How much does being lakeside add to the value of a house? (Palm Beach: foreclosure, new home)

[SeaLark7]

This is more of a curiosity question than anything, but may be helpful to those looking for a house in Florida. Is there any standard value given to a house having a lake or pond behind it, as opposed to being on the side of the street without a lake view ? I am guessing that it can add as much as $10k to the market value, but would be interested to know if there is a "set" amount that is figured into the price. Barbara, this is a question for you !

[FlaLadyB]

I loved my lake view!
I want a lake view
My client want a lake view unless the have little kids

YeS

[DanielAvery]

I don't think this can be standardized. The value of a house on a lake will have a lot to do with the condition of the lake. If it has poor aeration and drainage, it might stink and breed mosquitos, etc. and actually drag down the value of the home. If it is well-tended (landscaped, etc.) then it will accentuate the house. There are also variables that are unique to buyers/sellers. Will the buyer be scared off by the idea that the lake might rise into the yard (or even the house) during an extended period of rain? Will they be okay with the occasional sunbathing alligator showing up on their lawns? Will the buyer have small children who might end up in the lake and in danger?

[FlaLadyB]

I find that a lake view is one of the things people ask for on their wish list when they are looking for a home.

It does add a lot to see water vs someone elses house in back of you.
If they have little kids they will specifically ask for no water if it's important to them.

I often wonder about people with a toddler asking for a pool home. I think that is just as or more dangerous.

Gators....not so much unless they are from out of state. Then its their choice.
Later they will probably change their mind.

Value...yes....definitely. appraisals are higher. Long water views .....$25000 premiums easy. $10000 is a good start

There is only so much water.....once that partcular view is gone....its gone

Ever notice all the ads for Florida. ..anywhere? All have water in them


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[JimT7406]

Water lots equal higher value and in the typical PSL or Martin County home it will generally start at 10k and go up from there. The higher the value of the home, the better the view the more it will bring with it topping out at about 25k on the high end. It is good to remember what a typical buyer wants not an isolated. As noted by FlaLadyB the typical buyer if they can go for it will take the water lot. No brainer. Never seen or heard having a water lot being a negative, not here.

[SeaLark7]

Thanks for the replies ! I had figured around $10k in our case (our lake is more of a pond, about two acres in size, but is well-maintained and has a lovely fountain in the center). I was curious because a house identical to ours across the street just went on the market for $40k more than we paid for this one last June, and it is not on the pond side. Same square footage, same architectural style and layout, and we both have pools. I wonder if housing values have gone up that much in less than a year, or if we got a heck of a deal !

[FlaLadyB]

you can look up the property records and see if it was a cash purchase. If so, no appraisal.

I've seen more than one go for a lot more than others in the same neighborhood because they did not see comps on what they should have paid or didnt ask

Yes...prices have gone up since last year, but not sure a $40,000 hike is real

[SeaLark7]

Funny thing is, another house, identical to this one and ours, was just sold on the same street for under $230k ! It was a foreclosure but was identical in size, layout, pool, and was also NOT lakeside. So you have to wonder why their Realtor didn't use THAT as a comp ! Not sure what condition it was in, though a neighbor I talked to said she had seen the interior and it was fine. Anyway, it will be very interesting to see what this new listing finally sells for. I saw what looked like an inspector in front of it today, clipboard in hand.

[FlaLadyB]

that person with the clipboard will be the one who decides what the price is

it's an appraiser

[BoxermamaD]

I just started researching some new construction in gated communities in Vero and have seen lot premiums of up tp 40k for lakeside lots. This seems a bit high considering the homes started in the 230k range.

I hope I can find a new home on a lake lot for a reasonable amount I don't have a realtor yet but I guess that would be my best bet. My cousin tried to hook me up with her realtor friend from Palm Beach but she wasn't interested since I only plan to spend 250k. Guess it's better that I find someone from Vero anyway.