The other night I met with former clients in Rogers Park who were considering selling their condo and buying another with some features they wanted. Back in January they refinanced. When they told me the appraised value of their home I was quite surprised since it was much higher than I knew comparable condos were selling for.
I asked to see the appraisal. Two of the comparable sales the appraiser used were from when the market was significantly higher. The third was more recent, but was for a condo with a balcony overlooking Lake Michigan. While my clients are near Lake Michigan, they don’t have even a remote view of it. The appraiser gave the waterfront location a value of $10,000 extra.
What do you think? How much more would you pay (in dollars or as a percent of price) for the same home, but overlooking Lake Michigan?
Here’s a video of the Rogers Park lakefront by Joe Zekas at YoChicago.com to give you an idea of what the Rogers Park portion of Lake Michigan is like:
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Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
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The beach, if any, and ease of access would also make a difference. For just the view off my deck, I would think it would be worth another 10% at least.
Price differences I’m seeing for condos in the Loop with and without a view of the lake are much more than 10%, more like 30-50% premium.