Why Waterfront Property Demands Such High Prices
In Episode 3 of "Million Dollar Listing Miami," Lisa and Duke were desperate and excited to move back to a waterfront property as soon as possible. Living on the water is truly a luxury, and while it can be a great move for any number of reasons, these two make life on the water so incredibly special.
Emotional value: Absolutely nothing compares to waking up to the tranquility of living on the water, and it's not necessarily about "the view." Whether you're right on the ocean or simply on a canal, a truly peaceful sense comes with living in a waterfront property. In addition, nothing beats jumping on a%VIRTUAL-pullquote-Land to build waterfront homes on is pretty scarce, making it that much more desirable and pricey.% boat (or in Lisa's case, an imaginary yacht) right outside your home!
Lisa said once she moved away from the water, she felt a void in her life. If you've never experienced waterfront living, you probably wouldn't understand that sentiment. But for those who have, no price tag is more valuable than sheer quality of life.
Monetary value: Waterfront homes typically are worth more than dry lot homes. The location and type of waterfront (Intracoastal Waterway, lake, canal or ocean) can affect the value as well. Water may not be so limited (making up 70 percent of the Earth's surface), but land to build waterfront homes on is pretty scarce, making it that much more desirable and pricey. With that said, waterfront homes are also generally more expensive to maintain because of environmental and insurance factors.
Even with the heftier price tag, deals can still be made with waterfront homes. Lisa was able to get her property for $1.099 million -- $100,000 less than its appraised value! Make sure to work with an experienced real estate agent who knows waterfront areas and can help negotiate the best deal for you so you're always staying "above water."
Samantha (Sam) DeBianchi is a Realtor and founder of DeBianchi Real Estate. Her expert real estate advice and straightforward approach can be seen on "Million Dollar Listing Miami." Always keeping it REAL, you can follow Sam online on Twitter and Facebook.
Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow or AOL.