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Lake Front Property Values

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Old 04-24-2006, 12:42 PM
  #11
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Default Re: Lake Front Property Values

Lakefront Property Values will remain the same. 95% of the "buy it this year and sell it for double next year" is over. There will be some serious hot pockets still but the days where anyone can make a fortune in the land business are over.
Lakefront prices are growing but not as silly as it once was.... almost back to normal....3 to 8%/year-ish
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Old 04-24-2006, 01:15 PM
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Default Re: Lake Front Property Values

lake front proerty = good investment, growth, retirement, best to pay for it now. I agree with masher, it won't skyrocket and don't count on getting rich over it. Diversify.

Rent a slip in a marina = money down a hole, gone, making somone elses mortgage payment.

Did fuel prices influence my decision, no.
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Old 04-24-2006, 01:46 PM
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Default Re: Lake Front Property Values

Sure dont' see them doing anything but going up here at LOTO. My neighbor bougth his tiny lakefront house two years ago at what I thought was a ridiculous price of $179K, now just two years later just sold it for an obscene price of $277K or almost 100K profit in two years, not bad. As mentioned there isn't going to be any more so think it will just continue going up. Good luck.

John
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Old 04-24-2006, 05:35 PM
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Default Re: Lake Front Property Values

As said, waterfront will always maintain. I just had a condo built on lake Charlevoix in recession laden Michigan. Appraised for 125,000 more than I paid and one unit sold for 110,000 more than paid and none are even occupied yet.
I'll be using it for a vacation weekly rental with a boat slip.
I will post in the classifieds when I close if anyone is interested. JC
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Old 04-24-2006, 09:05 PM
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Default Re: Lake Front Property Values

Being a real estate appraiser in the KC metro area I just purschased at LOTO myself. Was talking to the appraiser I hired to do my condo about the diffrences in both market areas. While KC business volume is down 20-30% from last year LOTO is smokin hot or so I was told. As she put it, "its a diffrent world at the lake" we are seldom effected by things away from it.
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Old 04-24-2006, 09:47 PM
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Default Re: Lake Front Property Values

LOTO continues to go crazy. I was talking to the VP of sales at the 4 seasons open house this past weekend, they have 31 down payments for 24 starts this season on town homes in country club cove. Nice problem to have. Prices are up 15-20% in the last 12 months. Most of that they claim is attributed to what fuel costs are doing to materials.

Glad we got in last year.
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Old 04-24-2006, 10:11 PM
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Default Re: Lake Front Property Values

Appraisal = How much I can get someone to pay for it

Last edited by masher44; 04-24-2006 at 10:23 PM.
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Old 04-24-2006, 10:22 PM
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Default Re: Lake Front Property Values

We do more market research than any other company in the country. We will NOT touch an interior lakefront deal that is considered a second home or "destination" property.... only in very very rare cases. We are doing primary housing in highly amenitized communities. The Western (CA, CO, UT, AZ etc) market has slowed wickedly in secondary housing and FL has skyrocketed so much that it can only go down and is almost at a flatline. Let's just home it comes down softly and not crashing. The bubble is going to burst.... just a matter of how bad you get wet when it does. I agree waterfront will always be strong but I would'nt want to be the guy buying 500 acres on LOTO today and holding onto it for the next 5 years hoping it will appreciate enough for me to double my money and retire off of. Mark my words... be happy with 3 to 8% over the years each year.... IMHO

4 bucks a gallon has to be paid by EVERYONE and it will affect all aspects of Real Estate as well.
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Old 04-24-2006, 11:17 PM
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Default Re: Lake Front Property Values

The same conversation 20 yrs ago.. about when will it all end. So far its kept on. The thing that could change it all significantly is property taxes. Slowly at least around here many people that have a waterfront home that has increased in value way beyond the value of there city or main residence have switched their waterfront to 100% homestead to save on taxes. But, some have just said were done with 2 homes and move full time to the lake house.
Couple examples ... every traditional resort area has the "legacy" homes - those that families pass on to the next generation. But the problem is the next generation will have trouble keeping it. Guy I know pays 20k yr in prop. tax. Mostly because of the size of the lakefront lot. He says he can't leave it to his kids because they won't be able to afford the taxes and the kids can't split the lot to pay them. He orig. bought the lot in the 60's for 3k. Another couple built a cottage on Lake Mi. for 5k after ww2, they planned on retiring there but the taxes are over 20k so they use it 2 weeks in the summer and rent it out rest of the year - can't enjoy it like they planned and borrowing against the value isn't part of there style so they will prob. sell it.
Think it many be prop. taxes that will eventually slow it all down.
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Old 04-24-2006, 11:30 PM
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Default Re: Lake Front Property Values

As a footnote, I don't expect for this type of appreciation to continue myself. I didn't buy for the great return, however I suspect it will do ok. 3 to 8 percent a year is ok by me, We as a family just want to enjoy it and have some equity after a while. Economic conditions as they are, I don't think a bubble is one the horizon. Differing portions of the country are stagnite, other parts are just plain nuts. By and large the mid-west has and will be stable and a good value by comparison. When people are starting to look into buying at LOTO from the great lakes states of Wisconson & and gulf coast states that should tell us something !
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