How much is waterfront worth? (Needham, Florida: cul-de-sac, real estate, oceanfront)

[ubiquecartas]

We're putting our house on the market soon.

We think we might be able to get close to 400 for it (based on activity and interest in our neighborhood) and would list a little lower than that, but worry that it might not appraise, especially as much of the housing frenzy in our area seems to have peaked in the last couple of weeks and so some of those houses won't be available for comps when our house is being appraised by a buyer's lender.

A nearby house with same bedrooms, bathrooms, and sq footage accepted an offer of 416k. They have an updated kitchen with granite counters. Our kitchen is not updated; it has laminate counters. But our house is waterfront, with views from the downstairs and upstairs.

Our realtor spoke with an appraiser who said she values granite counters at about 15k and water views at about 10k ("or about 2% of the property value). It seems odd to me that a house could be worth more with granite countertops than with an unobstructed view of a lake, since the former could always be added. Is this right?

Of course I realize we would need to find buyer first, but I'm mostly just curious. Any realtors or appraisers willing to give me their take? How much does waterfront add to the value of the property?

Thanks!

[mdovell]

That's really a question for real estate agents. Maybe there's some here but I would argue the view and seasonality along with traffic are factors. Is it more of a private view? Public view?

Granite countertops at 15K? Don't get me wrong they look nice and my parents have them but I think it was more of a 90s fad.

[CaseyB]

My granite countertops cost around 5k (got a discount) and I have a big kitchen. Waterfront is worth more to most people.

[gf2020]

Waterfront in Massachusetts for under $400K? Where? I would imagine your house would sell quick, regardless of the countertops!

[MikePRU]

The thing is . . . it's no such a simple question as "what is a water view worth?" There's a million qualifying questions like . . . what kind of water are you looking at? The ocean? A river? A pond/lake? A marsh?? Is it an aesthetically pleasing view? Yes, I have seen unattractive views of bodies of water. One of the most important factors is . . . is a waterview something people in your local market place are looking for? In order to add value, it has to be a sought after feature. For example, a pool is a big value add in places like Florida and Arizona. However, the majority of buyers in New England view a pool as a negative feature. Basically, there are a lot of questions that have to be answered to determine if this is a value add feature and how much value it adds.

When you decided to list, did you interview multiple agents and did each of these agents provide you with an analysis of your home's value?

[jayrandom]

Waterfront, especially since you mention a lake, is not all created equal. I'm sure oceanfront property will get you more than 10k, but tiny pondfront property may get you nothing (or worse, if there are associated flood risks).

And 15k seems steep for granite in a $400k home. Perhaps the $15k is for the entire kitchen?

[ubiquecartas]

Originally Posted by MikePRU

When you decided to list, did you interview multiple agents and did each of these agents provide you with an analysis of your home's value?

Yes, we did this last fall. The CMA's were all over the chart. (One realtor thought the house was worth about 320. Another said 390. I think the market in our area has picked up since then). We ended up going with the realtor who sold my neighbor's house in three days for above asking. She said she wasn't sure exactly what value the waterfront added but thought it might be comparable to being on a cul-de-sac, which would add about 10k. This seems low to me.

Originally Posted by MikePRU

The thing is . . . it's no such a simple question as "what is a water view worth?" There's a million qualifying questions like . . . what kind of water are you looking at? The ocean? A river? A pond/lake? A marsh?? Is it an aesthetically pleasing view? Yes, I have seen unattractive views of bodies of water. One of the most important factors is . . . is a waterview something people in your local market place are looking for?

I probably should have been more specific. We're in Massachusetts and the water is a decent-sized lake. You can see a few houses on the far side of the lake but mostly you can just see water and trees. I think it's beautiful, though perhaps someone else's mileage may vary.

Mostly I was just surprised that an appraiser might give more weight to an upgrade like granite than the location of a house. As far as it is possible to quantify how much a view is worth, it seems like it ought to be worth more than 2% of a property.

[johngolf]

I believe the OP has a view of a lake. I do not believe the property is directly on the water as in direct access to it. The definition of a lake can very from a retention pond to Lake Winnipesaukee.

Stayed at a hotel that advertised Ocean View. Yes I could see the ocean if I went on the balcony, leaned over the edge, and looked between several buildings. I was 5 blocks off the ocean.

My house has a view of the Moon and a crappy kitchen......LOL

[MikePRU]

Originally Posted by ubiquecartas

I probably should have been more specific. We're in Massachusetts and the water is a decent-sized lake. You can see a few houses on the far side of the lake but mostly you can just see water and trees. I think it's beautiful, though perhaps someone else's mileage may vary.

The real question though is who are the buyers shopping for homes in your area and would they want a waterview? I sold a house in Needham a few years back with a STUNNING view of the Charles River. No one cared about it. In fact, most of the people who came to see it were families with small kids and they all viewed it as a negative because they were afraid their kid would fall in the river.

BTW, you said you hired the agent who sold your neighbor's house . . . doesn't your neighbor have a similar view?

Originally Posted by ubiquecartas

Mostly I was just surprised that an appraiser might give more weight to an upgrade like granite than the location of a house. As far as it is possible to quantify how much a view is worth, it seems like it ought to be worth more than 2% of a property.

As others have said, $15K seems like a big number for granite counters. That can't be right.

$15K may or may not be right for your waterview. There's not really enough information in the thread to make that judgement.

[ubiquecartas]

Originally Posted by MikePRU

BTW, you said you hired the agent who sold your neighbor's house . . . doesn't your neighbor have a similar view?

No, she's across the street and down a couple of houses. You can kind of see the lake from her front porch, though it was advertised as water views.