Maine Lakefront Real Estate – the Case For Lake Access
August 2nd, 2008 categories: Observations and Commentary
Lakefront Buyers often face a decision they would rather not have to make. The choice is between purchasing a very modest lakefront home or a very nice lake access home.
Suppose one had a budget of $300,000 to spend on a lake home. If one had to have a lakefront home the value of the lot often takes up a good bit of that $300k budget.
A typical lakefront lot has 100 feet on the water and is about a half acre in size. On a small lake like Saturday Pond in Otisfield (200 acres in size) the typical lot will run about $150K which leaves one with $150k to spend on a structure. Not bad.
But, what if one wants to be on at least a medium size lake of about 500 acres in size like Thomas Pond, Watchic Lake or Crystal Lake in Harrison? A typical lot on a medium size lake will run about $250k which then leaves only $50,000 to spend on the house. Let me tell you $50,000 is not going to buy you much of a house.
What if one had dreams of being on a large lake like Thompson, Long or Sebago? Lots on those lakes will start around $350,000. With a budget of $300k one not only has no money for a house, but no money for a lot!
Now with the same $300k budget let’s take a look at what kind of lake access home one can buy. A typical lake access lot is one half to one third the value of a lakefront lot.
So on a small pond like Saturday Pond a lake access lot will cost $50k to 75k. This will leave the buyer with $225k to $250k to spend on a house.
A lake access lot on a medium size lake will run $85k to 125k. This gives one $175k to $215k to spend on a house.
A lake access lot on a large lake can run from $100k to $150k. This leaves one with $150k to $200k to spend on a house.
Sometimes folks with a $300k budget will walk into my office and want a lakefront home on Long Lake for $300k. Not going to happen. But a lake access home to Long Lake for $300k is very do-able.
Right now there is a very nice selection of lake access homes on the market. If having a nice home in the lake region with lake access to your favorite lake is important, give lake access properties a look.
Check out all the lake access homes on your favorite lakes by using our Lakefront Locator. It’s easy and fun! Try it out!
Tom - MrLakefront
