RSS FeedWhat Is The Value Of A View?
MVTResident is a realtor in the Capitol Hill office of Long & Foster who lives in the Mount Vernon Triangle.
“Monumental view” – that is what many real estate agents (including me) say in our advertising to communicate that a condo comes with the added amenity of an iconic sight line. And, Penn Quarter is home to some of the best views in the city. For many residents, a condo is a condo is a condo until they look out the window and see a perfectly framed Washington Monument or U.S. Capitol. How about standing on your balcony to watch the Fourth of July fireworks and having as good a or a better view than your building’s roof deck or the National Mall?
Although beautiful vistas and iconic views can attract the eye, these features more often or not come with a price, and putting a price on these features is definitely more an art than a science. So how much could a view cost a buyer? In general, a view property could cost an additional 5 to 15 percent more than a comparable unit in the same building. Factors that contribute to the pricing include the type of view (Monument, U.S. Capitol, city) and the width of a view. A peekaboo view has little value but often gets a lot of hype whereas a 180 degree view can give a unit a large bump in price.
Recent sales in Penn Quarter show that one and two bedroom monument view units tend to price at around nine to ten percent higher than comparable units in the same building that have city views. And this pricing includes both units with the Washington Monument framed in the window as well as those with a vista that includes the U.S. Capitol.
So would you pay more money for a room with a view? Which buildings do you think offer the best views in Penn Quarter?
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