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Name:
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John C
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Subject:
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forget per sf analysis for WF
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Date:
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10/12/2009 1:59:54 PM
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As a real estate agent focusing only on Lake Martin, my advice is to not use per square foot analysis for waterfront homes on Lake Martin, In Willow Point or otherwise. The comparable sales method is much more accurate. The reason is that on Lake Martin, a very high % of a home's total value is in the lot. And the lot's value is greatly dictated by non graphical mixture of data like view, privacy, water depth, and water front footage.
When I prepare a Comparable Market Analysis for a buyer or seller on Lake Martin, I concentrate on finding a home that sold with a similar lot, then I adjust for the home's difference. Still not a perfect science, but much, much more accurate than psf.
Sorry that it is not as cut and dried as a per square foot rule of thumb. I think that a lot of buyers, builders, and lenders got burned in the real estate bubble by thinking, OK, a 2,000 square foot house sold for 450,000 - so I will build a 4,000 square foot house and it will sell for 900,000 - right? More often than not, wrong.
Think "lot first, home second."
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