What is The Best Condo Views Worth?
The best condo views cost is a very tough question to answer, and one that I get asked every day. It is rather easy for a developer or builder to put a price on the best condo views units in a complex based on the floor and which direction the condo unit is facing. But if you stop and think about it, how do they come up with it. Again I come up with the same answer that is tough to answer.
How much should you pay for best condo views
It is not uncommon to pay $10K to $30K or even higher price for the same line, same square footage condo unit as you go up. It does not cost the builder any more money to build the unit on the fifties floor vs one on the first. BUT it is an opportunity to get more money from the buyer for a better view from the higher floor units.
But it is not just that, as everyone knows it’s all about the Location. And people will pay a higher price for what they consider a better location or better view. Not everyone but most. It’s like a car, you can buy a Toyota or a Lexus, they are the same company, made with the same components, but you have buyers that will not buy a Toyota, but they will pay an extra $10K or more for Lexus. Why, because they perceive or believe that Lexus to be a better car.
What am I getting at
What I am trying to get at is, there is NO magic formula to calculate the best condo views price. We as real estate agents look at the comps that have been sold in the last 3-6 month, try to analyze the condition of the property and try to come up with a dollar amount that we believe to be the right price for the property based on the previous sales.
But after all of that work and all of the analysis it is still the best guess. You can analyze all you want until the cows come home but the market will dictate what a willing and able buyer will pay for any property on any floor and in any condition with best condo views. And after all of that, you have the emotional factor. Now this one no one can put a price on.
So what is the answer
Well here is my opinion, there is none. You have to explain to the seller that this is your best estimate of what the property is worth base on the information that you have collected from previous sales. The seller has to understand that if a property is overpriced it will take longer to sell and will become stale and no one will look at it.
If the seller is willing to test the waters and adjust the price to get the traffic in the door, they will eventually get an offer from a potential buyer, but it may not be the price that seller is expecting. Usually, it will be lower, but if a property is priced properly seller has a good chance of getting more than the asking price.
This takes us into the buyer’s or seller’s market and that is a blog for another day. This is my opinion it does not mean that I am either write or wrong, but this is what I look for when I meet potential sellers. At the end of the day our job as real estate agents is to find a buyer that is willing to purchase a property that is for sale, sometimes it works and sometimes, unfortunately, it does not.
If you have a property with best condo views that you are thinking of selling in Miami area, give us a call we will do a FREE market analysis and FREE Price Trend analysis, there is no cost to you and we do not force you to sign anything. We want to help you sell it. Call us direct at 786-505-4786 ask for Len See our SELLERS GUIDE here. See all condos with some of the best views in Miami area on our site at www.condosandhomesmiami.com