Spectacular. Panoramic. Sensational. When those words drip from the lips of a real estate broker in San Francisco, home buyers reach for their check books. For such a proliferation of adjectives can only mean one thing in these parts: The house has a view, and it's going to cost you.

San Francisco - land of a thousand postcard scenes - is one of the priciest residential markets in the country, and there are only so many 360-degree properties to go around. In a town where money usually can buy happiness, even the flagrantly rich can have a hard time snagging the prefect view.

"This city where all the money in the world can't buy what you want", said Malin Giddings, who has been selling view homes in San Francisco for 25 years. "There is a very limited supply and an unbelievable demand."

"A view is like a diamond, and that's what you want to show off," said Arthur McLaughlin, an interior designer who specializes in house make overs.

The nip and tuck he performs on property can boost a sale price by $200,000 to $500,000.

Take a recently renovated $1.6 million home on Leavenworth Street. The four-level house comes with a garden, exercise room, four bedrooms, 4 1/2 half baths and a roof top deck. The view overlooks the bay and the towers of the Bay Bridge plus two additional San Francisco icons: the very popular Transamerica Pyramid building and Coit Tower. But from the rooms, the windows also reveal the roof tops and smokestacks of the surrounding houses. McLaughlin used well-placed topiaries, palm trees and billowy sheer curtains to let in the light but camouflage the roof views. People pay anywhere from $2,000 to $35,000 for his magic touch.

"They say for every $1 you spend you get $1.50 in return," he said. "For this price range of house the returns are greater."

McLaughlin has enough fabulous furniture, carpets, candelabra, books and bolsters to furnish 16 homes at a time. For a complete make over he provides everything from furniture and books to bottles of wine, fresh flowers and chocolate kisses in a coffee table candy bowl.

For one project he even had a mural painted on an unattractive brick wall that could be seen from several floors of the house. He can have a house ready to show four days after he gives an estimate. View homes that are properly dressed out sell rapidly, often for above the asking price, said McLaughlin.

For those buyers lacking the competitive nerves and financial resources needed to score a world class San Francisco view, there are still bargains to be had in waterfront properties.

Across the bay in Point Richmond, a three-bedroom, 3,200 square -foot home is on the market for $895,000. The bay laps at the pilings, and the owners can cruise a boat up to the back door. Although Angel Island blocks the view of the Golden Gate Bridge, the house has views of the Richmond-San Rafael and the Bay bridges. Then there are the tanker ships and the oil tanks.

"That's part of the charm," said real estate broker Margi Cellucci. "You get used to the big ships going in and out."

Vacant lots in the Marina area are running $208,000 to $395,000 with the view lots commanding a 25 to 30 percent premium. Cellucci has been living and selling real estate in the area for 12 years. Nearby Brickyard Cove townhouses run from $225,000 to $329,000 for a two-bedroom penthouse.

"Most of the people enjoy the view," said Cellucci. "They also enjoy the lifestyle. It's quiet. It's peaceful, and even though it's in Richmond, it's very secure."

From the Berkeley, Oakland and El Cerrito hills, home buyers can capture sweeping views of the bay and different, but appealing perspectives of the San Francisco Skyline. And their bank accounts will always look a little greener on the east side of the bay.

Excerpts from:
the San Francisco Business Times.