Get ready to call me a hypocrite, but now that I actually have a view from my new condo, I’d like to take back some of what I’ve said about “not seeing the value in a premium view.”

Hey, at least I can admit when I’m wrong, right?

Of all the places I’ve ever been in the world, the photo above shows the most magnificent view on this earth.

It also shows my awesome tube knee socks and inability to grow propert facial-hair, but I was 25-years-old…so sue me.

This photo was taken on the way to Shigatze in Tibet, at what can only be described as the most scenic backdrop you’ll ever lay eyes on.  I have about thirty photos from this spot, and when I brought them home, some of my friends and colleagues didn’t believe the backdrop was real!  They thought I was posing in front of a set!

You’ve all been places that you would describe as “breathtaking,” and the scenery can be out of this world.

Everybody has his or her own “favourite.”  I’m always impressed with the colour of the water in scenic Caribbean beaches photos, and there’s something to be said for a waterfall in the rainforest as well.

I do find a bit of irony in the fact that while I can appreciate incredible views from all of the places I’ve been to around the world, I never really had a desire to live in a condo with a fantastic view.

I spent years debating with colleagues about the value of “a view,” since I figured that most of what we see in Toronto is all the same: buildings, buildings, and more buildings.  I’ve written multiple blog posts on the subject, usually suggesting that the market puts a higher value on a view than I would.

There are always exceptions to the rule, however.  I have a client at Palace Pier with what can only be described as a “Million-Dollar View.”  The condo is worth much more than that, of course, but the view over Lake Ontario is completely unobstructed as the only thing between the water itself and the base of the building is the shoreline!

Just to clear the air – I have never gone on record and said, “A view is worthless.  Views are meaningless.”  Or something that extreme.

In the past, I’ve always suggested that many condos put too high a premium on a view, and on a personal level, I didn’t agree.

For example, think about how new condominium developments charge $1,000 per floor or more as you get higher and higher up in the building.  This premium increases to as much as $2,000 per floor in the new “luxury” towers in downtown Toronto.  Even at a “modest” $1,500 per floor, do I think that the same $350,000 condo on the 10th floor is worth $380,000 on the 30th floor?  Not a chance.

The problem with pricing a “view” in today’s downtown condo market is that they continuously disappear!

Whether there is a condo being built right across the street, or four blocks away – the view you have today is going to change substantially in the near future.

As I said above – there are always exceptions.  If you know with absolute certainty that your view will never change, then go ahead and put a premium on it.  But if you live within a three block radius of a parking lot, dilapidated building, or anything that looks like it could be knocked down – then your view is far from safe.

A friend of mine lives at 650 Queen’s Quay facing south over a 50-acre park – his view is safe!  He can put a premium on the water view because he knows that nothing will ever be built on the park (unless the city gets really desperate and starts selling parks to developers…).

Another couple of clients have a southeast-facing unit at Spire that looks over St. James Park – their view is never going to change.  I’ll save you the long-winded story about why Spire is so much taller than any other condos in the area, but it’s safe to say that east of Church Street, no 40-storey towers are going to be built in the St. Lawrence Market area.  The view of St. James Park is safe, unless, of course, a gigantic yurt is constructed out of sticks and other items that homing-pigeons can carry in their beaks..

So how much can a fantastic view impact the value of your condo?

And how do you, as a buyer, value a fantastic view?

Well as I’ve come to realize, a great view does have a value, and the peace of mind that comes from knowing the view will never be obstructed could be worth even more.

Like any other feature of a condo – be it the large terrace, the high ceilings, the exposed brick and timber, or the designer quality – a great view might be worth something to one person, and nothing to another.

I’ve taken clients into gorgeous “hard lofts” before and had them remark, “This is awful.  It’s cold, industrial, and faceless.”  Then I’ve watched the condo sell in multiple offers for a record price.

To each, their own, I say.

I never put much of a value on a view because I was obsessed with other characteristics of the condo.  I’m a well-known proponent of large outdoor spaces, and I’ve previously jumped at the chance to have a large terrace that comes with a view of nothing but a brick building across the way.

As I sit here typing this on Thursday morning at about 1:30AM, I’m looking out my window at the downtown skyline.  All the bank buildings are lit up (I guess they get free hydro…), and the C.N. Tower is changing color every five seconds.  The C.N. Tower – which is almost 2 KM away – is unobstructed and looks like I could reach out and grab it.

It’s awesome.

I still wouldn’t pay $30,000 to be on a higher floor in a new condominium, but I do put a large value on my view from Vu.

You could argue that the same unit four floors lower doesn’t have the same view, but rather stares out over the street, and thus the $30,000 premium in some buildings might be justified.  But I would argue back that a large majority of pre-construction projects that are charging $1,500 – $2,000 per floor don’t offer ANY view to being with!  Think about Trump Tower down on Adelaide Street.  What are you looking at out your window?  Nothing but the buildings across the street on every corner!  There’s no view to be had here!  And surely no sane, rational person would pay a premium simply to be higher.

Some condos come with a better version of a crappy view.  If you’re on the 5th floor looking at the building next door as opposed to the 15th floor of the same building next door, then what’s the difference?  Is there any?  Can you put a price on that?

Again – some people might say “yes,” but I’m not sure where the value is.  Perhaps we’ve been conditioned to believe that “higher is always better,” when in fact, it doesn’t make a lick of difference in many buildings.

I spent five years living on the second floor of a condo with a great outdoor space, but had I lived one, two, or ten floors up – I really wouldn’t have had a better view.  Sure, I’d have more natural light, and I might clear the eight-storey building in front of me, but then I’d be staring down at the roofs of all those buildings with their ugly, dirty, HVAC units staring back at me.

So after all this preamble, let me leave you with the conclusion that I’ve recently come to: I don’t believe that a view necessary has to be of something in particular, but rather I think what is important is the open space around you.

Nobody wants to feel cramped in their box they call a “condo.”

If you look out your window and the nearest buildings are two blocks away, then maybe it doesn’t matter what you’re looking at.  If you have to squint to make out the buildings in the distance, then it means you’re not living shoulder-to-shoulder with your neighbours across the street (CityPlace – you’re a lost cause.  Don’t call, don’t write – I don’t want to hear from you).

Am I really impressed by the C.N. Tower in the distance?  I’m not sure.  But what I’ve really grown to love is the feeling of space out my window.  That’s the view I’ve come to love.

As I said – to each, their own.

Some people take an awesome view and then do something stupid to ruin it, like this:

I swear – I was forced into this.

Picture a hundred tourists standing around and waiting their turn to sit on the yak, each tourist more pathetic than the next.

I just feel bad for the yak.  Look at his eyes – he’s so sad!  What a humiliating job.  I tried to give him a tip, but he ate it, and then sneezed on my white tube socks.

Well, you certainly won’t be getting a view like that outside the window of your downtown Toronto condominium, but we’ve got a beautiful city, and there’s nothing wrong with paying a few bucks more to get a better look at it…