A fantastic water view can increase market price of a home. Andy Krause, principal data scientist at Greenfield Advisors, a real-estate research company notes that the increase in price appreciation is in the eye of the beholder.
This research company gave the following view adjustment statistics which are similar adjustments corroborated by Appraisal Institute publications.
Ground Level, Unobstructed View (1% – 2 ½% || water view: 5% – 10%): When the subject home is located at the same level as a collection of other houses but the subject home has the advantage of having a view that allows them to see a large, non-residential area, like a park or wooded area.
Rooftop, Partially Obstructed View (3% – 5% || with a water view 10% -20%): A view from above allowing one to see over all most other houses around. There may be a few homes that obstruct a 100% view. With a partially obstructed water view the adjustment would be larger.
Unobstructed View from Medium Elevation (6% – 8% || with water view 30% – 50%): Most likely a view from a subject home on the top of a small hill. It’s a view without obstructions but the location is not high enough to see a great distance. A water view but still having neighbors above looking down at you would get a larger adjustment
Unobstructed View from High Elevation (9% – 12% || with a water view 50% – 75%): A higher view than the previous and can see an entire city without obstructions. A home on top of a hill with unobstructed open space view of water.
Unobstructed Water View (75% –100%): The biggest attraction is a large body of water. Having an obstructed view of an ocean, large body of water is stunning and will boost the price of a home significantly.
