• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Appraising Lake Front Property

Status
Not open for further replies.

Bill Tompkins

Sophomore Member
Joined
Nov 12, 2006
Professional Status
Certified Residential Appraiser
State
Florida
I usually avoid lake front assignments but quoted a high fee that was accepted. The subject has 60 ft. of lake frontage and my most proximate comp has 90 ft. of frontage. Lot depths are similar. There is insufficient land sale data but there is one active vacant lake front land listing priced at $450,000 with 85 ft. of frontage. Can someone refresh me on how to determine the adjustment amount for the differences in frontage? Don't beat me up too much. Thanks.
 

Michigander

Senior Member
Joined
Oct 23, 2003
Professional Status
Certified Residential Appraiser
State
Michigan
I am in Michigan which seems to have different lake qualities than Florida so take what I write as related to my market, not necessarily yours.

My market often reacts much more strongly to the quality of the frontage than the size of the frontage. Does the lot have a gentle slope to the water? Is the water frontage weedy, mucky, rocky, etc. or is a nice sandy beach and water access? Do you face the sunrise, sunset, or hit them obliquely? Are you pushed in between other houses, or is there some elbow room. I wrote this article about it that you might find useful, but it really is related to my neck of the woods more than yours.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
Sometimes it's better to make no adjustment because it's simply not measurable and any adjustment may just be a guess. I have never had any problems just simply explaining there was insufficient data to extract a supportable adjustment and therefore the issue was taken into consideration in my final reconciliation but no adjustment made.:)
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Some lots sell by the front footage or lakefront footage that is. Ask the person listing the lot how they arrived at the asking price (FF or SF)

Lot values vary. Much of the value of a lakefront property is the land because it rather than the dwelling dictates the ambiance of the place.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I have never made a linear adjustment for frontage as frontage typically isn't linear... View baby view, is what matters.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
View baby view, is what matters.
True enough but years ago was doing lake fronts in Oklahoma and lots were priced by two factors, Front footage of lakefront and whether or not a dock could be built and if that dock could be enclosed or roofed, or whether it had to be a flat swim dock (no roof). Price was all about the dock and the front footage.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Funny, people around here pay primo dollars for a view then build a $75k dock that blocks the view from the house.:rof:
 

TRESinc

Elite Member
Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
fwiw along lake erie i have found there are more factors than just water frontage as michigander points out. access to the water is a really large one.

i used to own property in eastern NY state that was on a semi-private lake (meaning the launch ramp was only open to the public monday-thursday, only land owners could launch on the weekends). all the lake front housing was taxed based on the water frontage, not the road frontage, so that was a major factor in determining value (taxes were outrageous there which lead me to sell). something to consider.
 
Last edited:

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
...or don't spend a few hundred bucks to have their trees trimmed to see the view.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks