Development Update
Waterfront real estate By David Coone
T
here’s nothing like warm, gorgeous weather to make the phone ring with waterfront buyers on the line. I use that term a bit loosely, though, as sometimes “buyers�
turn out to be “dreamers.� And who can blame them? I’ve done the same thing myself, poring through mountain home listings after spending a gorgeous day on the Blue Ridge Parkway. That’s part of what makes lakefront real estate different than traditional homes and properties.
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Buying and selling waterfront real estate requires a unique approach, and different considerations than non-waterfront real estate. For instance, evaluating a house or building lot based on “cost per square foot� or “cost per acre� just doesn’t work with waterfront property. Instead, property price is impacted by factors such as view, water depth and clarity, number of shoreline feet, whether or not a dock is allowed and the size of dock allowed, access to the property by water, shape of the lot and building envelope, steepness of the terrain, and neighborhood surroundings.
This beautiful great room offers a beautiful view of Lake Wylie. (Photo/Jan Todd)
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www.LakeWylieToday.com | Summer 2012
In general, waterfront property nestled in a cove is less expensive than a comparable property with a â&#x20AC;&#x153;big view.â&#x20AC;? Cove property, however, usually offers more privacy and more â&#x20AC;&#x153;calm waterâ&#x20AC;? for swimming. You need to decide what factors are important to you, and how much youâ&#x20AC;&#x2122;re willing to spend. Buyers must be careful not to make costly mistakes resulting from not knowing the lake or restrictions. For example, a lakefront property may have an outstanding view, but insufficient water frontage or water depth to meet minimum requirements for a dock. Or, a lot may be on a beautiful point with water on three sides, but because of set backs there may not enough room to build a house or install an adequate septic system for the size home desired. In another case, a property may be in an area of the lake that is shallow or has a shoal and difficult to maneuver. Knowledge of these considerations prior to purchasing a property is critical. The real estate market has been volatile in recent years. Many waterfront lots, purchased