This house at the top of the hill in Leucadia has as good, or better ocean view as any you’ll see from homes around the coast – there is a marker on the street that memorializes the spot as the lookout point for enemy ships during the war!
Yet, this new house took five years to sell. Why?
Buyers aren’t willing to overlook the other negatives, and want the price to reflect.
In the last 12 months around the 92024, from sales of houses built since 2000:
Ocean View : 28 sales, avg. 3,556sf, have averaged $336/sf
Non-Ocean View: 81 sales, avg. 3,185 sf, have averaged $326/sf
Buyers will pay a little more for the ocean view, but, like in this case, want to properly value the small family room and freeway noise too. Final tally here? $325/sf:
Jim,
During my search I found that Ocean views (and in genreal Views) are all subjective and difficult to put a Number on. Here is my empirical formula to quantify the Ocean Views. Feel free to fix it.
1. Peak Ocean View from Top Floor — Does Not Count. No Premium.
2. Panoramic Ocean View from Top Floor — Nice to have. May qualify for a premiun of $25k to $50k. But you will not enjoy it that often simply because you wont be spending a lot of time upstairs.
3. Panoramic Ocean View from Ground level Kicthen, Family Room and Back Yard — This is rare and commands a much higher premium. I have seen premiums in $100K+ range for this. But one can really enjoy and use these. So these are definitly worth more.
4. Panoramic White Water Ocean Views from Kitchen, Family Room and Back Yard — This is “Rolls Royce” of Ocean Views … very rare if you can find one and very pricy.
Following variables further impact in quantifying the Ocean views …
(i) Obstructed / Unobstructed views ?
(ii) Is it overlooking the Rooftops or overlooking some open space ?
(iii) Whats included in the package … Free way noise / Power Lines / Power Plant Chimney / Dated house / smaller sq-ft
(iv) How farther in-land you are from the coast?
I’d agree with all of those, and for me personally put a cap of $100,000 for the max view. Like the guy said in the video the other day, you have to be home to enjoy the view too, and there just isn’t enough at-home-with-no-marine-layer time.
Same thing with pools – I think their positive value has diminished greatly, and around the coast are neutral at best.
I think the Rock House/Vista hills’ view is the best because it’s further away from the coast which giving you multiple island views, sunsets year-round, and the best twinkling night-light view.
This is where I know I could never live in a warm climate. The idea of a 75 degree January doesn’t feel comfortable to me at all. I’m used to — and physically expect — the chill of a Montreal winter each and every year.
This physical effect was made even more evident with the advent of global warming. Our fall weather is getting warmer each and every year, and it’s playing an uncomfortable number on my system that’s desperately trying to adjust itself for the upcoming colder weather. I actually felt very tired and way out of balance during the month of October with all of the near 70 degree weather we’ve been having.
BRING ON THE SNOW! PLEASE!!!
Francois:
I completely agree with you, but you are singing to the choir. Make sure you tell your friends in Montreal how impossible it is to live comfortably here. Montreal is the best place to spend the winter! Let them know of your disquieting experience here.
That view is great….wowzers. Homes in Leucadia are holding up quite well.
I think the view is worth a lot. Not only for enjoyment, but also for resale value; an important consideration even with the noise. With a view, you’re going to get some negatives (either a loss of privacy or more noise or both)
Also, that kitchen is already both dated and overpersonalized. Current kitchens are painted 2-color cabinets with Carerra Marble countertops. It screams 2006. Meh. Maybe someone older likes it.
I’ve come to the conclusion that every house I see, I have to rip out the kitchen and start over at some point. Too many 2003-2006 kitchens that are already screaming for mercy.
Chuck