Market value of a waterfront home property

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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Gilbert Waterfront Homes at The Islands Lake Community

The Islands: Lake community in Gilbert       

The Islands,  a master planned lake and waterfront community with over 400 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.

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Playa del Rey Waterski Lake Community Profile

 

Gilbert Waterfront Ski Homes

Playa del Rey Estates, one of the Phoenix area waterski communities has more ski lake homes than any other subdivision in Arizona.  With the recent completion of homes on the last two remaining lots, there are 34 waterfront homes on the ski lake.  Instead of traveling 45 minutes to Canyon Lake or Saguaro Lake to waterski, you can walk out your back door and be skiing in the time needed to hook up your boat to the SUV.  The entire subdivision has 125 homes which enjoy ski privileges on the lake via a community boat ramp for those not on the lake.

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Santan Lakeside Estates in Gilbert – Waterski Lake Community

There’s a waterski lake in my backyard!

You’ll never see it as you’re driving on Riggs Road. There’s a gate and some attractive landscaping that is common to many custom home subdivisions in south Gilbert. What you many not know is that it hides a 13 acre waterski lake where 20 owners enjoy a slalom waterski course year round and enthusiats gather for regional waterski competition on the 2,200 ft. long lake known as Santan Lakeside Estates.

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Crystal Point Estates: Waterski Heaven – Arizona Style

Tournament Waterski Lake in Gilbert

Strategically located in Gilbert is Crystal Point Estates, a waterskier’s paradise featuring a tournament water ski lake community for the 20 lakefront lots that surround the lake.  The typical lot size is 165′ of waterfront by 120′ deep, with custom luxury homes that range in size from 2,900 to over 6,500 square feet of resort style living.  The lake is approximately 200′ wide and 2,250′ long.  Currently, 18 luxury waterfront homes share the lake, so you’ll have plenty of opportunity to enjoy your  private ski lake.

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