Aerial View of Fishhawk Lake
(Courtesy of Art Mitchell)
I am often asked about the types Fishhawk Lake Real Estate and how they vary as to pricing, value resale, etc. I get calls from potential buyers, appraisers, even county assessors! We have quite a variety of lots and homes out here on and off the water. This area is unique and really can’t be compared to other lake properties or country property for that matter. That’s why I get phone calls and inquiries from professionals as well as buyers and sellers because there’s alot of gray area in determining value based on where the lot or home is located–on the lake, on the creek, off the lake, etc.
The criteria that goes into making a decision as to value goes like this:
If you have a lakefront lot it can be listed at about $70-80,000 currently. Two that sold last summer were $78,000 and $65,000. If it has a driveway or outbuilding on it, it may be worth a bit more than lakefront lots without a dock or outbuilding, for example. A vacant lot on one of our creeks, like Fishhawk Creek will be valued at a lesser amount, but still worth more than a lot with no water frontage.
If you have a lot off of Fishhawk Lake but with a view, (most valued is lakefront, then a view of the lake), then you can be looking at less than $20,000 approximately. Once again, it can vary depending upon your view, driveway, easy access, how close to the clubhouse you’re located, etc.
If you have a vacant lot with no view, very secluded, etc., then you’re looking at about $10-15K most likely. 2012 saw some pretty low pricing on off-the-lake lots at $9,000 and approximately $5700.00. One did sell for $18,500 and the seller had paid for a survey and it had an existing driveway.
(This vacant sloped lakefront lot sold for $150,000 in ’08)
Lakefront homes for sale command a much better price per square foot than homes off the lake, usually. Once again, it can vary according to upgrades, year built, square footage and the style of the home. Out here, the “cabin on the lake” is quite often the quintessential idea of what buyers are looking for. This can mean different things to different people, but often the log cabin style or one with loads of floor-to-ceiling windows that bring in the lakefront views and have stone fireplaces are more easily sold than older fixers or “modular” types of homes, like Adair and Reality…which are inexpensive to build, but don’t always offer that “cabiny” feel. (By the way, we don’t allow any manufactured homes out here or anything to be built below 900 sq. ft., although some older cabins/homes have been grandfathered in because they were built prior to this rule set by the architectural committee of our Homeowners’ Association).
2.Homes on the water, but not lakefront are: homes on the creek, or canal. They still are considered to be more valuable because they are located on the water in some fashion, but not “on the lake”. I have one listing that has it’s boundary going down to Fishhawk Creek and with an all-year view of Fishhawk Lake, which makes it more desirable to most people than if that same adorable cabin ( remodeled, all wood 2BR, 1.5BA) were to be located completely off the lake with no easy access to the water, clubhouse, etc.Homes off the lake, but once again “with a view” of the lake are the next most valuable pieces of property.
3.Homes that back up to state forest and have a filtered or seasonal view of the lake are next. By filtered or seasonal view, I mean that once the trees fill in over the spring and summer, then your view is masked or blocked. We have both evergreen and deciduous trees here.
4.The homes that are usually least desirable are not close to the water, no views of the water, on one of the main roads and have no views of the lake or a seasonal/filtered view of the lake. And, instead of having an easy walk to the lake or clubhouse, you would need to get in your car or walk a couple of blocks or more to get there.
At this point, in the last two years, the highest priced home to be sold was one built in 2005, tons of upgrades, 2870 sq. ft. that sold for $385,000.
* *New update: as of August, 2010, the highest priced home sold was $649,000, lakefront home with ALL of the upgrades and 6210 sq. ft. It is now for sale for $629,000. 9837 Beach Drive.
Gayle Rich-Boxman, Real Estate Broker