Home Buying in Pacifica>Question Details

Rob, Other/Just Looking in SF Bay area

Would you pay extra for an ocean view in Pacifica?

Asked by Rob, SF Bay area Wed May 7, 2008

Compared to a similar home without a view (just backing to another house), does anyone want to comment on how much an unobstructed panoramic ocean view (about 1.5 miles up from the ocean) would be worth to them or a buyer? Assume no one can build behind it. No rear neighbors - just some open space and trees. Doesn't overlook noisy highway either. Assume similar houses without views are priced in the low 600s. How much more would you pay for one with an incredible view? I know it all depends and everyone is different. Some wouldn't pay a cent, whereas someone else wouldn't buy a house WITHOUT a view. So just looking for various opinions if you have them. Have a great day. - rob

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The key word in your question is "worth". And while comps are a starting point, a particular property's worth is where the buyer and seller put pen to paper, and also the lender's appraisal if there will be a loan. However, I've heard of a recent appraisal coming in below purchase price and the buyers are still moving forward (they must have the funds) because they really want the house. I understand your question because Pacifica has such a large range of properties and values. And Pacifica has some properties with amazing views. It sounds like you're willng to pay for the view, but you don't want to overpay - especially in this market. Review all factors with your Realtor (seller motivation, other available properties that meet your goals, property condition, location, etc.) and make an offer that you can live with. However, since you're asking for opinions here, properties where more homes cannot be built behind them and unobstructed view properties are certainly desirable to a larger group of people. I wouldn't put a dollar amount on yours without specifics.
Web Reference: http://mariansbennett.com
1 vote Thank Flag Link Thu May 8, 2008
Dear Rob,

It may seem a little odd that I am answering this question seeing that we are a firm located in Chicago. But having customers from all over the world, having lived in California myself numerous times as a Naval Officer, I can tell you that a fantastic view is priceless. This combined with the fact that 30% of our nations housing foreclosures and bank owned homes can be attributed to two state CA and FL, I would think you could capitalize on the market and purchase the better home (the one with the view) for a fractional premium compared to the future value of this property in a corrected market. Views invoke freedom, power and expansiveness. You really cannot put a price on that. That is why the real estate industry creates "comp's". A comparison of "similar properties. Comp's are only good for establishing a baseline. After that, things like views become very valuable and important.
Best of luck!
The Schaffer Realty Group
Marian Schaffer
marian@marianschaffer.com
877-886-8388
1 vote Thank Flag Link Wed May 7, 2008
In my opinion the view adds $30-$50K, it all depending of the house design, If the house is custom build and it not a usual Pacifica 1960-1980 house it could even be even more.

gene
1 vote Thank Flag Link Wed May 7, 2008
You can get some pretty good views n Pacifica, without having to pay too much more.
yes, there are some homes in the 900s range, but there are townhouses that have views, which run in the mid 500s to low 600s. I'd like to know more about what you are looking for. There are great homes on both the north and south end that have views and yes you pay a little more, but the prices are still pretty reasonable
0 votes Thank Flag Link Thu Jul 24, 2008
As a follow-up to this question, I was invited to attend a brainstorming session at Connemara on Monday to specifically discuss with their staff and about ten other agents the value of an ocean view. Although we all argued about the final price of the homes themselves, we all came to a consensus that $100,000 should be added to the homes that directly face the Pacific for the value of the view.
0 votes Thank Flag Link Thu May 15, 2008
If view were the only consideration, I would say 30k to 100k. View, like other factors, has to be considered as a whole. A panoramic view in Pacific Manor isn't going to get the same value as a view in Pedro Point.
0 votes Thank Flag Link Thu May 8, 2008
As a Realtor and an investor, my thought is location, location, location. Views aren't all that easy to come by. I would recommend that your Realtor take a look at the last similiar "view" home that sold and compare it to a non view home that sold right around the same time in the same area. That should give you a starting point on the premium. Good luck! It's a great time to buy!
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Wed May 7, 2008
The Hagley G…, Real Estate Pro in Pleasanton, CA
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