Barrington Illinois Waterfront Homes - The Value of Waterfront Homes - Have They Lost Their Appeal?

Waterfront Homes in Barrington

These include properties on Fox River, as well as creeks, lakes and ponds. There are very few homes in Barrington that have true river frontage. The majority of homes are going to be on lakes, some might really call them ponds depending on the size and whether they are naturally created or man made for water retention purposes.

The Value of Waterfront

Undoubtedly the most value would be attached to river front properties. In relation to lake or pond properties, the question is how much, if any, value of a property can be attributed to a property's lake or pond location. Over the last 2 or 3 years while our property values have declined it appears that based on comparable sales of properties that are not on a lake or pond, the answer is not very much. Many homes that have lakes are not selling for any more than those that don't. There will always be exceptions to the rule and homes that are on the larger natural lakes, may attract higher sales values.



Are You Willing To Pay More For Lake Front?

No I am not an appraiser, so I cannot determine how much value should be attributed to a certain lake location property other than by looking for comparable sales. However I have seen some very skewed numbers on properties listed that are on river or lake fronts. An example is a home that normal comps tell me should sell in good condition for about $200,000 with a maximum of $220,000 depending on upgrades and condition inside. The same model home that backs up to Fox River has been listed at $350,000. Given the price of the property I find it amazing to think some-one would pay $130,000 more for river frontage at that level of housing in our area. The numbers represent 37% of the property value being attributed to the river frontage.

So how much would you pay for river or lake frontage? After all the Entire Barrington area is very natural in it's setting and there are plenty of choices, be it conservation, village location, acreage, individual, custom or Planned Unit Development.

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Contact Corinne Guest ABR, e-PRO, GRI, Broker, Royal Advocate Realty Licensed Realtor® in Illinois, 847-381-6328 to list your property for sale or to buy a property in Barrington, Lake Barrington, North Barrington, South Barrington, Barrington Hills, Inverness and Deer Park, as well as Lake Zurich, Hawthorn Woods, Long Grove and Long Grove in Lake County Illinois.

Call me today at 847-381-6328.

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