Sunday, May 13, 2012
The View Premium
The real estate market has a problem according to me. We pay so much for the views even above what it is worth that it does not make sense to me. For example, looking for an apartment in any city in the country and the higher you go up the higher you have to pay since it is all about the surrounding "views" that commands a premium. Even when you have a beach house, you pay more for ocean views than not. Every person is different and most of the people like to see the views from their house. Views can be nice but to pay extra money for the views I am not ready to do that since I would rather have a land under my feet than to see something which is not mine. Even in this economy, some people are paying absurd amount of money just to have views of the city from their apartments. I scratch my head some times to see these numbers and then read that you can see the whole of the city from your penthouse or apartment and you pay what like upwards of millions of dollars and still you don’t have the land under you yours and the sky above not yours (according to what the real estate terms says), even you have to share your walls and elevator with other people and wait for it to come up to your apartment. When you have a beach house at least the land is yours although you still pay a lot if your house overlooks the ocean which is understandable but still to pay for that is beyond my mind. Maybe it is just me.