How much is a water view worth?
Water View
Nothing beats relaxing on your patio and watching the sun rise or set over the water. How much are you willing to spend for that water view? $10,000 extra? $100,000? Well, it all depends on your location. If you are in the market for a home that has an intracoastal view in Fort Lauderdale you can expect to pay significantly more than a water view in Tamarac.
In order to figure out how much buyers are willing to spend for a water view, I went back and reviewed sales in each city over the past 24 months. I uploaded the sales data into a regression analysis program which analyzes multiple variables. Here are the results:
Coral Springs
460 data points (closed sales) were analyzed. These data points were homes throughout Coral Springs with a 2 car garage that had a living area range of 2,000 to 3,000. Buyers were willing to spend an extra $9,159 to $18,367 for a water view versus a residential view.
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437 data points (closed sales) were analyzed. These data points were homes throughout Tamarac with a 1 car garage that had a living area range of 1,000 to 2,000. Buyers were willing to spend an extra $4,292 to $12,092 for a water view versus a residential view.
Plantation
523 data points (closed sales) were analyzed. These data points were homes throughout Plantation with a 2 car garage that had a living area range of 2,000 to 3,000. Buyers were willing to spend an extra $21,373 to $33,027 for a water view versus a residential view.
As the old saying goes it all depends on your location, location, location. On the low side in Tamarac a view of the water is worth $4,292 and on the high side a water view in Plantation goes for $33,027. Do you agree with these results? I am interested to hear your comments. For all your residential appraisal needs, Call Empire for What it’s Worth.
