Waterfront Property Information
Since 1992 I have specialized in appraising Waterfront Property. This mainly
focused on waterfront property on Lake Simcoe, but over the past few years has
grown to include Lake Couchiching, Severn River, the Lake of Bays, and various
other areas. I have conducted expansive valuation studies of residential
properties for the Ministry of Natural Resources.
Given that waterfront properties are heterogeneous by virtue of their
topography, and the fact that nearly all the residential properties include
custom built homes, an accurate appraisal can be somewhat elusive. I have chosen
to accurately track sales, and often conduct interviews with buyers, sellers,
and Realtors, in an effort to provide the best interpretation of the sales data.
I believe, this allows me to provide the most accurate appraisal available - a
valuable source of information to the client.
I have been considered a trusted advisor to many waterfront property
owners.
Below is a sample of information I maintain when tracking waterfront property
values. Hopefully, this may be of use to you.
The following statistics have been gathered by closely monitoring sales as
they are registered rather than simply examining MLS sales:
Waterfront Property Sales: Lake Simcoe West (Innisfil, Oro,
Barrie)
*Considers MLS Sales
Recent Assessment Changes
Taxes for the 2002 tax
year were based on assessments determined using the effective date of June 30,
1999. Taxes for the 2003 tax year are based on assessment using the effective
date of June 30, 2001. The
“change in assessment” between these
two effective
dates was a subject
of a recent study conducted by Robin Jones, AACI of
Robin Jones Real Estate Appraisal and
Consulting Services.
This analysis
indicated that, in general, assessments in Oro-Medonte rose some 21.6% while
assessments in Innisfil rose 12.8%. An analysis
of “assessment to sale price” ratios indicated that the most recent assessments
in Oro-Medonte were perhaps excessive based on recent sales
(circa the effective date
of June 30, 2001)
at 105.7% as
opposed to a more accurate 98.1% in Innisfil. This analysis is preliminary and a
time adjustment could be installed to yield a more accurate result.
Caution should be used if you are considering this data for an assessment
appeal.
