Although waterfront properties fluctuate in price like the rest of the real estate market, they consistently sell at a higher price than homes that are not on the water. Oceanfront properties are valued at nearly 45% higher than homes that are not on the water but in the same ZIP code. Lakefront homes were shown to have a 25% price premium while riverfront homes showed a premium of about 24%. The main reason lakefront homes sell for more is that almost everyone would opt to live on a lake if they had a choice, and yet the number of lakefront properties available is very limited. Lakefront properties are definitely more valuable because there are just not as many homes on the water. Check out below to see what sold in Deerbrook in July 2020:
41421 Fawn Trail, Novi: 4 bedrooms, 2.1 bathrooms, 3,467 sq. feet, 2 car garage, Sold Price: $471,500
Deerbrook Home Sold
July 2020
While homeowners living on a lakefront also can have additional expenses, such as docking fees, higher homeowners insurance, and flood insurance if the property is in a flood zone — these extra costs and hassles haven’t precluded the popularity of lakefront living. For more information on Deerbrook, or similar Northville or Novi neighborhoods such as Yorkshire Place, Greenwood Oaks and Mystic Forest, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.