If you're considering buying a second home, you may be wondering, "What kind of premium am I going to pay if I want to buy a waterfront property?" Well, you are in luck, because you're about to find out. Today we're going to talk about waterfront premiums in East Marion County, Florida.  I just recently did a study on the most often requested three bedroom two bath homes closed sales from 2018 to 2021 and compared waterfront prices to non waterfront prices. Here is what we learned. 

From 2018 to 2021, the premiums paid for a waterfront property rose significantly from 16.6% in 2018 to a whopping 45.3% in 2021.

From 2018 to 2021, the median home value of non-waterfront properties in East Marion County only rose $43,500 increasing from $126,500 to $170,000. Whereas waterfront homes sold values increased $99,500 jumping from $147,500 to $247,000. 

What does that mean for East Marion County and where can you expect to have those premiums at their highest? Well, I took my research a little bit further and looked at some of the lakes in the area. I looked at five towns situated in the Ocala National Forest: Salt Springs, Fort McCoy, Silver Springs, Ocklawaha, and Weirsdale. Here are the premiums paid by lakes in the area. 

Lake George, which is the second largest lake in the state had a premium of 103% in 2021. That's not surprising because it spans four counties. Marion County only has a very small portion of that land availability. The majority of Lake George is in Volusia and Putnam counties. The Marion County homes on Lake George are already at a premium due to a limited supply. Compound the increase in demand in an unprecedented high sellers market, buyers were willing to pay more for the opportunity to possess property on such a magnificent lake.

The number two lake was Lake Weir at 77% paid premium in 2021. Lake Griffin, 36%. Lake Ocklawaha, 25%. And private lakes were paid a premium of 20%. The private lakes consist of all the multiple little lakes. There are over 600 lakes within the Ocala National Forest. Some lakes don't even have a name they are just tied to an association or a particular subdivision.  Private lakes do not have a public boat ramp or public water access.

I looked closer at each town associated with each lake and here are the results.

In Weirsdale, the median price premium paid was 41% in 2021. For Ocklawaha it was 32%. For Salt Springs it was 20%. Fort McCoy was 3%. And Silver Springs actually had a negative premium rate. Silver Springs has a lot of the smaller private lakes, but it doesn't have any of the bigger lakes like Lake George or Lake Weir or Lake Griffin or even Lake Kerr. The larger the lake, the more activities permitted on the lake, the higher the demand.

Next I looked at the private lakes by town association. 

The highest premiums paid for private lakes in the Weirsdale area sold at a premium of 47% in 2021. What is so great about Weirsdale and the private lakes down there? Simple, you can have a home on a private lake and still have a lake view. And maybe you can go down and sit on your dock and enjoy the sunset and relax at the end of the day. But you are still only a 15 minute drive to either Lake Griffin or Lake Weir, or even into in Lake Eustis in Lake County. Those are the larger lakes where you can do other activities like jet skiing and using your kayaks or canoes or skiing itself. Or even going fishing and even enjoying  dinner at Gator Joe's on Lake Weir.

Based on these numbers, we can forecast that, if all things remain steady (interest rates and buyer demand) we could expect waterfront premiums to increase up to 55.3% by the end of the year in 2022.

Bottom line: if you are looking for that waterfront vacation home in East Marion County Florida, purchasing earlier in the year may save you from paying larger premium prices down the road.

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About Rhonda

Rhonda Walker, Real Estate Agent

Strategic Advanced Marketing, Clear Communication, and Experience you can trust.

Utilizing innovative technologies and marketing strategies Rhonda is raising the bar in the real estate industry by increasing the number of views your home receives from potential buyers.


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