Lot 17 on the west side of the ski lake at Santan Lakeside Estates just came on the market the last week of February bringing the total lots for sale to 3. The other available lots are 3 and 17. Many water ski enthusiasts and owners will be watching this specific transaction as it will aid in determining the current market value of a Phoenix valley water ski lot. So how did they set the list price for this ski lake lot at $340,000? My opinon? You have to go back to 2009 when lot 13, previously a bank owned lot was initially listed for $480K. After periodic price reductions that are consistent with bank owned property, the list price eventually reached $399K, an offer for $340K was accepted and closed in August 2009. When that is the only comparable sale, it makes sense to use it! Getting back to lot 17; a couple of early offers were received within days of being listed, but considered too low by the bank. Time will tell as the ski season approaches and the bank watches the days on market increase , and periodically considers price reductions. See sales update further down in article.
Can you impute the value of a lot by homes that have sold? What is the relationship between a developed lot with a home and the price of the land it sits upon. Obviously the bank did not consider this method when they set the price. The most recent sale of a house in Santan Lakeside Estates was a bank owned 6,875 sq.ft. house on lot 2 that sold for $1,010,000 in November of 2009. If the cost of the lot as a percentage of the total property value including a house is 25% ( or use your own %), would a more realistic value of a lot be closer to $250K? As I mentioned, time will tell as banks are not like traditional sellers and they typically make price reductions to reach true market value instead of sitting on the property for an extended amount of time. Also keep in mind that lots were selling in Santan Lakeside Estates for approximately $215,000 in 2001, and around $280,000 in 2002. It will be interesting to see what this new bank owned property tells us about the market when it finally sells. Watch the property listings below to monitor the progress, the address is 7345 E. Tatum Lane.
Lot 17 in Santan Lakeside Estate under contract in 2 weeks
After multiple offers lot 17 in Santan Lakeside Estate water ski community sold for $312,500. Close of escrow was March 27, 2010. This recent sale is a good indication of the value of a water ski lot in the Phoenix metro area. An appraiser recently called me regarding the valuation of a water ski lot in another Gilbert ski community. Much of our discussion centered around finding recent comparables, which is always a challenge for such a unique type of property.
0 beds, 0 bath
Home size: 0 sq ft
Lot Size: 34,848 sq ft
Added: 07/25/18, Last Updated: 07/25/18
Property Type: Lot/Land/Acreage
MLS Number: 5797791
Community: Santan Lakeside Estates
Tract: Santan Lakeside Estates
.80 ACRE INTERIOR LOT IN THE LUXURIOUS, GATED SANTAN LAKESIDE ESTATES. LOCATED IN THE WEST VILLAGE. THIS SKI LAKE COMMUNITY HOUSES MULTI-MILLION DOLLAR, CUSTOM HOMES AND YIELDS GORGEOUS MOUNTAIN VIEW. Maricopa County property taxes, Gilbert services/utilities and Gilbert taxes. Only has Queen Creek address because it is right on the border.
Listed with Launch Real Estate
Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!
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