I was told years ago by one of the top realtors that"all views in Downtown eventually disappear". That said, one can try and choose locations where there are buildings in front of you that are unlikely to be torn down (newer or larger and more expensive buildings making other properties more desirable to redevelop).
No question Matt in a down market, no view or an ugly view will hurt value and make it more difficult to sell. On the other hand, a good view will command a premium.
To me, your unit has more to do with location however than view. You will get some sun as the buildings beside you are not that high. Also, given your price point in todays market I think you are OK given that new product has escalated I believe since you bought. That said, if you were 3 stories higher, and had the same condo, I believe the differential now would be at least 10% for a better view. However, this is hindsite.
To my eyes, the view is not that bad but I would be less than sincere to say it is a "nice view". I would walk in as a purchaser and probably discount it somewhat for looking at an old building but as I said, I would be buying there for location. And I would hazard a guess that if that view is to change, something taller will be put there and there will be virtually no view
I believe the question you need to answer is: If I bought to live in it, can I live with the view. If the answer is yes, then fine. If you really are upset, then consider an assignment if you can but you need to appreciate that while I personally feel prices have peaked (but I have felt this way for almost 2 years and believe they will revisit 2009 lows i.e. down 10-15%), if I am wrong, you may have to pay more to get comparable. It really boils down to weighing the pros and cons and deciding what you truly wish.
