Added value of balconies and views?

huge difference for a view -- double the value in my building for water versus street views. Balcony (can it be enclosed?) -- rule of thumb 50% of internal sq ftg....

double the value for water view... wow. the highest remium I have seen for water view is around 50%. Of course this would vary building by building.

highest premium

From what I have seen, you can add 3-5K per floor considering apts in the same condition and the price is about $500K. Going from the first floor above lobby to the second floor can add 10%.

Once you hit a VIEW, add an additional 10%+ to the price, at least.

As far as the balconies, I would pay a large premium. I've heard a lot of people say that they would take it or leave it. It depends on the buyer. My apartment has 184 sq ft balcony and I paid about 8% and then spend another 3% to make it usuable (tile, paint, lighting).

The depth of the balcony is critical, IMO. Some you have just the depth to stand out there (a planting balcony, I think they call it); others are deeper where there is at least enough room to sit in a chair; the ideal is a set-back terrace deep enough for a dining table & entertaining.

This blog entry by Noah at Urbandigs might be helpful:

http://www.urbandigs.com/2008/04/the_importance_of_views.html