PacificSD - Pacific San Diego Magazine

views
Luxe Outlook
Expanding residential horizons in San Diego
S
an Diego County started the year off with a median
home price of about $304,000—a decrease of nearly
nine percent from December.
But in America’s Finest (and perhaps most scenic)
City, the abundant coastal and mountain terrain gives
home buyers a chance to elevate their options, choosing
from a vast inventory of stunning views.
According to Realtor Seth O’Byrne of Troop Real
Estate, a view can increase the value of a home or condo by as much
as 20 to 30 percent, depending on its “wow factor” and scarcity.
In La Jolla, appraisers estimate that a view can add $100,000 to
$150,000 to a home’s value, he says.
“If you can see breaking waves, sand and rocks, the view could
be worth $500K,” O’Byrne says. “Peek-a-boo views on condos or
townhomes could be worth as little as $10k, in some cases.
“At a high-rise downtown, if every unit in a stack is identical from
the second floor to the 20th floor (and) has the same view, the value
to each unit is dramatically decreased.”
Residential mortgage banker Craig Sewing, host of the KCBQ
radio show REAL Talk, offers a more moderate estimate. He says a
view will historically add about 10 percent to a home’s value, though
many variables are involved.
“It’s all about the comps,” Sewing says, meaning that the price one
neighbor’s house sells for can have a direct and sometimes significant
impact on the sales price of other homes in the vicinity.
While jaw-dropping views come at a cost, average home values in
neighborhoods with prime views have decreased considerably, making
the time ripe to give these domestic overlooks a second glance.
“There are FEWER than 400 resale condos available downtown,
and that’s the lowest number in the last seven or eight years.
If it’s under $350,000, there are multiple offers right away.”
Sautéing is a scenic affair in
the kitchen of Al and Janet
Johnstone’s rotating home.
—Real Estate Broker Joe Marcotte of Downtown Condo Showroom
40 pacificsandiego.com { March 2011}