Always interesting when national stories use data from our back yard!- Stefan
Posted: 8:07 am Monday, September 15th, 2014
By Kim Miller
1720 S. Ocean Blvd., Manalapan. Photo by Edward Butera of IBI Designs.
The median value of waterfront homes in Palm Beach County, whether on the ocean or lake, is up to 13 times greater than landlocked properties in some cities, according to a new report from the Seattle-based real estate firm Zillow.
The largest disparity in value was in Riviera Beach where Singer Island and other waterfront single-family homes had a median value of $906,700, while homes without a water view were valued at $72,300.
Lake Worth was second highest on the list with waterfront homes carrying a median value of $830,100 and non-waterfront showing a value of $123,300 _ a 573 percent difference.
The Zillow analysis covered single-family homes within 150 feet of the waterline in 250 cities nationwide.
Nationally, the typical waterfront home is worth $370,900 compared to non-waterfront homes that had a median value of $171,600.
Among large cities analyzed, the biggest difference between median non-waterfront single-family home values and median waterfront house values are in Tampa, Fla. (waterfront premium of 733 percent); Honolulu, Hawaii (waterfront premium of 334.5 percent) and Long Beach, Calif. (waterfront premium of 321.6 percent).
A damaged swimming pool and beach erosion caused by Hurricane Sandy in 2012 in Manalapan
“The allure of ocean and lakefront living is powerful and undeniable, and millions of homeowners nationwide dream of one day owning a home on the water. But those dreams come at a price,” said Zillow Chief Economist Stan Humphries. “Waterfront properties are both relatively scarce and highly coveted, and that high demand and limited supply leads to higher home prices. Additionally, added insurance, floods, environmental mitigation and infrastructure costs are often part of the tab when buying a waterfront home.”
In other parts of Palm Beach County, the difference between waterfront and non-waterfront was much less as values of inland homes increases.
Here are the national figures: