Boat docks

[CANative]

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.

That's what I'm saying. The dock is not specifically mentioned in the contract. It just comes with the property with the expectation that the dock will stay there. A more expensive and elaborate floating dock will generallty increase the price paid and a funky old plywood dock on barrels will generally cause the property to sell for less.

What's an appraiser to do? One faction on this thread tells you to value it separately or not give it value (which would require extracting the value from the sale price of the comp) and the other would say to include the value. To do it the way the "no value" faction says would require the appraiser to estimate the cost/value. The "include the value" faction would not have to figure out the value (at least not separately).

After spending years and too much time on this forum I have the feeling that those appraisers with really strong opinions about things like this (including MH's with no permanent foundation) have never really appraised under these conditions. It's a theoretical argument to them.

 

[BOCK FOLKEN]

A floating dock can be dismantled and removed in a matter of hours. In fact I've often thought that if I wanted to expand our deck I could just get a bunch of friends over, pick the thing up, carry it up the hill and place it on a foundation.

Around here, when I built our floating dock, I didn't need county permits - it was personal property. (I did need to clear it with the HOA though)

Floating docks can also range from flimsy thin aluminum pole contraptions to pressure treated lumber on large floats.

Dan

Be careful. This could quite easily be a can-o-worms. I am very familiar with a place in North Carolina where the "lake" is a reservoir, and any dock on that lake is totally governed by the electric utility company that owns the reservoir (and the dam, and the generation fed by the water in the lake) and controls the land the dock is located upon. Unless the dock is properly permitted by the utility, it is an illegal use. And the homeowner does not actually own the property the dock is installed on.....

So I guess I would want to know if it was LEGAL before attributing any value to it. Riparian rights, permits etc.

See what I mean...can-o-worms.

bock

 

[Mr Rex]

Are you talking about Lake Gaston? Home of up to $100k+ permanent docks?

 

[NC Appraising]

I own a lake house here. We are there about once a month:

http://www.lnmc.org/downloads/pierGuide.pdf

Do not forget about the "protected foliage"

Not all Waterfront Lots can have piers because of protected foliage, water depth or length of your shoreline.
There are minimums with regard to how many feet of shoreline you must have to get a pier. A representative of Duke Energy must approve all piers and docks. There are also restrictions on the square footage of your dock, whether it can be covered (HOA restriction), the length and how far into a cove your dock can extend. In cases where a pier exist but does not match the above criteria, Duke Energy usually allows this pier on Lake Norman to be grandfathered in. However modifications to the pier will be affected.
You Boat May Be Too Tall
If you own a large power boat or a sailboat, it should be important to know the clearance of bridges around Lake Norman. Below are some measurements(at full pond). Knowing where these bridges are located in relationship to your potential home may be very important.
Why these are important is this. These bridges are positioned in places where you could be prohibited from taking your boat by water to big open water and restaurants.
Perth Road 5′3"
Kale Road 5′6"
Cornelius 4′0"
Mount Pleasant 5′5"
150 @ Mountain Creek 5′9"
150 @ Reed Creek 5′9"
Williamson Road 6′0"
Navigational charts of Lake Norman are available with these bridge locations as well as channel markers to assist you with choices that you may need to make.
Where is Your Waterfront Property Line? It is NOT ALWAYS at the Shoreline.
Surveys are important in every real estate transaction. Encroachments, easements,existing well and septic tanks could interfere with your plans. It is recommended that you always review a survey before closing. Some of the older homes on Lake Norman have a portion of the property that is actually owned by Duke Energy and a survey will show you if this situation still exists.
Also, most waterfront homes on Lake Norman have septic systems. By design, there also has to be an area called a repair area that is the same size as the actual septic system. This is in case something goes wrong and the existing system has to be replaced. This is important in the event the homeowner wants a pool or to construct additional building(s). If these additions encroach the repair area, they will not be allowed.
Will You Have Water in Winter?
If you are buying waterfront property, do you know how deep the water is? Do you have 'year' round water? Duke Energy manages the level and typically drops the level 5-10 feet in winter. The depth of water at your dock can be adversely affected by this in winter so make sure there is adequate water at full pond to support this drop. In most cases, dredging is allowed but can be very expensive.







Who said anything about the importance of knowing ones market area?

 

[BOCK FOLKEN]

Are you talking about Lake Gaston? Home of up to $100k+ permanent docks?

Well, lake nantahala to be exact, but Duke Power is now, or the process of soon exerting control of all private waterfront development on all their lakes, especially docks and marinas. It is a HUGE liability for them. Plus the FEDS require them to take an active roll in this as part of their Dam licensing agreements.

No 100K docks on nantahala....not yet. Size restricted, they cant be "permanent", and must float - no expanded foam allowed for flotation. Virtually all docks on LN are "dry" in the winter because, as with most reservoirs, they draw down the lake.

bock

 

[Mr Rex]

2 of the lakes I work the most are Kerr and Gaston. Kerr is a flood control reservoir, controlled by the Corps of Engineers, floating docks only, permits via Corps. Lake Gaston is immediately downstream of Kerr, and by charter can not fluctuate +/-1 foot except in case of emergency (flood). Controlled by Virginia Power, permanent docks by permit from VEPCO. In both cases the docks are not on the subject property, but the ability to have a dock adds thousands in value. Even the floating docks typically transfer with ownership, and recently some of the nicer covered aluminum docks cost over $50k new.