Thanks and good luck
Carlson GMAC, Wilbraham, Ma
As all the agents answered, there is no right or wrong answer. It depends on how important it is to the buyer. Just like a pool, that could be an insentive for one buyer, but not for another. The answer really is it's worth as much as a buyer is willing for it..
Best of Luck!
In a perfect world, the best way to determine the value of 'waterfront' is to do a paired-sales analysis. Find some properties that are as similar as possible in every way - with the exception of the waterfrontage. Determine what the difference in price is and that will answer your question. The more examples that you find the better the analysis.
It's not a perfect world, so you must take time into effect, of course. Oh, and if you are not on the same body of water, you'll have to adjust for that. Oh, and in some cases, there are more desireable locations on the water. Oh, and then there's the amount of water frontage. Oh, and then there are market trends...
My point is: It is not an easy answer.
A local Realtor that has a sold a fair amount property, in addition to waterfront property, in the area (and better yet, on the specific body of water) over the past several years would be your best source of information. He or she should have the information that is needed to "fill in the blanks" of the paired sales analysis - as there will most certainly be many.
Whether buying or selling waterfront property, just remember: They aren't making any more of it. :)