”Survey says” looks at various rankings and scorecards judging geographic locations while noting these grades are best seen as a mix of artful interpretation and data.
Buzz: Buyers paid on average 15% more for a California home with a view of the ocean than what a “water-close” home cost.
Source: My trusty spreadsheet looked at a study by property manager Casago, which surveyed home sales in coastal communities with key water-view terms in their descriptions vs. all other waterfront properties, as found in Zillow’s database. The study included 34 California housing markets.
The average price of an oceanview home in California’s 34 seaside communities was $1.66 million vs. $1.45 million nearby and without the watery vista – or a $214,000 premium.
The higher the price tag, the fatter the premium.
In the 12 priciest California seaside towns, the average $2.6 million price tag for oceanview was a 24% premium above no-view homes, or $519,000 more. In California’s 12 cheapest water-close cities, there was no price difference on the average $880,000 homes.
And in-between? A 9% premium on $1.4 million views, or $114,000 more.
So where in California are buyers paying up the most for Pacific vistas? Look to the south …
Dana Point: 57% premium on $2.7 million – or $978,000 more.
Oceanside: 49% premium on $1.1 million – or $350,000 more.
Long Beach: 37% premium on $960,000 – or $261,000 more.
Oxnard: 36% premium on $1.3 million – or $339,000 more.
San Diego: 34% premium on $1.4 million – or $361,000 more.
Coronado: 33% premium on $2.7 million – or $681,000 more.
Manhattan Beach: 33% premium on $3.5 million – or $870,000 more.
Huntington Beach: 29% premium on $2.1 million – or $468,000 more.
Ventura: 29% premium on $1.2 million – or $267,000 more.
Santa Cruz: 29% premium on $2.5 million – or $555,000 more.
San Clemente: 25% premium on $2.1 million – or $421,000 more.
Seal Beach: 25% premium on $1.4 million – or $281,000 more.
It’s no secret that you pay for a view.
And the size of the price premium on a percentage basis rises as the neighborhood’s overall cost increases, a sign that folks will pay even more for the best properties in upper-crust markets.
But California premiums look small compared with other states known for waterfront living.
In Florida, the $828,000 average price for sea views in 54 towns was a 41% premium to the $586,000 paid nearby. And in Hawaii, a $1.26 million average for sea views in 16 towns was a 26% premium to $1 million elsewhere.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at email@example.com