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What is the appropriate % discount for 3 similar apartments, one with light and view, one with light and no view, and one with no light and no view? Thus, how much discount for the apartment with no light and no view in relation to the apartment with light and view? Also, how much discount for the apartment with light and no view in relation to the apartment with light and view?
imho 99% discount for the one " with no light and no view?". why would anybody live like a bat?
When it comes to no light and no view there is no discount that can discount the price. In my experience such apartments are terribly illiquid and so difficult to sell that any "discount" never seems to be enough. If you pay up on the way in(compared to the crappy dark apartment facing the ally no doubt) the premium will most likely be maintained or enriched on the way out. The only time such units sell is when there's nothing to look at but a blue-print as in pre construction.
Notadmin. Thanks for your helpful and thoughtful response.
My eventual coffin will have no light and no views.
no view will discount at least 10%. no light, it depends. how close is the brick wall in front of the windows? some people consider northern exposure as "no light", but some people like it. if you're more specific, you may get better response.
but should the coffin be oak , pine or cedar? and which has the best resale value?
If you are the prospective buyer, getting to a number is most useful if you plan to present comps for negotiation purposes.
But in terms of the negotiation itself, best idea is to pressure the seller with the idea that the market is limited for an apartment with a view/light impediment. Only in a fully liquid market with unlimited participants would the end price be guaranteed to move toward some academically derived discount. In most cases, there are specific circumstances that play into the ending price- how quickly the seller needs to sell, how many similar apts in the neighborhood are listed, season, etc.
Concentrate on giving the listing agent lines to pressure the seller. Listing agent just wants to get the deal done- they consider their job is to pressure the seller lower after winning the listing.
Oh, and if you are the seller, ignore all these if they are presented to you :)
Agree with above. Don't buy the "no-view" apt. Besides being depressing they are not sellable in anything but a raging bull market.
I think the combination of no light and no view is only something you should settle for if it gets you the size and neighborhood you otherwise couldn't have afforded. Keep in mind though as long as it gets light there is resale value. I think the majority of NYC apartments have no view so try to be realistic.
"don't buy the no-view apt." Really? So don't ever buy loft in Tribeca or Soho? That's right, because you could never re-sell one of those...
No "view" and facing smack into a brick wall with literally no natural light coming in are two very different things. It's hard to generalize, but of the dozens of low floor, "no view", regular street facing apartments I saw, while that was not right for me, every single one found a buyer.
This really comes down to neighborhood and quality of the apartment in SO many ways. It's very subjective, no one on this board is going to give you the type of answer you're looking for. It's easy to say never buy that no view apartment...but you may never be able to afford that apartment with a view...
Most apts in manhattan are no view. There is a premium for view relative to average prices. Street view facing another building is average. Facing the back of the building with less than 50 feet will start to get a discount. Depending on the view premium may be upto 100 percent.
I think coop vs condo also factors into the no light discount. With a condo, there's always going to be someone willing to rent it for a couple of years at a discount. So relative rents set a floor. With a coop, you're going to have to transact with someone who doesn't mind living like that long-term. There are lots of things people will settle on "for now", but no-light isn't for most people long-term.
But this guy likes his cave ;).
I think the mixture of no mild and no perspective is only something you should negotiate for if it gets you the dimension and community you otherwise couldn't have provided. Keep in thoughts though provided that it gets mild there is secondhand value. I think a lot of NYC homes have no perspective so try to be genuine.Real Estate investments
Curious how people justify high prices of townhouses on the tree lined street which blocks most of the light on the first three floors. There is obviously light at the back assuming you are back to back with another townhouse. However, no light or view in the front due to being blocked by trees. Middle is completely dark.
I agree with NYC10007.
It's impossible to say 2 apartment are alike except for light and view, unless of course it's in the same building and the same line and the renovations or condition of the apartments are very similar, the only difference being that one apartment is on a very low floor and the other is on a very high floor.
In my opinion views refer to river, park or skyline views, which comprise a small percentage of apartments. In terms of light, most apartments don't get tons of light since most face buildings across the street or avenue. Apartments on avenues generally get more light but also more traffic noise.
Though light and views are important, a dark apartment in a good neighborhood, on a good block, in a good building with roof deck, doorman, health club, garage, storage, etc. may be worth more to someone than a bright apartment where the converse is true.
Strictly a personal decision and not one you can easily put a price on.
@ inonada - "The work was so extensive it raised the ceiling heights to nearly 12 feet and added to the condo 150 extra square feet, found behind a fire wall in the guest bathroom."
Who *wouldn't* like such a bonus?
I'll say one thing for apartments like that one: you don't have to worry as much about noise if the inhabitants sleep at different times. If the bedroom is at the opposite end from the kitchen, one person can get up and have something to eat without waking the sleeping person up. Same if the bathroom is at the opposite end, or even a television. In a compact squarish apartment where everything is close to everything else, you might have better views than in a long thin room, but you then have to tiptoe around all the time.