How Do You Place Value on a View?

Great question from Zillow user Merdot in Los Angeles who asks in Zillow Advice:
What kind of value does a view add to a home?
Assume you have 3 identical houses in the same neighborhood:
1. Down the hill. Its view is blocked by a huge hill. Very depressive!
2. On a flat land with no view and no [...]

Source: http://www.zillow.com/blog/how-do-you-place-value-on-a-view/2011/02/02/

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