views

westside,

I read this article awhile ago and found it very informative.

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

Urbandigs has a solid lock on these issues!

a) views
b) location
c) natural sunlight
d) raw space

Those really are the top four fixed issues to consider. When it comes to the top four non-fixed issues in order, they are, for me...

a) central a/c
b) kitchen/baths
c) floors
d) special amenities (terrace, fireplace, penthouse, etc.)

To malraux's views, location, natural sunlight, raw (amount of) space, I'd add the building itself. These are 5 things you are stuck with and can never change for the better in most cases. With respect to views, building comparables should give a sense of the value to add or subtract for the views.

It is key to explore how any view that adds value can change. I researched air rights of buildings that were key to my views and really looked at what the buildings and lots in my line of view were. I nixed a unit I loved that was across from a garage/bowling alley because I think the longterm prospect of that building staying was low and a highrise would have destroyed the unit's views and light. Plenty of people formerly with great sunlight now have dark, dungeon feeling apartments behind the highrise going up on Madison Park South. Many of the dark units now linger on the market and keep whittling away at their prices through reductions. It's killed their value. Now they look 15 feet away into rich people in a skinny huge building.

KW, you make a brilliant point about losing views. How do you research that info?

A view of Central Park is worth about $2.5mm according to the folks over at 262 CPW. Granted its not a perfect comparison because not only do you get a view in #7E, you also DON'T get as much street noise.

http://www.streeteasy.com/nyc/building/262-central-park-west-manhattan

To research nearby buildings, start with ACRIS--a city database where you can search for all sorts of info on buildings. If I recall correctly, the NYC Dep't of Buildings website has a link where you can see zoning, or air rights or something like that. Basically I spent an evening poking around the web when I was contemplating a bid on an apt. recently and then gave my RE attorney one or two things to check out for me since he knew his way around all of this much more than me. It was another reason I was glad to have retained a proper firm RE attorney to handle the biggest purchase of my life.

Thanx, KW. It is very important info & it's good to know it's not too daunting to obtain.