How Much Does Ocean View Add To Condo Value?

Question

Hello, I posted a week ago but I guess it was in the wrong spot so didn't really get the reply I sought. Basically I have a condo that is 2 blocks from the ocean in a midrise in miami beach. The ocean front units are trading at $1200-2000/sq ft 2 blocks away, my condo building trades in the $600-700/sq ft range bc its not oceanfront, but my unit is one of 3 in the entire building that has an ocean view bc its on the top floor and the rest of the units have views of the buildings all around us. Every realtor I've spoken with says the view doesn't matter much bc its still 2 blocks from the ocean. Is this true? I find it hard to believe that a nice view isnt worth anything extra when the surrounding properties are already 100-200% more for the same amenities ie valet,nice gym, concierge which my building has as well.

Thanks for the input.

Account Closed · Answer

The only way you can find out is list it already agents in your area have the experience to price Properties to sell,if you can find an agent to list at your price try it,but if you want to sell move quickly you are in season now

Joel Owens · Answer

The unit downstairs with no view could have been a larger space, newly renovated space,etc.

There are tons of variables to paid value by a buyer so you have to make sure where you might make up in extra price with an ocean view there are not other items in your unit that are inferior to the sold comp with no view.

That could bring you back down again in value. Is the ocean view everyday or only mostly visible on clear days? Can any buildings in front of you be built higher blocking your view in the future? Do you have a vacant lot in front that is going to be built on blocking your current view now?

The view of the ocean as mentioned matters a lot. Peek a boo or a sliver view or not worth as much as a full front on shot even though it's 2 blocks away.

Linda Pasas · Answer

In San Diego, ocean views can be worth up to $100k just for the view vs non ocean views.  The view would definitely matter in my market.  I would contact a local Realtor  or appraiser that specializes in beachfront properties and they can give you the best opinion of value.

Samuel Awosolu · Answer

The best way to find out if you could fetch a premium for an ocean view unit would be to talk with an Appraiser that has done appraisals in that area. Is the ocean view from the bedroom, balcony, side of the unit, is it full ocean view, partial view, etc? Also are similar mid-rise condo buildings in the area with a similar unit with an ocean view getting a slight premium compared to other units in the building as well?  An appraiser could determine if there would be an increase in value based on those things.

I don't see why a buyer would not pay a small premium to have an ocean view. Figuring out how much more of premium they would pay is the challenge.

Tushar Pati · Answer

That seems unfathomable though to say my unit being one of 3 in the whole building with an ocean view is worth the same as all the others with no view? That makes absolutely no sense to me. I understand it isnt ocean front thats fine,im just saying is the condo not worth even 10-20% more for having a view of the ocean when the others dont? So if the most recent sale came in on the lowest floor with no view for $650/sq ft mine on the top floor with a view of the ocean is worth no premium to that?

JD Martin · Answer

I think the realtors you spoke with are probably correct. I lived in a condo at the beach that was 1 block off the beach, and had an "ocean view" - albeit around other buildings - and it was a several hundred dollar reduction in rent versus ocean fronts, and this was almost 30 years ago.