Dear Triplea,
The best way to answer your question would be to look at homes in both areas that are equal in size,age,amenitites etc. and see the difference in prices based upon the area.
I can tell you from experience, homes with ocean views will comand a premium price, compared to any other "view" that is out there.

Hi Triplea-

This is a difficult question to answer. You're probably hoping for stated percentages and I just don't believe a specific numbers can be reasonably quoted (though an appraiser might disagree and I wouldn't mind hearing their logic). There are so many factors that go into the purchase (home size and condition, lot size and usability, soils conditions, ease of access, expansiveness of view, neighborhood) that it's very rare to see otherwise exactly comparable homes offering one view versus the other.

That said, I'll try: Having an excellent view of the ocean or mountains probably adds somewhere between 20% to 50% to a lot's value (versus not having one at all). Please note the view affects the land value calculation only...not the structure value. An ocean view property that's otherwise perfectly matched to a mountain view property might see a 10% to 25% higher land value.

From my extensive buyer representation experience, I'd say 75% of buyers in the Santa Barbara and Montecito areas prefer ocean views over mountain views. The reason I hear more than any other is that they're buying coastal property and want to feel like they're on the coast. For those that have lived here or in similar locations for many years, this sometimes becomes less important. I've certainly seen some amazing mountain views in town!! It really comes down to a specific buyer's preference and we're very lucky to have both in our wonderful city.

Hope this helps a little.

Best regards,

Jon

Hello

It would really be hard to give an exact answer on the difference of value based on what type of view you have. It also depends on the price range of the home.

In the upper end for example, you could add an additional $1-3 million for the same home with ocean views here in Santa Barbara.

If you are in the $1 to $2 million price range, the same home with ocean views could add anywhere from $300K to $600K depending on exact views, setting etc.

Mtn views/city are also wonderful, but generally less value since so many properties in our town have some sort of mtn views for example. But any view is worth $$.

The only way to know is to look at the property on an individual basis and then to look at very similar properties that have sold, are on the market, pending sale etc.

As far as appraisers go, this is not the route I would take personally. This is simply my experience.

Good hard working agents know the market. Appraisers (if they do their job) get almost all their info from trying to call up good agents and ask about homes, why they sold, what the overall escrow was like, anything they "should know" etc. They are searching for info as opposed to a good agent that knows all the info and has relations with agents and can get any info needed about certain escrows.

If you have any further questions, I would be happy to be of help.

take care
kevin schmidtchen
sotheby's int'l realty
santa barbara
805-689-6877