Waterfront home incremental market value
I received a call from another agent asking what the incremental market value was of a waterfront or lakefront home versus a similar home not on the water. In many of the tax records, it discloses a premium paid by the original owners. The initial lot premium for a waterfront lot charged by builders in The Islands and Ocotillo Lakes might range from $30,000 – $45,000, which represented more than 10% of the initial home cost. While the builder was able to charge a premium for the lakefront lot, it would be interesting to know how the resale market values a waterfront home.
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Market Update for Chandler, Gilbert & Ahwatukee Waterfront Communities
This week I thought it would would be a good opportunity to pull some waterfront home sales and look at some trends. I selected lake communities in Ahwatukee; Ocotillo Lakes and Pinelake Estates in Chandler; and The Islands and Val Vista Lakes in Gilbert. These are the larger and more recognizable lake communities in the east valley.
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Northshore Condos on Tempe Town Lake
This 134 unit development is one of the newer additions to spring up around Tempe Town Lake. It borders Arizona State University and has excellent access to the 202 from Rural Road. It includes a social lounge and fitness center along with a gated parking garage. A unique feature of Northshore Condos is the outdoor gas fireplace on each unit’s oversized balcony. The 134 luxury condos range from 1 – 3 bedrooms, with 1,172 to 2,168 sq.ft.
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A True Waterfront Community
My wife and I had the opportunity of a lifetime a couple of weeks ago to travel in Europe (Thanks mom and dad)! One of the cities that really impressed us, maybe because of the spectacular setting on the Adriatic Sea was the waterfront city of Dubrovnik in southern Croatia. It has a rich history which is due mainly to its maritime influence and trade. One of the first things you notice is a wall that surrounds the old city of Dubrovnik with a series of turrets and towers that were used to protect the city.
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Lago Estancia – Gilbert
Lakefront Community Profile
One of Gilbert’s smaller lakefront communities with approximately 100 waterfront homes, Lago Estancia is unique from other waterfront communities with the walking paths next to the shoreline. Many of the homes that back up to the lake have a view fence separating the backyard from the water, which is ideal for families with small children that want the security of a fenced backyard but also enjoy the ambiance and serenity that a lakefront property offers.
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The Islands: Lake community in Gilbert
The Islands, a master planned lake and waterfront community with over 200 waterfront homes, is one of Gilbert’s most established lake subdivisions. Homes in The Islands range from townhouses to custom homes, built mostly between 1987 and 1995, and range in square footage from 1,300 to over 4,800 square feet. It also has a large waterfront park with walking trails, basketball court, sand volleyball, covered children’s play area and community center.
Within The Islands are individual communities or subdivisions such as Seawynds, Trade Winds, Windhaven, Coral Point, The Shores, Harbor Point, Key Harbor, Tres Vistas and Catalina Bay. Lakefront residents take advantage of the many long stretches of water measuring over 1/2 mile in length with an evening boat ride. Internal combustion motors are not allowed. The Islands HOA keeps this community informed and connected with an on-line website and newsleter and various events such as a Father Day breakfast.
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How do schools near waterfront / lake communities rank?
The other day the Tribune featured an article that discussed the number of schools that attained each level of the Achievement Profile as reported by the Arizona Department of Educaton. That made me wonder how the schools that serve the Phoenix area waterfront homes and communities are ranked. I should have stopped at that point since that simple question led to hours worth of searching, copying, pasting and creating hyperlinks. The best way to answer the question was to go the Arizona Department of Education website and find the rankings for each elementary school and the corresponding community. The page School Report Card page is invaluable with the amount of information it contains. Unfortunately, 2007 is the last year for which it will be available. Starting in 2008, the format is greatly condensed and I believe does not have as much information. If you want to how the Jr. High and High Schools rank for a specific neighborhood, just e-mail or hopefully you’ll have visited the department’s website and learned how to use this useful tool. I’m also convinced that what follows is the most complete list of waterfront / lakefront homes and communities for the Phoenix area by city.
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One of the newer Chandler lakefront communities
Those who appreciate homes on larger lots and enhanced curb appeal with a great selection of single story and two story luxury waterfront homes must add Pinelake Estates to their itinerary. It is complemented by the Chandler city park that creates a gathering place where families can enjoy the playground, volleyball and basketball court.
Hamilton High School is less than a mile way and the 202 freeway is just 3 miles to the north. You won’t have to venture far with the recent addition of retail shopping at the intersection of Arizona Ave. and Ocotillo. The ever popular Chandler Fashion Center is a quick 7 miles away. The south Chandler area has become home to many high tech semi conductor companies including Intel which are major employers in the Phoenix area. Again proximity to work with a 3 mile commute from Pinelake Estates to Intel is extremely enticing.
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It may be difficult to believe, but Phoenix has some great waterfront homes. Phoenix waterfront property could be viewed as an oxymoron, which is defined as the joining of incongruous or contradictory terms. It really seems unnatural, lakes in the desert? Admittedly, they are man made, but they bring a uniqueness, beauty and serenity to waterfront homeowners throughout the valley. Phoenix waterfront homes are scattered throughout the valley; in Chandler, Gilbert, Avondale, Phoenix, Scottsdale, Tempe, Maricopa, Mesa, and Glendale and vary in size with as few as 20 waterfront homes in a subdivision to over 300! Visit this site regularly and community names such as The Islands, Val Vista Lakes, Santan Lakeside Estates, Ventana Lakes, Pinelake Estates, Arrowhead Lakes, Estates at Ocotillo, Island at Scottsdale Ranch and Crystal Gardens will become familiar names as you become acquainted with this unnatural phenomenon in the desert!
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