How Much Is That View Worth To You?

By
Real Estate Agent with Compass

       View From Battery Park City Apartment

In May 2003 a study was conducted by Michael H. Schill, director of the Furman Center for Real Estate and Urban Policy at New York University; Jonathan Miller, president of Miller Samuel, millersamuel.com a leading Manhattan appraisal company; and Ioan Voicu, a research fellow at the Furman Center. nyu.edu

The study looked at Manhattan Apartment attributes and ammenities in features ranging from the age of building, fireplaces, terraces, condos vs coops, views, financial requirements, square footage, doorman etc. and gave each a premium.

The study found there is a 15% premium for condos over coops. Some say there is a premium for condos because they are easier to get into. A prewar condo has a 30% premium because they are so rare.

The study found old is in - the older the better. I think that is changing as more and more buyers are demanding the ammenities and views in new condo developments.

There is about a 10% premium for a Fireplace a status symbol of old New York. Balconies and terraces a premium of about 9%. Even if never used everybody wants them. A good view 3.6% and excellent view 7.99%. 

I have seen two listings of the same apartment - one facing the back of a building and the one with the view listed for 50% more. Both priced right.  A view is subjective. Last year I sold an apartment with direct statue of Liberty Views from every room and a wrap around terrace.

I remember one buyer trying to negotiate saying I can't justify paying more than $1,000 a square foot. I said I can't put a per square foot price on that view. When you and your wife wake up staring into the torch of Lady Liberty -- How much is it worth to you? He looked at me and said I know - You're right. He bid over $1000. per sq foot. 

A view is subjective. What is a good view? what is an excellent view? a breathtaking view? a spectacular view?More and more buyers seem to want views.  How much is it worth to you?

Posted by
 
   


©Mitchell Hall 2006-2019

All content/images, unless noted, are the property of Mitchell Hall & may not be used without permission. 

nyc BLOG estate

 
          Call Mitchell Hall @ 917-312-0924
          Email: mh@MitchellHall.com
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
New York New York County Manhattan
Tags:
condos
manhattan real estate
views
prewar
fireplace
outdoorspace
luxury apartments
premiums
coops

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
463,655
Maureen Francis & Dmitry Koublitsky
Coldwell Banker Weir Manuel - Bloomfield Hills, MI
Coldwell Banker Weir Manuel
A lot here too. Last year I sold a golf course facing condo for about $40k more than a more nicely upgraded unit with the identical floorplan that wasn't facing the course.  Slightly higher than a 10$ premium for the view on a $350k condo.
Aug 29, 2006 01:18 AM #1
Rainmaker
613,330
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS
View is what it's all about!
Aug 29, 2006 12:49 PM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
599,330

Mitchell J Hall

Lic Associate RE Broker - Manhattan & Brooklyn
How Can I Help You ?
*
*
*
*
Spam prevention