Sherburne County: Lakeshore Home Values

by Michael Bolton on October 11, 2011

I just finished up one the most challenging lakeshore appraisals in Sherburne County today that I’ve done in a long time, taking over 20 hours to complete. When appraising lakeshore there are so many variables that have to be accounted for, here’s list of some of the main ones: size and quality of the lake, lakeshore frontage, quality of lake shore (sandy, muck, weeds, etc.), overall size of the site, location (quiet street or busy road). And then you have to find similar homes on similar lakeshore, making adjustments that the lender can live with.

I know the level of research that I do is probably a little over the top, but at least I can explain and defend my adjustments. The chart above shows the decline in lakeshore properties over the past 5 years, not a pretty sight. For nearly all of my appraisals I separate non-distressed sales from distressed sales; it offers a more apples to apples comparison. This chart also shows why I go through the trouble, there is a 34% difference between the two.

If you have any questions, or real estate appraisal needs (divorce, bankruptcy, tax appeal, or estate planning) please contact Michael at 612.599-2581, or use the form on the contact page.

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