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| Name: |
pontoon
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| Subject: |
Help on property value
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Date:
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2/2/2007 8:59:51 PM
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In the past few years property has increased a bunch on the lake,
Has anyone seen any figures on what the increase was in the last year and previous year - 2005 & 2006? Say 20 % + 10% ??
It would help in making an offer
Thanks
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| Name: |
JohnGalt
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| Subject: |
Help on property value
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Date:
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2/3/2007 6:05:45 PM
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Haven't seen any hard data that gives a percentage increase over the past couple of years. Even though there is a lot more inventory on the lake, sellers don't seem to be dropping their price in order to move the inventory. Look at comperable prices that have sold recently and make an offer don't think you can go wrong. Good luck let us know how it goes.
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| Name: |
boataholic
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| Subject: |
Help on property value
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Date:
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2/3/2007 9:45:37 PM
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Depends on the property, but I think more like 20% and 20% the previous two years. Too early to tell about this year over last, but the listings look like they are still trending upwards. Except condos, which may be in for a correction.
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I also think this estimate is close, but it all depends on the property. The house next to mine sold for around 680K less than 2 years ago, and is back on the market for over 1.3M (who knows if it will bring that, but nothing much will surprise me anymore) There are so many variables like location, neighborhood, lot, view, etc. that play into the lake house scenario. If you like something, make an offer that you can feel good about.....over time, I doubt you will lose money.
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| Name: |
Feb
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| Subject: |
Confusion on My Part
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Date:
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2/3/2007 10:31:28 PM
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I would not think it a good negotiation point to discuss upward price trends from a buyer stand point.
There are so many varialbles on a large lake like Martin. There is lot size (water footage), slope of lot, deep water, sunrise/set, location on Lake, part of an association or not (gated coummunity), deeded or leased lot, improvements on lot, attractors or detractors to specific location and etc. I would recommend a professional appraisal with recent comporable sold properties. It would be well worth the 4 to 6 hundred bucks.
As mentioned, there seems to be a glut of condos. I bet there will also be a future glut of off-water properties having boat valets ferrying boats to and from docks and marinas.
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| Name: |
boataholic
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| Subject: |
Confusion on My Part
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Date:
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2/5/2007 8:51:59 AM
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Appraisals are certainly a good idea if you don't have a good feel for the local market, but does anybody share my low opinion of the quality of appraisals on this lake? The few that I've seen are done on comparables, city style, with emphasis on house size, condition, relative age, and lot acreage. Do any appraisers adjust for the things that count, namely water frontage, depth of water, and view? I mean, the house is often as little as 1/3 the value of the property. The appraisal for the house I bought compared similar size houses on narrow sloughs to the one I bought with a view of the big water. It worked to my advantage, but made no sense to me.
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| Name: |
Feb
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| Subject: |
Confusion on My Part
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Date:
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2/5/2007 11:10:34 AM
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I beleive there are some appraisers whose major business is on the Lake. I know this is the case for Ron Morgan's LAKEDOG Appraisal. His url is www.lakedog.net. I am not associated with Mr. Morgan in anyway, but I have used his services.
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| Name: |
Harborcon
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| Subject: |
Confusion on My Part
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Date:
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2/8/2007 11:53:48 AM
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Ron has done two appraisals on my property. The first, when I bought into the property 10 years ago, came in at $125k. This is for just under one acre of land with a 1950's very basic Jim Walters 2 b.r. 1 ba. cabin and a concrete block boathouse which was barely big enough to hold a johnboat (and that would be a 1950's model - it's too short for the one I inherited from my brother a few years ago). The lot is gently sloping and has just under 200' of shoreline. I had Lakedog update the appraisal two years ago when we were thinking about remodeling/renovating the cabin. His value had increased to only $145k, the reason being that we had lots of trees between the cabin and the water, and the cabin itself (he originally said the value would go from $125k to $150k if we demolished the cabin). He said the first indicator for value is the view (!); second is the topography; third is the waterfront footage. We received an unsolicited offer of $400k for the land and a neighbor with only 50' of waterfront, same approximate acreage, has been offered $300k. Appraisals apparently have no practical relation to what someone is willing to pay for the property.
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| Name: |
boataholic
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| Subject: |
Confusion on My Part
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Date:
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2/9/2007 11:38:58 AM
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Wow. Truly makes no sense. I can see a slight deduction for trees, but not much, they are easy enough to remove. What kind of view would you have minus the trees? Big water? Wide slough? Narrow slough?
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| Name: |
Harborcon
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| Subject: |
Confusion on My Part
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Date:
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2/9/2007 5:02:47 PM
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We did take down a bunch of trees (ourselves; to have it done was very expensive) and used them for our annual deadfall bonfire. Our slough is relatively narrow, I suppose, but we have a direct view out to wide water, so it is a very, very nice view; particularly at sunset. I just don't think that appraisals as we know them work at the lake. Too many variables; too many developers and speculators. As many have said on this site, it just doesn't matter if you don't want to sell....
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| Name: |
John C
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| Subject: |
Help on property value
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Date:
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2/15/2007 3:04:03 PM
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I think it's very hard to make broad assessments in our market because it includes properties that aren't on the Lake. In the summer of 06 I did a study looking at 4 or 5 waterfront properties (lots, houses, & condos) that have sold multiple times during the time period of 2000 to Summer of 06 and the average annual gain was about 30%. Granted, that was during one of the biggest run ups in real estate history, so I certainly would not expect that trend every year. Looking at activity in the past 12 months, I think it has been more like 20%. Generally speaking, looking at the market over 30 years, I think it is safe to say that Lake Martin property has appreciated at a rate that would beat the S&P 500 90 year average of 11%. I agree with earlier posts that the best way to estimate value is to go by comparable sales, not apply rules of thumb.
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| Name: |
Harborcon
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| Subject: |
Help on property value
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Date:
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2/15/2007 4:54:25 PM
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And I disagree, only because it's hard to find comparables in 7,000 feet of shoreline. One of the comps used to arrive at a $150k appraisal for our acre with 200' of shoreline was more than 10 miles away (by road) and God knows how many miles by shoreline. And approximately 18 months later, we were offered $400k, and it wasn't even for sale! I still think it's whatever the market will bear; and from what I've seen (excluding condos or multi-family properties, and including only lakefront or lake access lots) in the property magazines, on this forum, and from driving and walking in my neck o'the woods, it's a seller's market.
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| Name: |
John C
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| Subject: |
Help on property value
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Date:
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2/27/2007 11:55:19 PM
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Harborcon- I'm not really sure where we disagree. Comparable sales are totally about "what the market will bear." Maybe more accurate to say "what the market has beared" (past tense). I agree with you that most areas / market segments are still a seller's market. In an extreme seller's market you have to really pay attention to how old your comparables are, and adjust them appropriately. The challenge is picking good comparables, both in location and quality of lot / home.
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