To appraisers and real estate agents amenities are those features that can make a real difference in real property value. Amenities include things like; flooring upgrades, above averge landscaping, window treatements, city views, mountain views, golf course frontage, water frontage, water views, private roadway access and gated entries. Buyers want to own properties with many amenities.

How much of a difference does an amenity make? The proverbial "million dollar view" may not bring you a million dollars, but a great view can often bring a significant premium. Most amenities do not have a dollar figure associated with them.  Gated community access won't add a fixed amount to your property value like $ 1,000. On the other hand, vacant land with beach or golf course frontage is often valued based on the number of frontage feet that it has. Buyers are generally, however, still willing to pay more for real properties with one or more amenities.

In Las Vegas during the "recession of 2008" I have found that amenities once accepted by most buyers and sellers as being valuable, and in the past added significant value to a property, are now being looked upon by buyers as being of minor importance. Sure, the unobstructed city view is still commanding a premium, but it's not nearly as large a premium as it once was.

No studies have been published to my knowledge that confirm what appears to be a "loss" in amenity value.  As a Las Vegas appraiser and broker, however, the loss of amenity importance has become obvious. With property sales price decreases of 40% or more over the last year being typical, and short sales and foreclosure sales everywhere, the focus in the housing market has gone back to the basics. Many buyers and sellers are focused on the price per square foot of the home, and amenities have become the features that either sell a home or not.  Buyers are still searching for the optimal kitchen or the award winning floor plan, they just don’t want to pay a premium for those things in the current market.

If you happen to be one of the few buyers in the market, you can take advantage of the fact that amenities are not making the relatively large difference that they once did. Buying a property located on a corner with great "curb appeal" in a gated community may be no more expensive than buying one mid-block that is not in a gated area. You may also find in the used housing market that homes finished with relatively high quality improvements like; premium appliances, hardwood flooring, shutters or expensive landscaping can at times be purchased for the same price as plain vanilla finished properties.

Changes in the real estate markets have brought pain to many owners and opportunity for a few, and shopping for real estate won't be the same until things get back to normal.