount for properties right against a major highway or major road like Western Ave. However, a lot depends on the neighborhood and the unit. Many people are willing to sacrifice a view like that if it is a killer unit in a hot neighborhood.
0 votes Thank Flag Link Thu Apr 26, 2012
There are views of the highway when your condo is in the West Loop right over the 290 and your buddies are calling you for traffic updates, and there are views of the highway when you make out an overpass in the distance from your window on the third floor of your Bridgeport multi-unit.

Now, let's assume, that by you writing this question, that this is no 'highway in the distance' view.

You will have what is known as a 'unique' property. Much like landlocked homes (no alley access), units over bars, and properties where a Dahmer type character lived.

You'll want to advertise in the back of car magazines (do they still make Motor Trend), the trade journal for on-air traffic reporters, and the Society of Highway Engineers. These people won't force you take the hit that an average buyer will on your price, and you'll feel good about yourself knowing that you have provided a view that these people had only dreamed about!
0 votes Thank Flag Link Thu Mar 22, 2012
noise in the city is not like at the beach surf
0 votes Thank Flag Link Fri Mar 16, 2012
Views are all in the ey of the beholder. But a bad view or highway noise does devalue your place. People are willing to pay a premium for good views in chicago. Its beautiful to look at. However, a bad view can mean long market time
0 votes Thank Flag Link Thu Mar 15, 2012
How about the noise/vibration? In some of these buildings you can barely hear yourself on the balconies and in others you can feel a slight vibration. Noise affects value more than view.
0 votes Thank Flag Link Thu Mar 15, 2012
Most people do not want to be too close to a highway particularly if on a low floor in one of those newer constructed all glass buildings with poor insulation. You can never open the windows. The noise is 24/7/365. Units like that need to be discounted, but the extent to which this is true varies. You cannot really comp views.
0 votes Thank Flag Link Thu Mar 15, 2012
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