There are many factors to consider when determining the value of real estate. In addition to square footage, condition and amenities, there are things like steep driveways, busy roads, power lines, and bright colors. In New England, swimming pools don't necessarily add value like they would in Florida or Georgia. Electric heat can negatively affect value in Connecticut despite rising oil costs. Water, mountain and sunset views increase value.
I recently completed a market analysis on a foreclosed condominium in the Jewett City area of Griswold, CT. This condo has a view. Unfortunately, the view is of a cemetery. A very close up view of a cemetery. From every back window. You get the picture. Actually you really do get the picture since you will find a picture below of the view from the bedroom window.
So how much is that view worth in time and money? For my analysis I deducted 5%. I also assumed an increase in days on market. There are some buyers that won't consider this condo no matter what the price. I'm hoping others might enjoy the benefit of having quiet neighbors.
