Georgia Land Sold

Of course parcels with breath taking vistas are considerably more valuable than those without. Ever wonder about the art and science behind putting a value on the mountain view or river front property? MSN’s real estate section has a great article concerning the value, and valuation process, when selling or buying a tract that has a view.

Here’s a short excerpt:

• 1% - 2.5%:A home on level ground overlooking unobstructed open space. For example, a house that would otherwise cost $300,000 would go for $307,500 (a 2.5% premium).
• 3% - 5%: A home just high enough to look over rooftops with a partially obstructed view. “Not a real high-quality view,” as Siracusa puts it.
• 6% - 8%: A good unobstructed view but without much elevation; a home halfway up the hill, for example.
• 9% - 12%: Atop the hill with an unobstructed view of a city or open space.
• 15% - 20%: A water view. An outstanding, unobstructed view of a big lake or ocean can command up to 25% more in a development, Siracusa says. And oceanfront can cost 25% to 30% more. For example: A $500,000 house can run $625,000 with an outstanding water view. By the same token, a $1 million house jumps to $1,250,000 or more overlooking a lake.

Read the rest of the article on MSN.

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