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?