Does this property value for more than avg because it has a view? If so, how much more is reasonable.

Asked by Peterwilliam, Oregon City, OR Wed Apr 29, 2009

This property has an expansive view of Willamette River, Coast Range, West Linn. From the yard, the view extends north to Mt.St Helens. The average similar home is selling between 377k TO 400K. Does the view make any difference

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This question is about this property: http://www.trulia.com/homes/Oregon/Oregon_City/sold/314514-3…

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3
Stan Houseman, , Portland, OR
Thu Apr 30, 2009
Besides the average being just below this price and this particular home has an excellent 'view', the value is built into this price. I have seen a single wide mobile home that sold for a million dollars because of its location - and ocean view.
0 votes
Craig Loughr…, , Oregon
Thu Apr 30, 2009
Generally speaking, a property with a view will sell for more than the same property without a view. However, a lot of variables can affect the amount to adjust the value of a property because of a view: the width of the view, the subject of the view, whether the view is year-round or seasonal, etc. As a general guess-timating tool, I will add about 10% to a property that has a good view. However, when completing a pricing analysis for a seller, I will want to be more accurate, so I do as much as possible to only compare a property with a good view to other properties with a similar view, if they are available. In that case, a higher or lower adjustment may be indicated.

Best of luck to you,

Craig Loughridge
Bryson Realty
Beavercreek, Oregon
Web Reference:  http://www.bybryson.com
0 votes
Dirk Knudsen, Agent, Hillsboro, OR
Thu Apr 30, 2009
Well this home sold in June of 08 and that was a much better market than. We have lost 10-20% of value in most areas.

It sold for $455K right? So take off 10%-15% or $45,000-$60,000 and you have $395,000 to $410,000 adjusted to today's market value.

Than you need to knock about $15,000 off that to compare another home without the view. A home like this one than using that logic in todays market adjusted off last years sale is worth about $380,000 and that hits right in your figures.

So yep! You are on the right track. make sense??

Hope that helps.

Regards;

Dirk Knudsen
Re/Max Hall of Fame
http://www.calldirk.com
Web Reference:  http://www.calldirk.com
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