khoueirisami, Home Owner in Amawalk, NY

Is the estimated value going to increase to 300k as it showed during the edits about the facts?

Asked by khoueirisami, Amawalk, NY Fri Feb 7, 2014

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This question was asked from this property: http://www.trulia.com/homes/Florida/New_Port_Richey/sold/350…

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3
Hi Sami,

As you know, your home when purchased did appraise out by your lender's appraisal. As Steven Zimmerman points out square footage is one of the factors used to determine a property's value. However, it is not the only attribute, if it were vacant lots would be free. Steven, recently sold a vacant lot in Gulf Harbors for $725,000. Good Gulf Harbors waterfront lots are highly valued.

Your lot has a premium uniqueness which many buyers are willing to pay extra for - it has a lot of linear water frontage and a direct shot to the open Gulf allowing for larger boats to navigate freely and with plenty of depth. I always tell my client's that a waterfront property's potential is directly proportional to how big of a toy can be docked out back. No matter how big or nice a waterfront home is a buyer is not likely willing to pay the big-bucks for it if they can't dock their big yacht out back. In contrast, if a home is small but the waterfront can support a 50' yacht (or in your case a much larger yacht) then these type of buyers have shown time-and-time again willing to pay extra for the home then dock their yacht out back and start modifying the home into whatever they want it to be because they have the lot space to do so. You can change everything about a home except its location and this is why your home is worth a lot more then what its square footage would first make it appear.

The market is improving and rebounding. Most agree that the trend will continue into the near future. How steep of a rise it will see in the coming months and years is the stuff the experts debate about but one thing is for sure, the Baby-Boomers have had to put their retirement on pause during the past few years due to the economic downturn we are now recovering from but many of them are pushing the envelop on how long they can wait to retire. And they want to take advantage of the current low prices. These buyers see the prices are on the rise and they want to buy now and retire later so they do not get caught paying the coming higher prices.

One issue holding back the prices during the past few months has been the new flood reform law which caused the rise of flood insurance to unjustified levels. Now that private insurers, such as Lloyd of London and others, have come into the local insurance marketplace, buyers are finding out they can still get affordable flood insurance in contrast to what all the sensational news outlets report. And when the law gets fixed (and it will get fixed - there are several plans being hashed out both Federally AND on the State-level) then I believe the waterfront sales floodgates will burst wide open (pun intended).

So my advice is to sit back and enjoy your new Florida waterfront home, the sunshine and warm weather, and the home equity you will continue to enjoy over the coming years and longer term!

-Chris
Chris & Beth Belloise - #1 In Gulf Harbors' Communities Sales Since 2007!
Belloise Realty Tropical
| Native | Gulf Harbors Woodlands Resident | Waterfront Expert |
0 votes Thank Flag Link Sun Feb 9, 2014
Hi Sami,

Didn't Reda and you just buy this house in May for $264K? In either circumstance, it looks as though you have done okay during your nine months of ownership. We should be able to agree that the estimated value on this or any other site means little to nothing.

There are only two valuations that really matter in real estate. They are what a buyer is will to pay, and possibly even more important is what a lender is willing to loan.

Are you getting ready to list the property? I can help you with that!

All the best,

Peter J. Lee
Future Home Realty
the3pete@att.net
(704) 231-0952- cell
(727) 848-1083- home
(813) 855-4982 ext. 157- office
peterlee.mfr.mlxchange.com
0 votes Thank Flag Link Fri Feb 7, 2014
Khoueirisami,

Good evening. You've asked a question that can only be answered by time and the reactions of supply and demand to the market. Additionally, when you read the disclaimer, you should note the use of the word 'about' then providing a value.

As a Gulf Harbors Realtor, Resident and Waterfront Specialist, it would be my opinion based upon recent sales that this property would not sell for $300k at the current time or in the near future. Its last recorded sale was in May 2013 at $264k, and the property has a County Assessed Value of $205k.

Could the property escalade to/over $300k, of course it could based upon supply and demand, but with its current 1,354 feet of Living area it is not likely, but then price paid unlike value is truly determined by ones means to pay what they feel at any given time.


Steven Zimmerman Realtor ABR GRI
Gulf Harbors Resident Specialist
Belloise Tropical Realty

[Developer's Representative 2000-2010]
0 votes Thank Flag Link Fri Feb 7, 2014
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