Is a view not worth anything these days?
Discussion
Mum has had 3 estate agents round this week to value her link detached 3 bed bungalow in West Cornwall. There are stunning panoramic views from the rear of the property (lounge, lounge diner and garden) across a couple of fields to the sea, towards the Fal estuary and St. Austell bay. No chance of anything being built there, as she is outside the village development area.
All 3 agents gave the exact same valuation of £325k. A similar bungalow on the other side of the road recently sold for £315k. Properties on that side of the road have no views - houses in the way on the coast-facing side, and a hedge surrounding playing fields on the other.
It seems like agents just look at past sales in the area to get their price, and bung on a few quid for luck.
Strange really, because a council house in St. Ives just sold for £1.4 million - because of the views.
All 3 agents gave the exact same valuation of £325k. A similar bungalow on the other side of the road recently sold for £315k. Properties on that side of the road have no views - houses in the way on the coast-facing side, and a hedge surrounding playing fields on the other.
It seems like agents just look at past sales in the area to get their price, and bung on a few quid for luck.
Strange really, because a council house in St. Ives just sold for £1.4 million - because of the views.
You can value it at whatever you think is right, you don't have to take the EA's opinion on board. They'll always try to get it on for the lowest they can in order to sell it quickly. Do you think there's any collusion between them all?
If it were me, I'd go to another agent with a firm valuation of £395 and see what they say. Or there's the online ones? Purple Bricks and Tepilo etc
If it were me, I'd go to another agent with a firm valuation of £395 and see what they say. Or there's the online ones? Purple Bricks and Tepilo etc
I don't think it's collusion, more like they are all using the same historical data. 2 of the agents came with printouts to show mum to back up their valuation. They left the paperwork with her, identical apart from the agent's branding.
I was there for the latest valuation today. We asked the agent if he would put it on for more, and he said that he would try it if mum wished. I asked him at what point he would walk away and not take the property on. £360k was his reply. He would try for £350k, and agreed that it would sell to the right buyer at that price. The problem would be getting a potential buyer to turn up and have a look. Some decent photos of the view should help.
Mum would be happy with £350k, so she has decided to put it on the market tomorrow.
On the plus side (for me, at least), the agent said that my house will have gone up in value substantially over the last couple of years, dragged up by being between two new property hotspots - Porthleven and Praa Sands. It's amazing what an impact having Rick Stein open a restaurant can have on an area.
Odd that having an overpriced chippy close by makes a property more desirable than having a stunning view.
I was there for the latest valuation today. We asked the agent if he would put it on for more, and he said that he would try it if mum wished. I asked him at what point he would walk away and not take the property on. £360k was his reply. He would try for £350k, and agreed that it would sell to the right buyer at that price. The problem would be getting a potential buyer to turn up and have a look. Some decent photos of the view should help.
Mum would be happy with £350k, so she has decided to put it on the market tomorrow.
On the plus side (for me, at least), the agent said that my house will have gone up in value substantially over the last couple of years, dragged up by being between two new property hotspots - Porthleven and Praa Sands. It's amazing what an impact having Rick Stein open a restaurant can have on an area.
Odd that having an overpriced chippy close by makes a property more desirable than having a stunning view.
technodup said:
I can't imagine anything more boring than a sea view tbh. There's nothing there but greyness. I certainly wouldn't pay extra for it.
with you on that one...exchanged on my house with sea view yesterday. glad to be inland. house also got hit a lot by salt water which doesn't help the paintwork etc!You'd have to post a pic of the view to give the discussion some context. It's probably not worth comparing with St Ives as prices there are bonkers, plus, the ex council house you refer to is in a premium spot with rather more of a view than "across a couple of fields to the sea" ...
If the view is as stunning as you claim then the house would definitely be worth a lot more than 3% above "similar" properties that have no view... I suspect the "similar" property will actually be a lot bigger and/or finished to a much higher standard than your mums.
Agents are much more likely to overvalue a property in order to win the instruction and then try and readjust the vendors deluded expectations once they've got them signed up.
Agents are much more likely to overvalue a property in order to win the instruction and then try and readjust the vendors deluded expectations once they've got them signed up.
technodup said:
I can't imagine anything more boring than a sea view tbh. There's nothing there but greyness. I certainly wouldn't pay extra for it.
Back in the olden days when coastal villages were proper working communities the houses with the sea views were the cheapest and least desirable because all the sailors and fishermen were sick of the sight of the sea and wanted to be away from it when at home.Disagree with the view haters below. Nothing better than a view of the sea from your window- it is why hotels charge more for seaview rooms!
OP - these 3 agents, are they kids, or are they well know local agents who know their area well, know who they have on their books looking and their budgets? As If the latter, I would speak to them and explain that you feel it is low. They probably earn a percentage so not in their interest to mark it too low.
And lastly you can't compare St Ives to yours, location, location, location! I could pick my house up, plant it down 2 miles in zone 1 London and it would be worth multiples of its value.
OP - these 3 agents, are they kids, or are they well know local agents who know their area well, know who they have on their books looking and their budgets? As If the latter, I would speak to them and explain that you feel it is low. They probably earn a percentage so not in their interest to mark it too low.
And lastly you can't compare St Ives to yours, location, location, location! I could pick my house up, plant it down 2 miles in zone 1 London and it would be worth multiples of its value.
Edited by hyphen on Tuesday 26th September 20:35
Earlier this year we sold our Place on Skye. We took almost two years to sell and the view was stunning. It was what sold it to us back in 2004. We struggled to get what it was valued at (£240k)
Forward to August and we were looking at places near Oban and it became obvious that anywhere with a sea or loch view had a premium of at least £100k!!
Forward to August and we were looking at places near Oban and it became obvious that anywhere with a sea or loch view had a premium of at least £100k!!
I'm fond of a sea view.
Taken from my grandparents bungalow in Portscatho 1978
2015-05-02_6 by LRPlans, on Flickr
Taken from my grandparents bungalow in Portscatho 1978
2015-05-02_6 by LRPlans, on FlickrI wasn't directly comparing mum's house to the one in St. Ives, just pointing out that a view CAN play a big part in how much a proprty sells for.
Property prices in St. Ives are crazy, but without that view that house would've made a lot less.
Mum's view is similar to the one above, but without the other houses in the way.
The agent that I met yesterday was early 50's. He had valued the house across the road earlier in the year. Very similar size, but sea glimpses from upstairs only.
Mum's house is not your typical old person's property. It's decorated in a pretty contemporary style, clutter free. All 3 agents said it's not what they expected from an 80 year old.
I think the problem is that her village has not been "discovered" by incomers, so less potential buyers willing to pay a premium for views. Looking at the village on a map, you wouldn't expect to have such a view, as it's over a mile inland, and mostly in a dip.
Property prices in St. Ives are crazy, but without that view that house would've made a lot less.
Mum's view is similar to the one above, but without the other houses in the way.
The agent that I met yesterday was early 50's. He had valued the house across the road earlier in the year. Very similar size, but sea glimpses from upstairs only.
Mum's house is not your typical old person's property. It's decorated in a pretty contemporary style, clutter free. All 3 agents said it's not what they expected from an 80 year old.
I think the problem is that her village has not been "discovered" by incomers, so less potential buyers willing to pay a premium for views. Looking at the village on a map, you wouldn't expect to have such a view, as it's over a mile inland, and mostly in a dip.
clockworks said:
...It's amazing what an impact having Rick Stein open a restaurant can have on an area.
Odd that having an overpriced chippy close by makes a property more desirable than having a stunning view.
What's amazing to me is that he can still be arsed investing in the area with the reactions he seems to get from locals about his overpriced chippies. But luckily for the locals he does Odd that having an overpriced chippy close by makes a property more desirable than having a stunning view.
You need to post pictures up of the view I suspect.
If you want to sell the house, you need to emotionally detach yourself from it and be realistic. You've had "experts" round and they've all given you the same figure with no collusion suspected. That needs to tell you something no matter what you might think the other property that sold did or did not have. It actually sold for 10k less than they're proposing marketing yours for. If you think their models/estimates are flawed, set up as an EA and make a killing
If you put the house on for 350k, how long will you last before you start chipping away at the price? Most buyers will be sifting online initially and at that price point (25k over what the EA thinks and 35k over a recent sale in the same area - 10%) there's a risk they will simply dismiss it and move on and buy something else.
Once you start chipping away at the asking price, those who might be watching it will see it coming down. And then you're on a loser. And it's easy to see online now when asking prices have moved/been re-advertised. So there's no hiding place.
Have you researched what else has actually sold for 350k in similar places (ie no "incomer" footfall etc etc)?
Sorry if the above sounds a bit blunt, but it's very difficult to detach emotion from house sales and purchases. And that causes issues of expectation management and end result.
TooLateForAName said:
The opening up of planning and the drive to build more means that most views might be a view of a lovely field of exec 5 bed det dwellings next year.
If the view/location is protected it might make more of a difference.
We built our house overseas with a stunning view from the 3rd storey roof garden, across the open rice fields to the mountains and the sunset 20 miles away.If the view/location is protected it might make more of a difference.
Within a year we were looking at a row of power cables, a car dealer and the back of a Chinese restaurant.....
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