Why are waterfront properties expensive?
That is a great question, waterfront properties can be expensive for many reasons. Some factors that create the pricing for waterfront properties are inclusivity, location, home size, frontage and activities allowed.
There are only so many lots around the lakes so when properties are bought it can cause price to go up especially if the properties rarely sell and are built with quality materials.
Location, location, location! This is a major factor for pricing from having that one-of-a-kind view to how close to town the property is. As an example, we listed a parcel on Mirror Lake that was the last available building lot that featured a spectacular view, was large enough to build a luxury home and is within walking distance to town. This property later sold for over 1 million dollars.
Like a normal residential home size can affect the price. Having a large home with a boathouse where you can have space to spread out as well as having family stay increases the price.
More frontage means more money. Having a property with over 100 feet of waterfront makes it much easier to access the water, allows you to have larger boats and dock systems.
Activities allowed on the waterway can also affect the price of the property. Mirror Lake is only allowed to have non-motorized boats while on Lake Placid you are allowed to have them. Generally, the price for homes on Lake Placid are higher due to this as well as having boathouses to store the motorized boats and crafts.