Assume you have 3 identical houses in the same neighborhood:
1. Down the hill. Its view is blocked by a huge hill. Very depressive!
2. On a flat land with no view and no blocking.
3. On top of the hill with unbelievably spectacular 270 degrees view of the city lights and hills.
You want to put them on the market at the same time. Your asking price for the #2 is one million dollar. What are your asking prices for the other two?
The major problem with this is that most people think their view doubles the price of their home, which it definitely does not.
What’s a View Worth? February 9, 2011