A Perspective On Your View
The Denver Post recently ran an article that suggested a property with great views would garner $100,000 more than a home without. The article was short on details, but it was accurate in its general theme: spectacular views do indeed make a property more valuable. Herewith are some thoughts on foothills homes with a view.
Beauty is in the eye of the beholder. We’ve heard buyers from city environments find a home in the woods and remark on the pleasant view of the trees because it was so different from living ten feet from a neighbor. In this case, they were commenting on the setting, not the view, but they loved what they saw.
On the other hand, we’ve had purists insist on only seeing properties with jaw-dropping, knock-your-socks-off expansive views. They were willing to pay considerably more for that amenity and, more often than not, Continental Divide views brought more value than a view of the lights of Denver below.
Building sites with remarkable views typically cost more from the outset. And most buyers build expensive homes on those lots that are commensurate with the expense of the land. But the value of nearby homes can’t be ignored. If a modestly-priced subdivision featured a parcel with a gorgeous view, that lot would cost more and the house on that lot would be more valuable (all other things being equal), but there’s an upper limit to how far above the surrounding homes it would bear.
Other characteristics of the location also make a difference. A property with easy access, gentle topography, and pleasant park-like setting will sell for more than one with long & difficult access, a steep slope and barren exposed rock terrain.
Everyone who lives in the foothills enjoys a view of one kind or other. Depending on the bar you set and the price you’re willing to pay, the view may indeed be worth $100,000 extra. But even if it isn’t, the average home in the foothills is valued at more than $100,000 over the average home in Denver, so our views, our settings, our location must be special.
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