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| Name: |
Hero
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| Subject: |
Lake property value question?????
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Date:
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3/4/2010 9:26:29 AM
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I have read and heard over the years that lake property value would average $1,000 per foot of shoreline. Now, I assume if it's a really great lot (flat, point lot, nice area, etc) it could be more however if it's not so great (steep, bad view, little water, etc.) it would be less
Example - if it's a flat, large point lot with a really nice view, yard that included a nice seawall around the pennisula, a nice (but not great) house, boat house and pier in a nice (but not great) area would it be valued around the $1,000 per foot of shoreline? (more or less???)
I'm thinking about putting one the market but have no idea how it asses the value.
Any thoughts?
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| Name: |
Feb
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| Subject: |
Lake property value question?????
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Date:
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3/4/2010 9:41:48 AM
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Instead of listening to us latrine lawyers (in this case appraisers who have never seen your property), why not hire a professional or interview about three professional realtor for comps and their recommendations for a listing price.
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| Name: |
Hero
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| Subject: |
Lake property value question?????
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Date:
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3/4/2010 9:48:39 AM
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Thanks Feb.
I'll probable do that but since I'm not sure when (or if) I'm going to list it I was just wanting to get some idea's from people on the board on what they may have experienced with lake values.
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| Name: |
Ulysses E. McGill
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| Subject: |
Lake property value question?????
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Date:
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3/4/2010 10:03:56 AM
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There are so many variables that it's way to hard to sum it up with a $/ft figure. I agree with feb, and I'm sure John C, Toni, or any other realtor would be glad to give you information and ideas to help with your decision to list.
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| Name: |
Rooster
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| Subject: |
Lake property value question?????
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Date:
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3/4/2010 10:49:50 AM
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very first thing you want to do: Hire a reputable appraiser that is very familiar with the Lake Martin area. Then talk to a realtor. In most instances, talking to a realtor first will just get you a very inflated number.
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| Name: |
boataholic
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| Subject: |
Lake property value question?????
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Date:
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3/4/2010 10:53:13 AM
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$1000 figure is inaccurate, as that would make the average 100' lot worth a mere $100,000. Your best idea of value would come from searching the multiple listing service website for lots only, and then comparing yours to lots in similar locations, sizes, flatness, views, etc.
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| Name: |
roswellric
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| Subject: |
something different
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Date:
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3/4/2010 9:45:16 PM
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you might try the county's GIS website and see if you can see how property is valued around you. It's a little tricky but you can get used to it....This is Tallapoosa... Remember this is tax assessor's values and may not be representative of the current market values....there I've said my disclaimer...
URL: Free Tallapoosa site
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| Name: |
John C
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| Subject: |
There is no rule of thumb, but here's
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Date:
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3/5/2010 11:08:58 AM
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a link below that may help. I wrote this post way back in February of 2007, during, granted, a different market, and geared to buyers. But the concepts are still the same and apply to sellers.
In fact, I would argue that the per square foot (for a home) or per waterfront foot (for a lot) approach is what doomed many flippers and builders on Lake Martin during the real estate bust. They sold a 2,000 square foot home on a 150 foot lot for $500,000 in 2007, so in 2008 they built a 4,000 foot home and tried to sell it for $1 million, and it didn't sell. Hence the foreclosures.
Naturally, as a realtor and not an appraiser, I would disagree with the above and would advise talking to a realtor before an appraiser. It's free, and no commitment is necessary.
However I agree that in many instances you get a bloated amount from the realtor. Whether you chalk this up to the agent trying to "buy" the listing with the intention of talking them down later, or attribute it to many sellers that say "I want your honest opinion" then get their feelings hurt when you give it - I don't know what the answer is.
From years of experience and many, many, many Comparable Market Analyses done for people, I can tell you that when I don't get the job, the far and away #1 reason I don't get it is that my price was too low. I see it on the MLS for a price that I looked them in the eye and told them I thought was unattainable.
Let me tell you, it is a tough part of the job. Many times you are sitting knee to knee, eyeball to eyeball with a crying, grieving wife who just lost her husband, a couple counting on cashing in for their retirement, or someone who just lost a job. It weighs on my heart. But I figure it is more cruel to blow smoke up their skirt and string them along for two years and then say "see? we need to lower price."
What's even more remarkable to me is when the house has been for sale before, at a too high price, and they end up going with the original agent, at the same high price. I can never figure that one out.
Let me be the first to say, I am not perfect. I miss prices. But hopefully only by 5% or so, not by the 20% I think some things are still overpriced by. But I do back it up with numbers. Scads and scads of numbers and examples.
(you have mail)
URL: 5 Mistakes Made When Buying RE on Lake Martin
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| Name: |
Talullahhound
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| Subject: |
You Raise an Excellent Point
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Date:
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3/5/2010 4:24:13 PM
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It's no favor to people to give them an inflated view of what price they should list their house. Far better to get ahead of the market with a realistic price, than to follow the market down with repeated price decreases. People need to erase from their memory what their house used to be worth, and realize that it is now a very different market. It's only worth what someone will pay you for it. And an appropriately priced house will get buyer traffic and it will sell.
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| Name: |
LakeAppraiser
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| Subject: |
Lake property value question?????
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Date:
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3/6/2010 10:49:34 AM
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We advertise on this website and have covered the Lake Martin area for years. Lifelong resident. Be happy to talk with you. Info listed under Real Property Appraisals, LLC.
URL: www.realpropertyappraisalsllc.com
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