Elizabeth, Home Seller in Big Lake, MN

My family has lakeshore property on Mitchell lake in Big Lake, Minnesota, is there a way to get per foot value

Asked by Elizabeth, Big Lake, MN Sat May 3, 2008

I have heard it goes by water clarity, is there any truth to this? The lakeshore is 160 feet, and it is right at the lake, not where you cross a street to have deeded access. It is fully recreational lake. Attatched to Mitchell is Big lake where there is a public beach that is full during summer months. This is the biggest lot on the lake that we own, and will soon be putting it on the market, since the death of our father. Isn't it hard to compare houses on a recreational lake compared to a swamp or a river?

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Ben Strom, Agent, Champlin, MN
Tue Sep 14, 2010
The best thing to do is get a Comparative Market Analysis from a few agents - find out what is on the market in the area, what has sold, and importantly what has not sold in the area. I know that Mitchell lake is highly sought after and many, if not most, of the lots have to walk across Lakeshore (Hiawatha Ave) Drive so yours would be one of the best on the lake. If you are interested in scheduling a CMA contact my anytime.

Ben Strom
Web Reference:  http://www.TheStromTeam.com
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Jill Fyle, , Big Lake, MN
Wed Mar 3, 2010
Elizabeth -

Hi. I am an agent, I live in Big Lake. My home is on a lake and I've always used the property taxes to determine the land value. If you look at your most recent tax statement, it is broken down by land value and building value. Or you can go to the webste I've posted and pull up the properties tax statement. Then you just do the math to figure out the per foot value. That should give you a pretty close value of your lakeshore. If you have any questions feel free to contact me.

Have a great day.
Jill Fyle
0 votes
Laura Adams, Agent, Big Lake, MN
Wed May 21, 2008
Hi Elizabeth,
I am assuming this is a vacant lot. Is this correct? I sell real estate in Big Lake Minnesota and have found the water clarity is not as important to my buyers as the grade to the lake, lot size overall and what can be built there. I find many buyers will pay more if the shore is a gentle grade as apposed to a sharp cliff and if there is a sandy beach rather than weeds etc, it's really a bonus.
You are correct in that recreation lake prices versus environmental lakes and river prices can have a large gap. I hope this helps and if you need any other information please feel free to call me. I can do a market for you too if you like. Good Luck! (I have attached a link to the DNR web site if you are looking for lake, water clarity and classifications, hope this helps!)
Laura Adams
0 votes
Brandie, Home Buyer, Monticello, MN
Wed May 14, 2008
Hi Elizabeth,

My fiance and I have been looking for lake property in Big Lake. We currently rent in Monticello. Is there any way you would let us look at your home? We have looked at all Lake/Waterfront property in the area extensively. We would not only possibly give you and offer but be able to tell you about the houses for sale on Big and Mitchell Lake and what they have that your house does or does not. If you are interested in contacting me my email is: bjoyk@hotmail.com.
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David - Appr…, , Maricopa, AZ
Sat May 3, 2008
If you have received the property due to the death of your father, you should have received a copy of the appraisal for the date of death value done for estate tax purposes. That would have provided the value of the property at that time and before you put it on the market you could have that appraisal reviewed and updated to the current market value to determine an accurate realistic selling price.

If no DOD appraisal was done, you may want to considering having one done for both the DOD value and current value together. An appraisal would provide an accurate value which can be converted into per foot value or price per square foot if that is what you really want. With the description you provided, the property sounds more unique and complex to others in the area and having a CMA (comparative market analysis) would not be sufficient for the intended use.
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Ben Goheen, Agent, Saint Paul, MN
Sat May 3, 2008
Hi Elizabeth,
Lakeshore properties are tricky because they don't sell as frequently. A quick search of lakeshore homes right in that area only results in 6 recent sales, and price per sq. ft. is all over the place. So it really depends on the specific property.

Water clarity is a factor to consider, but I'm not sure it'll greatly increase your home's value. I'm also an appraiser and know that most lenders want at least one comparable home on the same lake. A pond or river front property is not nearly as desirable, but sometimes they have to be used because there isn't anything else to compare it to.

I would suggest having an analysis done on the home to determine the market value. If you would like that done please feel free to contact us. Thank you.

Stacia & Ben Goheen
Web Reference:  http://www.thegoheens.com
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