According to an article published on RealEstateJournal.com on July 2, 2007 docks are becoming more and more valuable, sometimes even doubling property value in some parts of the country. That is not quite the case on Bainbridge Island, but the article noted that in the Puget Sound the increase in value docks add is as much as $500,000. I wondered whether this is true of Bainbridge Island. I found that of the 29 Waterfront houses sold so far this year (Jan 1-today), only 3 of them had docks. The difference in average sold price was just over $450,000. So it seems to be true…
The article suggests two reasons for docks adding so much value. First, the increasing difficulties of obtaining dock building permits, mainly due to environmental and building regulations. Second is simply the convenience and luxury that docks add. For boaters, they add the ability to walk out the door and go out to sea rather than having to pay to moor elsewhere, and plan ahead for boat trips. Then, after a glamorous afternoon on the water, dock owners can return home to bask in the sun and even jump in the water to cool off.
Currently there are 49 waterfront houses for sale on Bainbridge, 7 of them with docks. The average listing prices differ by only $318,702.
Contact Eileen Black (206) 780-3320 to pursue your waterfront and boating dreams!
You can see the full article mentioned here
2 comments:
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