How do you check comparables on homes with waterfront versus homes with no access to deep water?

Asked by 1951wolf, Lighthouse Point, FL Mon Oct 14, 2013

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Gary Hitchcock’s answer
Gary Hitchco…, Agent, Coral Springs, FL
Mon Oct 14, 2013
I keep spreadsheets on neighborhoods for many years so I know over time what the difference in value is between waterfront and dry lot. I also have studied appraisals for over 10 years and know what they can and cannot do.
1 vote
Meir Aloni, Agent, Plantation, FL
Mon Oct 14, 2013
Appraising its an art, not not science...if you pay for 3 professional appraisals, you will get 3 different results; they should be close, but will not be the same figures.

In your case, one needs to compare similar properties which sold or were rejected by the market
(fail to sell). An experienced Realtor can assist....

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2 votes
Annette Law…, Agent, Palm Harbor, FL
Mon Oct 14, 2013
Your question is actually multi-layered.
First one must distinguish between wanterfront and Non-waterfront homes.
Second, one must distinquish between deep water (undefined) and shallow.
Next one must assess the access to big waters. Those bridges can become an issue as well as that 45 minute go around.
Finally, if a dock is not currenly present, what will be required to construct a dock, if possible at all.
I don't know how you would do this.
In my area I rely on my intimate knowledge of coastal and waterfront homes and the ability to enter appropriate search parameters into the MLS and tax appraisers website.
2 votes
Michael S Ge…, Agent, Stuart, FL
Fri Dec 27, 2013
Click here for an easy to use resource for all comps and current lighthouse point listings
1 vote
Tom Day, Agent, Pompano Beach, FL
Thu Nov 14, 2013
This kind of information is readily available for agents in the MLS. If you are trying to do this on your own, its not as efficient or reliable, but go to search the subject property, then click the sub-division sales link. Find similar sold homes and then using the map feature you can see if there are any bridges that would block ocean access. If you want more accurate information contact an agent. That's what we are here for. The home you linked to has ocean access with no fixed bridges but has no value as a comparable because it last sold 9 years ago.
1 vote
Deb Wolf, Agent, Deerfield Beach, FL
Mon Oct 14, 2013
PS - 1951wolf,

My website also has a market watch feature, which will email you comparable properties when they sell. Hope this helps! - Deb
1 vote
Deb Wolf, Agent, Deerfield Beach, FL
Mon Oct 14, 2013
Dear 1951wolf,

An agent familiar with LHP searches the MLS for sold listings using that limiting criteria, plus all other comparable criteria such as # bedrooms/baths, living area, etc. - or you can go to my web site and search the MLS yourself - use the advanced search criteria - water access or description selection. If you have any questions give me a call, text or email.

Thanks for a great question - Deb Wolf, The Keyes Company, Lighthouse Point.
1 vote
Ronald Conca…, Agent, Lighthouse Point, FL
Mon Oct 14, 2013
Through the MLS system of homes for sale, closed, and pending we can search the data base with specific criteria, like waterfront, deep water, # bedrooms, # bathrooms, garage spaces, square footage, age, 1 story, 2 story, etc. There are many different criteria we can enter so that we can pull up similar homes in the city that are "comparable " to your home in the active listings, pending sales and recently closed sales. We can also adjust the closed sales time period like within last 30, 60, or 90 days, 6 months or 1 year. Any other questions please let me know.
Ron Concato
1 vote
Gmailbleung, Home Buyer, Dublin, CA
Mon Oct 14, 2013
It maybe difficult to do that since the value of waterfront/views are really subjective to the buyer. Usually the appraiser simply add $20-50K depending on the views but again it's really subjective.
1 vote
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