The value of Condo views in New Orleans condo market may not be determined by some math equation or could it be found ! The value of the views is what someone will be willing to pay for what is considered a big plus in any condo complex. In many complexes that sell from a developer you can see what units sell first and which ones sell last. Simple: Better views generally sell first !
Many of the developers will sell on square footage rather than location within the complex. Early buyers get the prizes and end up with the higher prices when they go to sell their condo. Some developers will sell the best views for more as they know they will demand more money.
The 3915 St. Charles condos or St. Charles Gardens did exactly that selling the condos on St. Charles Ave for $40,000 more. At the time I could not see the value. As resales have come up the margins have help up or actually increased as the the lesser view units. Five years later I was proven wrong.
So, how do we go about figuring the value of a view when you are buying something you desire. If you are buying a 200k condo would you pay $5,000 more for the best view? How about $10,000 more? How about $15,000? Then you get to $20,000 more and then you say no because that is too much. If that is the case then the answer is between 5% and $7.5 more for those units.
It is not always not that easy since most condos will have varying degrees of great views. People do buy condos with bad views but when the market slows then they become harder to sell as buyers become more particular and want more for their money.
I recently sold this French Quarter condo pictured above because it had the best views of any condo in the French Quarter for the 225k range. The unit was not in good shape and will have a lot of updating to be done but the views are rare when you have 4 French doors overlooking the historic French Quarter.
In the end that was the rare feature of this condo that could not be found in units costing $100,000 or more. It did not hurt to have several balconies and a large 3rd floor patio. The buyers and I knew it had a great future. It was a condo located at 1020 Esplanade in an improving complex.
As you move up in the price ranges of the condo views will become even more important to the buyer and they can buy what they can afford. They know what they want and the extra money is generally worth the price.
In the French Quarter you do the same thing with the value of balconies that have street views. That can be another blog within itself. Second floor balconies are my favorite unless you can get Mississippi River Views.