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How To Price A Waterfront Home?

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Yourmasshome

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Massachusetts
Hello everyone I am a real estate agent. I am looking to price a waterfront home on a lake where homes almost never go up for sale. There are no comps in town and in surrounding towns and struggling with how to price this home. Any advice or suggestions?
 
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Michigan CG

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What would the home be worth if it wasn't on the lake?

Any sales of vacant land on the lake?
 

Yourmasshome

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Massachusetts
What would the home be worth if it wasn't on the lake?

Any sales of vacant land on the lake?

Well, it's a 2 bedroom and the most expensive 2 bedroom that sold within 10 miles that was with 200 sq. ft of this house was for $400k, so around there for an non-waterfront property. It's updated and very modern on the interior.

Some other data:
Homeowner attempted to sell in 2008 for $650,000 - Expired
Homeowner attempted to sell in 2013 for $560,000 - Expired

Zillow has it at $570 and Realtor.com $471,000.

As far as the land 2 waterfront lots were sold for low low $200's.

Does this help??
 

JTip

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Oct 12, 2004
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Certified Residential Appraiser
State
Pennsylvania
Homeowner attempted to sell in 2013 for $560,000 - Expired

Sounds like the ceiling to me.....

Did you check landvest for any active waterfront listings?
 

Michigander

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Oct 23, 2003
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Certified Residential Appraiser
State
Michigan
Is the lake so unique that there are no lakes that actively compete with it? Since you have lake front lot sales (it seems), were they on the same lake?

Marketing lake properties is very seasonal. Now is the time the "tourists" come out and drive every road on the lake looking for that rare jewel. You cited a 2013 listing, but depending on your market, that may be irrelevant at this time (my market has gone bonkers and we wouldn't want to use it as a base here).

For lake properties, it is not all about the front footage, but very much about the lake and position on the lake, as well as the quality of the frontage itself. I wrote an article about my experience appraising on Michigan inland lakes a while back, if you want to read it: http://www.workingre.com/appraising-lake-property/
 

Yourmasshome

Freshman Member
Joined
May 8, 2017
Professional Status
Real Estate Agent or Broker
State
Massachusetts
Is the lake so unique that there are no lakes that actively compete with it? Since you have lake front lot sales (it seems), were they on the same lake?

Marketing lake properties is very seasonal. Now is the time the "tourists" come out and drive every road on the lake looking for that rare jewel. You cited a 2013 listing, but depending on your market, that may be irrelevant at this time (my market has gone bonkers and we wouldn't want to use it as a base here).

For lake properties, it is not all about the front footage, but very much about the lake and position on the lake, as well as the quality of the frontage itself. I wrote an article about my experience appraising on Michigan inland lakes a while back, if you want to read it: http://www.workingre.com/appraising-lake-property/

Thank you..taking a look!
 

isabel omalley

Freshman Member
Joined
Aug 29, 2006
Hello everyone I am a real estate agent. I am looking to price a waterfront home on a lake where homes almost never go up for sale. There are no comps in town and in surrounding towns and struggling with how to price this home. Any advice or suggestions?
I have appraised homes on lagoons and the way we price these homes depends on the quality of the water, the width and the privacy. Depending on the neighborhood these homes can sell for 15% to 20% higher than homes with no water.
 

Noreen

Senior Member
Joined
Feb 5, 2011
Professional Status
Certified Residential Appraiser
State
New Hampshire
Hello everyone I am a real estate agent. I am looking to price a waterfront home on a lake where homes almost never go up for sale. There are no comps in town and in surrounding towns and struggling with how to price this home. Any advice or suggestions?

Are you anywhere near the Merrimack Valley? Tyngsboro/Dunstable/Dracut areas?
 
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