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lakefront or lakeview?

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nancy jo

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Freshman Member
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Oct 17, 2007
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Appraiser Trainee
State
Florida
Please help

Subject is lakefront property in Windermere. Lot is pie shaped, with lot extending into the center of Lake Roper, reflecting ownership is true lakefront property. Lake is medium size ski lake in small (12 home) subdivision. Of course, recent sales are minimal...one sale is now 10 months old, but it is the next door neighbor and is the exact floorplan, except that is has an addition of 400 sq. ft consisting of family room. (consisting of one open room off of the kitchen, making it approx 10% larger than subject) Sales of similar lakefront properties (small ski lake, with no access to chain of lakes) are hard to find. Most are on pond or on Chain of Lakes and cannot be used. Question is this: There are some sales that, per MLS are lakefront. Upon further inspection, Public records shows that these sales are not true lakefront as the lot does breach the water line. One sale is on the same lake as subject and has a boat dock, but lot line does not breach water line. (Subject has boat dock, boat lift) I am under the impression that lakefront property should extend into the water. (Pie shaped) So, Should these sales be used as comparables because they have water access, ie boat dock, lift, etc ??
 
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nancy jo

Thread Starter
Freshman Member
Joined
Oct 17, 2007
Professional Status
Appraiser Trainee
State
Florida
Please reply
 

wickedness1

Senior Member
Joined
Jul 12, 2007
Professional Status
Certified Residential Appraiser
State
Ohio
Nancy, What does your mentor say about the comp selection?
 

nancy jo

Thread Starter
Freshman Member
Joined
Oct 17, 2007
Professional Status
Appraiser Trainee
State
Florida
My mentor is overwhelmed by the data of "lakefront" properties and her opinion of value has been clouded.
 

nancy jo

Thread Starter
Freshman Member
Joined
Oct 17, 2007
Professional Status
Appraiser Trainee
State
Florida
My current mentor is newly certified and seems to be questioning herself as to what the value of the subject is. I know I have second guessed myself until I am blue in the face with this kind of property.
 

nancy jo

Thread Starter
Freshman Member
Joined
Oct 17, 2007
Professional Status
Appraiser Trainee
State
Florida
Please....if anybody has an opinion...wants to rip me a new one....whatever.....just tell me what you would do.
 

Ted Martin

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Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Kansas
"One sale is on the same lake as subject and has a boat dock, but lot line does not breach water line." How do you have a boat dock that's not on the water?
 

nancy jo

Thread Starter
Freshman Member
Joined
Oct 17, 2007
Professional Status
Appraiser Trainee
State
Florida
Ted,

First, thank you for responding.

The lot line for this comparable is located on dry land. Why they were allowed to install a boat dock (on the water) on land they do not own, is, basically why I am asking the forum about this. I am not sure why they have a dock on land that is not theirs.
 

nancy jo

Thread Starter
Freshman Member
Joined
Oct 17, 2007
Professional Status
Appraiser Trainee
State
Florida
Just to be clear, the dock is on the water. The land associated with the property is NOT on the water. (It , the land, butts up near the water line)So.....WTF???
 

Michigander

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Oct 23, 2003
Professional Status
Certified Residential Appraiser
State
Michigan
It depends. Where I live, many of the lake lots do not own to the waters edge, because that was common for the platting back before 1970 or so. They are lake front lots though, as no one can impede the use of the small strip (it usually is a foot or a few) to the water and the water belongs to the State. While the ownership does not extend to the waters edge, in all practicality it is still a water front lot. This is my area though and yours may be different. Look up "riparian rights" on line for Florida.
 
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