How Much Is A View Worth In Victoria BC?

How Much Is A View Worth In Victoria BC?

A common question we hear in Victoria BC is, "How Much is a View Worth in Victoria BC?"
Most of the time it is a hard question to accurately provide a solid and fact based answer for. But we have
had a few personal experiences recently that offer some perspective on the question and how ready, willing
and able buyers and sellers actually dealt with this very situation.

The Samples provided are actual listings and sales and although the buyer, sellers and property identities
are not disclosed in this posting, you can rest assured that the fact referred to in this posting are correct
and true.

Okay here we go in determining what a "view" is worth compared to similar properties, in the same
market place, at the same size, condition and location.

Recently we listed a "none view", very nice 2 bedroom, one bathroom suite in a larger than average
complex. This suite is nicely updated and offers exactly the same services and benefits, very similar size to
the 2 other suites we will use in our example. Although the floor plans are not exactly the same, these
differences are not such that it really changes the appeal to the suites themselves. This suite is still for sale,
and we believe it is very attractive and competitively priced at $ 315,000. The only significant difference between the 3 suites in our example is "THE VIEW".

Our 2nd sample suite is on a lower floor (which typically means a lower price) with a nice but limited view of
a marina Sold within one week of listing for $ 345,000. Remember, same complex, size, benefits, just 2
differences (lower floor and a View).

Our last sample suite is 2 floors higher compared to our "none view" sample this suite has a nearly 250
degree un-obstructed view and sold within one week of listing for $ 415,000.

Remember that there are other suites with and without views still currently for sale in the complex while all this is
happening all within a one month period, and one other none view suite was sold during this period of time as
well.

Some observations;

Some views dramatically change the appeal and number of people interested in a property.

• Views will create more active and responsive buyers (urgency for the fear off loss).
• Views will justify a substantial premium on the value of a property ($ 30,000 to $ 100,000 within
  one and the same complex.
• Location (even within one complex) is still very much the driving force to desirability, value and
  results.
• Value very much remains to be a subjective issue to which rarely more than 5 people can agree.
• The buyers and sellers in this sample all are very happy with the outcome of their purchase and
  sale, although our seller with the "none view" but otherwise very nice suite, would like you to
  consider their suite as your future home.

We hope that this exercise to compare similar suites in one complex would give a little more
perspective on the question:" How Much Is A View Worth in Victoria BC?"

For any Comments or Answers to your confidential Real Estate Questions, please contact Peter and Linda
Pfann, Your Victoria BC Real Estate Experts Since 1986.

We Specialize in Creating Pfanntastic Real Estate Solutions for Zoomers, Boomers & Their Families, Since 1986. Visit us at www.pfanntastic.com

Check out Peter and Linda Pfann's Website at www.pfanntastic.com , call us at 250 213 9490 or email at info@pfanntastic.com Realtors @ Cornerstone Properties ltd. Victoria BC.