Many buyers in these buildings chose their units based largely on the promise of brilliant urban views. But with so much new construction, there are few guarantees that today's skyline vista won't be tomorrow's brick wall. The issue is an important one for buyers not only as it affects the aesthetics of their new homes, but also, experts say, because of the very real impact a degraded view can have on homeowners' pocket books. Condominiums are priced according to the views they afford. Identical units are priced higher if they are positioned on higher floors, or facing downtown's skyline instead of city neighborhoods or close buildings.
Views have a concrete and often hefty value.
In Dearborn Tower, similar to our Filmworks project, which also had north skyline views, there is a big difference in pricing facing north as well as south. John Jaeger, vice president of Appraisal Research Counselors, Ltd., says the value of premium views sometimes can account for up to half of a condominium's value. Becky Carroll, spokesperson for the city's department of planning and development, says the city cannot consider how new developments might impact existing views. An individual developer has a right to build up to a point designated by a given planned development. As long as they build within the parameters of that development, we can't stop them.