What you must understand before looking for a canal home:
Two homes sit on gulf access canals in Cape Coral, FL. Both are the same size, same year built, same number of bedrooms and bath rooms, same finishing touches. In fact, they are essentially the same house. One however sells for $100,000 more that the other, and both sell at their individual market values. What gives?? If they both sold at their individual "current market value" no one got a "steal" or over-paid. Then why the large difference in selling price?
This is not unusual in waterfront property sales. In fact there are many variables that dictate the market value of property and in this particular case it is the land itself (even when the properties themselves are the same) that can make a tremendous difference in usefulness, desirability and value. Here are a few variable that you need to understand and consider when starting the search for a waterfront home anywhere, but especially here in SW Florida.
- What is the length of boat ride from the home out to open water?
- Freshwater canals vs gulf access canals?
- What is the width of the canal, for view and boat maneuverability?
- What kind of view does the property have, including intersecting canals, etc.
- Sailboat access canals - lack of bridges & power lines
- Canal depth for boat draft, etc.
Knowing how each of these variables effect the value of the home, and knowing what type of property will work for the buyer (within a certain budget) is necessary in making a good purchase decision. Please feel free to read a previous post I wrote on all these variables in detail. Good luck!