When comparing condos with ocean views to those with a “city view,” condos overlooking the water can sell for twice as much as one overlooking land. The discrepancy in price between ocean and land views varies by location, but Miami buyers should be expected to pay anywhere from 38 to over 100 percent more for an ocean view.
Property owners in South Florida are looking to immerse themselves in everything Miami has to offer. They are looking to escape the stresses and confines of everyday life by living in a home that gives them the open-feeling and vast views that never end. One of the best ways to do this is to come home to the tranquility and dynamism that water views provide.
Where ocean views cost the most
The premium paid for an ocean view is greatest in South Beach, where condos with a direct view of the ocean cost $1,950 per square foot while a similar unit overlooking the city sells for $970. That’s a difference of 101 percent.
Inland, the price difference can be just as stark. Downtown condo tower Ten Museum Park, for example, has nearly a 50 percent difference in apartments with an ocean view. ($1.1 million to see the water vs. $759,000 to see the city.)
People seem more than willing to pay for an ocean view.
Buyers want to see the ocean, hear the water, feel the ocean breeze, and have a seamless experience of bringing the outdoors in and the indoors out.