rockin'robin
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Some homeowners in Seattle have bought 'air rights' of neighboring properties to protect their views. Prices have ranged from $50,000 to $250,000
It’s one of the most contentious of neighborhood issues: What happens if a neighbor blocks your view?
A few homeowners in Seattle think they’ve found a solution: Buy the "air rights" of the neighboring property.
Air rights are more often traded among developers of major high-rise projects. Transfers of development rights are common among builders of New York City skyscrapers. In those transactions, a developer who holds the rights to build higher transfers those rights to a developer who needs them.
In Seattle, Nina and Georg Pedersen were so worried about losing their downtown and water views that they spent $600,000 to buy the house next door, King 5 News reported. After renting it out for nine years, they decided to sell – but only on the condition that the new owner not build up. In exchange, the new owner paid about $100,000 less than the market value of the house.
"It's a separate deed where we literally own the air above this house," Nina Pedersen told the TV station. "You've got to be able to plan ahead and really jump at it when the opportunity comes, and be willing to pay for it."
Real estate appraiser Richard Hagar told King 5 News that he has handled "dozens of cases" in Seattle with air rights valued at $50,000 to $250,000.
Exactly how to legally secure the air rights above another home varies by jurisdiction. One way is through a deed restriction. In the case of Big Apple skyscrapers, what you can do with those air rights is determined by local building ordinance.
In fact, how high any landowner can build is determined by local ordinance. Some neighborhoods have additional covenants, conditions and restrictions that restrict building height or otherwise govern protection of views. A few neighborhoods have sought historic designation to keep small houses from being demolished and replaced with large ones.
Nolo.com has additional information on homeowners’ rights and views. My MSN colleague Marilyn Lewis also wrote about strategies for protecting your view. She warns: "You may love the view you're used to, but it's not really yours. The Constitution guarantees the right to life, liberty and the pursuit of happiness, but not the right to stretch your eyes out to the horizon."
Worried about neighbors building up? Buy their air - MSN Real Estate
It’s one of the most contentious of neighborhood issues: What happens if a neighbor blocks your view?
A few homeowners in Seattle think they’ve found a solution: Buy the "air rights" of the neighboring property.
Air rights are more often traded among developers of major high-rise projects. Transfers of development rights are common among builders of New York City skyscrapers. In those transactions, a developer who holds the rights to build higher transfers those rights to a developer who needs them.
In Seattle, Nina and Georg Pedersen were so worried about losing their downtown and water views that they spent $600,000 to buy the house next door, King 5 News reported. After renting it out for nine years, they decided to sell – but only on the condition that the new owner not build up. In exchange, the new owner paid about $100,000 less than the market value of the house.
"It's a separate deed where we literally own the air above this house," Nina Pedersen told the TV station. "You've got to be able to plan ahead and really jump at it when the opportunity comes, and be willing to pay for it."
Real estate appraiser Richard Hagar told King 5 News that he has handled "dozens of cases" in Seattle with air rights valued at $50,000 to $250,000.
Exactly how to legally secure the air rights above another home varies by jurisdiction. One way is through a deed restriction. In the case of Big Apple skyscrapers, what you can do with those air rights is determined by local building ordinance.
In fact, how high any landowner can build is determined by local ordinance. Some neighborhoods have additional covenants, conditions and restrictions that restrict building height or otherwise govern protection of views. A few neighborhoods have sought historic designation to keep small houses from being demolished and replaced with large ones.
Nolo.com has additional information on homeowners’ rights and views. My MSN colleague Marilyn Lewis also wrote about strategies for protecting your view. She warns: "You may love the view you're used to, but it's not really yours. The Constitution guarantees the right to life, liberty and the pursuit of happiness, but not the right to stretch your eyes out to the horizon."
Worried about neighbors building up? Buy their air - MSN Real Estate