Homes with iconic views come at a hefty premium, study finds - Architecture Blogs

Homes with iconic views come at a hefty premium, study finds



How much do sights of Central Park, the Golden Gate Bridge, or the Las Vegas Strip jack up prices" We all know that location is the holy grail of real estate. But you know what sure adds a shine to it" Iconic scenery. High-rise apartments from New York to Miami Beach are coveted for killer views of famous places. And now, a new analysis from Realtor.com has calculated just how much a great vista affects home prices. They compared the price of listings featuring prime views with similar-sized properties nearby that don?t have the views. While all the homes studied tended to be pricy, luxury pads to begin with, an iconic panorama soups-up value even more.
In Manhattan, a prime view of Central Park can increase home prices by about 39.9 percent, with the median price of these coveted abodes coming in at $3,795,000. Views of the Golden Gate Bridge in San Francisco increases home values by roughly 33.1 percent, with a median list price of $2,450,000. Many of these homes are in the Bay Area?s Pacific Heights neighborhood, home to the likes of Nancy Pelosi, Danielle Steel, and Peter Thiel. While views of South Beach in Miami and Lake Michigan in Chicago roughly doubled the price of listings in those areas, views of the Las Vegas Strip had the greatest percent increase on home values, with a premium of 210 percent and median list price of $425,000. Get all the details here.
Via: Realtor

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Source: curbed
URL: http://www.curbed.com/

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