The view: A great view without obstruction will fetch the highest price. The total amount depends on the following criteria: Nemeth says that you can plan on adding $50,000 to $100k to a lakefront home’s value. There are additional expenses associated with lakeside living, but most property owners feel that docking fees for a boat, higher homeowner’s insurance and flood insurance are all worth it. Who doesn’t want to feel the wind in their hair, look at the breeze rippling across the water, and feel that sense of relaxation? Lakeside living is calming in a chaotic world.” Yet the number of lakeside or waterfront properties is limited.Īs Nemeth explains, “Lakefront properties are more valuable because there just aren’t that many. If most people were given the choice, they would prefer to live near a body of water. Supply and demand is a big reason that lakefront and other properties near water cost more. Riverfront homes add 24% to a property’s total value. Lakefront properties add another 25% in price to their value, just being located by a body of water.
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Oceanfront properties are valued at 45% higher than homes that are not on the water at all in the same zip code. The mean value of all waterfront property is about 116% higher than the property values of all homes nationwide, but oceanfront and lakeside are not valued the same. You would think that any body of water increases the value of a property in the same capacity, but research tells a different story. Lakefront property: Oceanfront & Other Water Bodies At the real-estate low in 2009, lakefront properties still sold for $180 a square-foot while their non-lakefront counterparts sold for about $100 a square-foot. At the real-estate peak in 2006, lakefront homes in Canyon Lake and other lakefront areas sold for as much as $400 per square-foot. The data going all the way back to 2005 suggests this pricing difference is consistent. This is a whopping $50 more per square-foot than homes that aren’t on the waterfront, which sell for approximately $200 per square-foot. Analytics data from more than 1.2 million residential properties nationwide suggest that this is relatively consistent, no matter the area in the U.S.Ī gated community on Canyon Lake reservoir in Canyon Lake, California, homes sell at just over $250 a square-foot. Homes on the water are consistently more expensive than homes that are not, though.
Like all properties on the real estate market, lakeside homes fluctuate in price.
Lakefront property pricing more per square-foot Swimming, boating, barbecuing, and taking in all those breathtaking lakeside views comes at a cost, but lakeside properties cover a great range in price points. When we dig into the research available on the subject, including insights from a longtime real estate agent who specializes in lakefront properties, Kimberly Nemeth, we learn a lot. What would happen if you took your current home, as beautiful as it is, and nestled it right next to a gorgeous lake? Would the lakefront property value rise? If you’re in the market for a lakefront home, the market offers an interesting answer to this question. Interested in Buying or Selling Lakefront Property?
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