How important are views in San Francisco Real Estate?
A reader asks:Why is view property in San Francisco such a big deal? Some of the prices I've seen seem pretty outrageous, especially on properties that are small or have no parking. What are your thoughts?
Our reply:
You've heard a picture is worth a thousand words, then a view can be worth a million dollars... sometimes two million. Many people looking to live or invest in San Francisco Real Estate feel that views are really important. Why not? We have a beautiful city so who wouldn't want to look at it when they wake up in the morning or before they go to bed at night?
Let's take an example. A condo, 3 bedrooms and 2 baths, selling in the middle of Cow Hollow with no view and no parking would probably sell for about $1,200,000 to $1,400,000 at the time of this writing. At the same time a similar one on Russian Hill with a panoramic view might fetch as much as $2,000,000. What changed? The view!
View properties are more desirable for vacationers too. Check various vacation rental websites like CyberRentals for San Francisco and you will see that the view properties command the higher rates.
Parking, especially in hard to park areas like Russian Hill, Telegraph Hill and Pacific Heights, can effect the value of a condominium by as much as 20%. We sold a beautifully remodeled condo on Russian Hill for $740,000 without parking. If it had included parking, the selling price would have probably been in the high $800's or even $900,000+.
- Janis Stone
posted by SFResidence.com @ 1:19 AM
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