Keller Williams Luxury Division Fort Lauderdale Just Listed

Posted by Eric Miller on Wednesday, August 26th, 2015 at 12:21pm.

Keller Williams Luxury New Fort Lauderdale Listing

The Fort Lauderdale Realtors at Eric Miller and Associates, Keller Williams Luxury Division recently listed the home at 1329 Guava Isle Fort Lauderdale a truly unique 1329 Guava Isle Fort LauderdaleFort Lauderdale Waterfront home. This waterfront home sits on a lot that by Fort Lauderdale Real Estate standards is considered huge and has over 250 feet of Fort Lauderdale Waterfront.

Valuing Fort Lauderdale Waterfront

Very often when a Fort Lauderdale Waterfront home comes to market people are curious about “What is the value of the land”?  There are numerous ways to look at the value of a waterfront lot in Fort Lauderdale. Being that finding a vacant lot is a rarity and such a scarce commodity in Fort Lauderdale Real Estate, using such a lot is virtually impossible when trying to accessing the value of the land.

One method of valuing the land is to take recent sales in the Citrus Iles area and calculate a land value for each. For the home at 1329 Guava, we are going to use three recent sales. 1304 Mandarin Isle which sold on 4/30/15 for $685,000, 1320 Citrus Isle which closed on 8/14/15 for $780,000 and 1320 Tangelo Isle which sold on 4/24/15 for $1,102,000. The first property had 60 feet of water front and a 1900 square foot house. Using $150 a square foot for the house, we value the house at $285,000 making the land worth $400,000 or $6153 per linear foot. Applying the same method to the next two houses we come up with $4013 per linear foot, and $2721 per linear foot. Remember, just like no two houses are the same, no two lots, or pieces of waterfront are the same. By averaging these three samples we come up with that average Fort Lauderdale Waterfront in the Citrus Isles area is selling for approximately $4295 per linear foot.

Confirming the Valuation of Fort Laudedale Waterfront Lots

 

We can recheck this process simply by asking if a 60 foot waterfront lot were available in Citrus Isles today would a builder pay $258,000 for the lot. I think there is no question that would be a quick sale. Using this formula it places the value of the waterfront at 1329 Guava Isle at just over $1,000,000. There is no question that as the size of the lot increases the dollar per linear foot decreases but this amazing property also gets some credit for being on over a 16,000 square foot lot.  1329 Guava Isle is a beautiful well maintained Fort Lauderdale Waterfront home and its asking price is certainly protected by the amazing expansive waterfront.


 

Eric Miller is an award winning Florida Realtor, salesperson and broker. His website, FortLauderdaleGroup.com provides an up-to-date guide to Fort Lauderdale Condos for sale, and the most complete buyer, seller and investor information for the Fort Lauderdale Real Estate Market.

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