I was asked yesterday at #BelfairWindermere, “On Hood Canal, what is the cost per linear foot of waterfront?” This is the old-school way of determining the value of a beachfront property. It worked well for a while when most houses were similar and vacant land when available, but both of those conditions have changed. The number for years was $5000 per foot but for those who still like to know, here is the calculation.
On the horizontal section of Hood Canal, that part beyond the Big Bend, we sold 32 homes. Throw out the most expensive and the least expensive, you find the average price in 2017 was roughly $433,000. Of those 30 remaining properties, the average waterfront was just shy of 85 feet. So, to answer the question of the cost per linear foot of Hood Canal waterfront in 2017, it was about $6500 / foot.
To apply this statistic is tricky. The average size of the waterfront homes on this section of Hood Canal was 1683 square feet with 2.36 bedrooms, 1.77 bathrooms, in average condition with an average heating, average septic system in an average location with average amenities. This isn’t as easy as you thought is it? And what is average condition, average amenities and alike – you need a local broker who has been into at least 15 of these houses in 2017 to tell you.
That’s right. In 2018, it’s about the house, not just the amount of waterfront.