Homes that offer great views can draw a premium sale price. But what's the actual dollar value?
Andy Krause, principal data scientist at Greenfield Advisors explains, “Views are actually really difficult to quantify. It’s somewhat subjective. What makes a better water view? Do you want it to be wider? Do you want more of the water from a taller angle? Some of that is in the eye of the beholder.” Krause's automated valuation models analyzing home data estimates that a home on flat ground with a clear view of an open space or park can add 5 to 10 percent of value for a Seattle home seller, NerdWallet reports.
Frank Lucco, a residential real estate appraiser and consultant in Houston, once had clients with an expensive home who sued after a high-rise office tower went up across the street. The building disrupted their view and gave office workers a view of their formerly private backyard and their teenage daughters using the pool. The lawsuit was dismissed, Lucco says, and a bit of detective work could have told them that commercial development was allowed.
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