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Tuesday Feb 25, 2014

Views increase value for residential property

Although difficult to quantify, a property's views can have a substantial effect on its value and ease of resale.

Buyers and investors are always on the lookout for well-situated properties that enable them to enjoy an improved lifestyle and to capitalise when the time comes to sell.

Sea Point is a prime example of a suburb in which homes with views command substantially higher prices than those without.

'High Level Road is often considered the dividing line in this suburb, with properties above generally commanding excellent views and with them, higher prices,' says Peter Simmons, Sea Point, Green Point and Three Anchor Bay agent for Lew Geffen Sotheby's International Realty.

'According to Propstats, the average price for homes sold on Sea Point's Ocean View Drive last year was R3.72 million, compared to R2m for those on the largely viewless Main Road. Beach Road properties, which also have good views due to their proximity to the seafront, sold for an average of R3.43m,' Simmons says.

'These substantial differences highlight just how much position can dictate price,' says Lew Geffen, the chairman of Lew Geffen Sotheby's International Realty. 'Also, homes above High Level Road sold in an average of 32 days in 2013, two months faster than the provincial average.'

Even the type of view can have a notable effect on price. Simmons uses the example of two similar houses for sale in Rhine Road. One has a side view, whereas the other has a frontal view. The home with the frontal view is on the market for R1m more, he says.

'Developers aren't missing out either, realising that properties with good views are going to bring in much more profit and move faster. It's quite a compact area, but when an opportunity crops up developers are working to really get the most out of the position. Views really can make all the difference,' says Geffen.

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