how can i get a realistic idea of how much value being on Lake sanchez in St augustine ads to a property. The

Asked by Catherine Sullivan, 32963 Sun Jun 15, 2008

house is question is in terrible shape, needs 250,000 worth of work. Don't know if the location can support a 500,000 house. Help!

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Sue Clulow, , Saint Augustine, FL
Sat Aug 9, 2008
I personally would not pick the Lake Sanchez location to sink that kind of money into a home. What is your motivation? If you want to live downtown and restore a nice home, I think there a many other areas that would be more desireable and less risky. I am not a real estate agent.
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Kathleen Flo…, Agent, Ponte Vedra Beach, FL
Mon Jul 28, 2008
Thanks John, but I wouldn't think twice about the other side if it was directly on the lake. However, one interesting tidbit is that the east side of Washington Street is in the City of St Augustine and the West side of the Street is in Lincolnville. Let either of us know, Catherine, if we can help you further. 904-687-5146
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John McElroy, , Saint Augustine, FL
Fri Jul 25, 2008
Restoration is the key in the Historic district. It should be done to perfection. I agree with Kathleen about the lake. I have good friends living on the east side but I would have to think long and hard about moving to the other side. E-mail or call with questions. 904-540-9500
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Kathleen Flo…, Agent, Ponte Vedra Beach, FL
Thu Jul 24, 2008
Hi Catherine,
Waterfront in Fl is incrementally valued based on location...oceanfront being most desirable and obviously carrying a higher price tag. Following is oceanview, then Intracoastal Front, Intracoastal View, MarshFront, Marshview and Lake Front, and Lake View...except in the historic district which is what you are referring to.
It depends on which side of Maria Sanchez Lake you are referring to. On the East side of the Lake, those homes typically on Cordova , Charlotte, or St George Street are in the historic district and have waterviews. These houses hold significant value (historical as well as $) and maintain it and will always have appreciation if kept well. Many of these homes have been lovingly restored. On the Western side of the Lake, along Washington Street, some of those homes have not been kept up well and some are in need of remodeling. Because they are more of a "direct" waterfront property in a historic area (bordering Lincolnville) they command more $ than those say on a lake in a subdivision. For instance 314 St George Street built in 1917 with 2359 sq ft sold in Jan of this year for $675K after being on the market for 212 days and last list price of $698K. The restoration of that home was spectacular and true to the architectural elements of the orgininal home. There is a house at 145 Washington Street that is in need of total gutting and remodeling and probably would be worth the $500K price tag and more if it were restored to its original quality given the sq ft. and the direct frontage on the lake. 153 Washington Street sold for $709,000 with 2295 sq ft in 2006 and 143 Washinton St sold for $858,000 in 2007 with 3055 sq ft. You can do the math based on sq ft and sold price to get price/sq ft. But roughly it is av $286 to $290/sq ft. If you take that number an multiply times the sq ft of the house you are looking at and couple that with the condition of the house and the repairs you'll need to do ....It very well would be worth it!
I hope this helps you. If you are working with a REALTOR that person can confirm what I have shared with you. If you are not working with a REALTOR, let me help you buy that house! I would.
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