By John Engel
A Room With a View is the 1908 novel by E.M. Forster and a 1985 Merchant & Ivory film starring Helena Bonham Carter and Julian Sands. The novel opens in Florence with Lucy and her chaperone, Charlotte, complaining about their rooms at the Pensione Bertolini. They were promised rooms with a view of the River Arno but instead have ones overlooking a drab courtyard. Another guest, Mr. Emerson, interrupts their “peevish wrangling” by spontaneously offering to swap rooms. He and his son, George, both have rooms with views of the Arno and he argues, “Women like looking at a view; men don’t.” Mr. Beebe, an Anglican clergyman, persuades Charlotte to accept the offer; Charlotte suggests that the Emersons are socialists. You’d have to be a socialist to give up the view.
Most real estate agents will tell you that “ocean view” is the most valuable phrase in the English language. But it is not the only view which commands a premium, and it begs the question, what’s a view worth? And, has that changed? Both can be measured.
For most of man’s time on this earth, waterfront property was undesirable — either dangerous, indefensible, smelly, or dominated by commercial businesses such as fishing, transport, and manufacturing. In places of wealth like Nantucket, Charleston, or New York City, the best homes were located on the “high street,” far from the polluted waters of the harbor. Maps of the Loire Castles and Newport mansions show us that while the very rich appreciate the sea air, our fascination with the ocean view is a recent phenomenon.
How about today and closer to home? According to appraiser Jonathan Miller, “New Yorkers are generally willing to pay 10 to 25 percent more for an apartment that allows them to wander over to the window and take in the sights.” If that sounds low, consider that in New York, the view could be of water or a park, but in most cases it is a view of an important building, of which there are hundreds.
New York is unique, however, one of the rare cities where water views do not command the highest premium. That honor goes to Central Park, where premiums run higher than those for river views, the exception being that expansive vistas of the city are valued just about the same as limited or narrow views of Central Park.
Higher is better. The rule of thumb is that views along the same sight line typically increase in value at about 1% per floor until you reach the penthouse — pricier still.
In the newly renovated Four Seasons Hotel, the Ty Warner Penthouse on the 52nd floor has soared to $80,000 a night from the previous rate of $50,000, making it the priciest view in the Big Apple, eclipsing the Mark Hotel’s penthouse that goes for $75,000, according to the New York Post.
A room with a view brings the outdoors in, creating the illusion of more space. Is it worth a 10% premium if your mind perceives you to have 10% more space? It’s a bargain when you think of it that way.
Where is the trend? In New York City, the most expensive views ($50 million to $100 million) are clustered together on Billionaires Row: 57th Street, blocks from Central Park and more than a mile from the two rivers. Often above the clouds, these apartments are quiet, far from the noise of the city, with unobstructed views of the horizon and of the weather, where everything is far away. It is for me the difference between a landscape and the unfamiliar calm of a “modern” abstract painting.
For many, the view is the only thing that matters. “The very first thing I did was walk to the window,” said Dr. Bovino about purchasing on Central Park. “I took one look at the view and said, ‘I’ll take it.’”
They say you can’t buy happiness. Whoever said that probably doesn’t have water views. The Mappiness study tracked over a million responses on the happiness of 22,000 people. We learned people are happier outdoors in nature than in any kind of urban environment. The highest increase in happiness in an outdoor environment occurred when people were near water.
What about Connecticut generally, and New Canaan specifically? For one thing, we don’t measure the value of the view with an algorithm (1% per floor and 30% for water). Height is limited by zoning, as are setbacks. Here are my observations — which are over-generalizations based on thousands of showings over 20 years — on what constitutes a desirable view in our area:
1. View of the lawn. Large front lawns provide a buffer between house and street, but that’s the public’s view. The trend has been a large, private, and green back yard. Formal rooms, located in the front of the house, have the less important view, while the kitchen and family room in the rear of the house are often graced with oversized windows to enjoy a view of the back yard.
2. Views of the neighbor-hood. The most expensive condominiums in New Canaan, both median price and price per foot, are downtown. Take for example new development on Forest Street, Park Street, and South Avenue in the last few years. While not exactly city views, the view there is full of cars and pedestrians and shoppers. I previewed a $4 million house in Darien yesterday and counted 14 other houses from the bedroom window. In-town living is still trending, and with it in-town views.
3. Wetlands. So often mis-understood, wetlands are those spaces where you can’t install a lawn, build a barn, or park a vehicle, so naturally for many of us, the wetlands are what we look at, providing us some of the best views of nature in the neighborhood. Any high, flat, buildable land probably has a house and lawn on it.
4. Window Size. This has been trending larger and larger for years. Not just for waterfront homes, it’s a way for builders to communicate luxury.
5. Ridges and Valleys. Houses up on Oenoke Ridge, Ponus Ridge, and Smith Ridge have unparalleled views of some amazing sunsets. My sister’s house on Brushy Ridge has a clear view south to Long Island Sound. It was Tom Gorin who taught me in my first year of real estate the difference in price between the low side of North Street and the high side. Houses on the high side of the street are preferred because they tend to have more light and a better view.
These distinctions were not lost on architect Philip Johnson in the late 1940s. Upon securing a job in New York City, he could settle anywhere. Why New Canaan, Ponus Ridge in particular, for his Glass House? He chose the site on a knoll with a view of the valley below:
“The Glass House started because of the land that was there. That was my hardest job by far. I worked for three or four years throwing out ideas. And it was all conditioned by the landscape itself. In finding that little knoll, I was in the middle of the woods in the middle of the winter and I almost didn’t find it.”
There is some value in a view of the changing seasons. In places where leaves change color, that is the best and priciest view. In Vermont, they call it “stick season” once the trees lose their leaves and the tourists go home.
Views of the mountains and the stars above have their fans, too. Big Sky Resort in Montana has views of Glacier National Park, the most photographed place in the state.
John Engel is a broker with the Engel Team at Douglas Elliman and he has a golden retriever named Callie. Last week the Superbowl of dog shows, Westminster, was held, and the golden retriever failed once again. The golden retriever, America’s most popular dog, has never won the big prize but New Canaan has. John Oulton, currently the bartender at Cherry Street East, won the Superbowl of dog shows in 1999 with CH. Loteki Supernatural Being the Papillon. If you have a golden retriever, you’re already a winner.
