An elevated 180 degree panoramic view makes a property superior and command a higher price. You were comparing two properties that were not as similar as they appeared.
Consider this, during periods of rapidly increasing prices and limited supply (like the last 3-5 years), issues like traffic noise and less than perfect location were not serious deal breakers to typical buyer. They just ‘wanted in’.
A couple years ago, it was not uncommon to see a condo that backed to a freeway sell for the same price, or more, than the last sale which was a similar unit in a location with no traffic noise. In many cases, paired sales analysis showed minimal price impact on properties with external obsolescence like traffic noise. Of course, there are always exceptions.
During periods of price declines and massive supply, the typical buyer has many more choices and the same property that backs to the freeway is going to have a much harder time competing with a similar property with no noise. Location premium spreads will increase and the properties with negative external influences will sell for significantly less as compared to similar properties with no negative influences.
