Boat docks

[Fritz in NY]

Ever try to fill out the paperwork and get approval for the Army Corps of Engineers?
Some waterways prohibit any type of dock. It has value, that it can have a dock whether personal property or not.

 

[AnonApprsr]

On a lot of recreational ponds in my area, if the home doesn't have a grandfathered dock, you can't build one. This ends up as a 20,000 to 50,000 market reaction, and sometimes more, depending on particular areas.

 

[Terrel L. Shields]

If floating docks result in higher pricing then that has to be recognized/accounted for in the appraisal.

It should be valued separately because it could disappear and the lender needs to know its contributory value. Yes, "TOTAL" property value would include the dock. But the REAL ESTATE is the house and lot, not the dock.

 

[AnonApprsr]

Terrell, maybe he's implying the ability to place a floating dock is what is valuable.

 

[CANative]

It should be valued separately because it could disappear and the lender needs to know its contributory value. Yes, "TOTAL" property value would include the dock. But the REAL ESTATE is the house and lot, not the dock.

I suppose what you meant to say is that REAL ESTATE is the property rights and improvements, if any.

Non-realty components of value (chattel, business concerns and other items tht do not constitute real property but are included in either the sale price of the comparable property or the ownership interest in the subject property) should be ANALYZED separately from the real property. Not necessarily valued separately.

Remember... market reaction.

 

[Terrel L. Shields]

Remember... market reaction.

remember lawsuit...A banker I know who works in Grove, OK on Grand Lake related how they took title to a property and when the guy defaulted, he moved the boat dock...a very expensive boatdock. It cost them dearly because their mortgage was for the Real property and the dock was chattel...the court ruled they did not have mortgage on the boat dock.

Yes, the RIGHT to have a dock accrues to the real property rights but the dock itself (and in the case above it was a fishing dock and valued around $30,000) and you can bet your bippy that banker wants that value SEPARATED out.

By the way - appraisal problem in Missouri
http://styronblog.com/2009/08/09/more-confusion-for-missouri-boat-dock-law/
NC take on docks
http://nc.invtitle.com/resource/links/upload/nc-connection/connection200905.pdf
IOWA
https://www.iowadnr.gov/boatdocks/index.php/ClassIPrivateDock
a Lawyers view
http://prairielaw.com/forums/p/45678/224248.aspx

 

[PropertyEconomics]

As Usual ... Terrel has hit this one out of the park ..... !!!!!

 

[Jim Hill]

How about the size of the dock!

When appraising many condo's here in Florida that are located on the water the size of the dock is very important.

I was with a another appraiser one day and they asked me to go with them on a appraisal of a condo that had a dock that went with the condo.

The appraiser I was with made note of the dock and started to walk away when I asked why they did not measure the dock.

They looked surprised and asked me why?

I said if the dock is only 10' long what size boat would you tie up to it? If the dock is 30' long it would appeal to people with much larger boats and since all the other docks were smaller in size it just might add a great deal more value to the condo.

Some of the docks even have power and water and the davits to lift the boat out of the water and many on lakes even have a boat house built on top of them.

All of these features add value.

Jim Hill

 

[Jim Hill]

One other thing to think about.

I forgot to mention that when looking at a dock and trying to figure out how much value it adds don't forget to measure how deep the water is at the dock.

Here in Florida with tides changes some of the docks only have about 12" of water at low tide.

A dock that is 30' long with a water depth of 12" is not going to add as much value as a dock with 8' of water below it.

Jim Hill

 

[Tres Kirkland]

It should be valued separately because it could disappear and the lender needs to know its contributory value. Yes, "TOTAL" property value would include the dock. But the REAL ESTATE is the house and lot, not the dock.

By that logic then the kitchen should be valued separately. I've been in several foreclosures where the entire kitchen has been removed. Same for floor coverings etc...

All the sales prices of the comparable's include the dock. In fact that is a big part of the value.