Home Buying in 07302>Question Details

Worriedbuyer, Home Buyer in 07302

How much is view worth?

Asked by Worriedbuyer, 07302 Tue Apr 10, 2012

I am considering one of the 2 condos in a waterfront building - one with a statue of liberty view and the other with just a pool view and 10 floors lower than the other one. they are of the same size / have same appliances etc.
Question is, how much is the liberty view worth? Appreciate everyone's thoughts.

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Answers

3
Depends, what is the view worth to you......
1 vote Thank Flag Link Tue Apr 10, 2012
Please let me know what buildings in particular you are contemplating. If you like I can do an inquiry into it and give you my opinion.



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0 votes Thank Flag Link Tue Apr 10, 2012
Hello worried buyer that is a legitimate concern.
This is where working with an experienced real estate agent can help. In order to determine that you must look at recent sales for these particular units in same lines or with the same view.
If there aren't any sales in the last six months you can review, then ask your realtor, or hire one, to look up sales of buildings near by that have same view and attributes.

You'll also want to consider whether or not the view can be obstructed or ask if it is protected. In downtown jersey city there are many future sites of future development and high rises.

A statue of Liberty view does not command the same premium as, say, a New York City view.

You'll want to note which of the two units gets better sunlight as south facing units or high floor units tend to be more desirable to buyers.

Last there is no set price of what the view is worth as the market (buyers) dictates these prices. So it is especially important that you review recent sales to determine market value.

Hope that helps!
0 votes Thank Flag Link Tue Apr 10, 2012
Hey Karina, Good answer!

Ultimately it is a very subjective matter, though the only quantitative resolution is the analytical approach you described.

I had a similar situation but in reverse. The property had the view of a cemetery, and it was necessary to appraise the impact of that fact. I love these challenges!
Flag Tue Apr 10, 2012
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