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Waterfront Vs Non-Waterfront Home Values

Monday, October 31, 2016   /   by Glenn Musto

Waterfront Vs Non-Waterfront Home Values

Twenty years ago, the median value of waterfront properties across the U.S. was 64 percent more than the median value of all homes. 

Waterfront-300x225.jpgToday, the cost for waterfront property averages nearly 2.5 times the cost for similar non-waterfront properties. As might be expected, the premium for waterfront property varies significantly from one region of the country to another.

 

For example, In Virginia Beach, Virginia, waterfront living is 3.5 times more expensive. In some areas of Pinellas County, Florida and nearby Tampa, you may be able to buy nearly eight non-waterfront homes for the price of one that is waterfront. According to Zillow, Sarasota waterfront home prices carry a premium estimated at 1132 percent.

 

The most expensive U.S. waterfront homes are in Hawaii, California, and along the coast of Long Island Sound. The least expensive are in Florida and the Midwest. Comparing the top 250 cities by population, the most expensive waterfront homes are found along the California coast. Laguna Beach tops this list with a median waterfront home value of almost $10.1 million. Malibu and Hermosa Beach round out the top three at $6.3 million, and $4.8 million, respectively. Other places with pricey waterfront home values include Kailua and Honolulu in Hawaii. 

Florida offers some of the least expensive waterfront homes in the U.S. Leading the Top Ten list of U.S. cities with affordable waterfront properties is Holiday, Fla. Eight of the remaining nine cities with the cheapest waterfront homes are also located in Florida, suggesting that potential buyers looking for the lowest entry point into the waterfront market should head to lesser-known cities of the Sunshine State. Also making the list is Conneaut, Ohio, where Lake Erie water frontage can be had for less than $117,600.

 Waterfront living can bring noise, floods and other headaches with it. As a result, not all cities show incredibly large premiums for waterfront. Examples of smaller waterfront premiums can be found in Spring Hill, Fla. (8 percent), Warwick, R.I. (24 percent) and Jacksonville, Fla. (32 percent).
The chart below reflects prices from a Zillow analysis in May, 2014. 

11_graph 

We are fortunate in Pinellas County, Florida to have waterfront and non-waterfront homes of all types available, and in many price ranges. Buyer demand is strong in Clearwater Beach, Sand Key, Belleair and Belleair Shore, Indian Rocks Beach, Indian Shores, North Redington Beach, Redington Beach, Madeira Beach, Treasure Island, St Pete Beach, Pass-a-Grille, Tierra Verde, and St Petersburg, FL. While more condominium units are generally available, we still have an enviable selection of single-family homes in our beach areas.

 If you are thinking of selling your home in any of these areas within the next three to six months – single family or condominium – you’d be wise to find out its true market value today to help with your decisions.

 For a free online report today from a professional Realtor in your area, click:
 

Team Musto has qualified buyers waiting right now to purchase your home – single family home or condominium.

When you call, be sure to ask about our special Florida homeowner’s guarantee:
Home Sold Guaranteed – Or we’ll Pay you $10,000!

Call Team Musto now at (813) 610-4684, and start packing!