Appraising several pieces of property for a client. Went to a large waterfront development today to see a couple of pieces of property. First one was the lower end property. Nice lot in the 'public' part of the development. Most of the lots are level or gentle slopes. Nice area.
Then I drove around the point to see the other lot. It is in the exclusive area, gated and very limited access. I was stunned (to say the least) to see how steep, hilly and just undesirable most of the lots where. The one I was appraising would have a very steep driveway down to the house. Rather large lot but it had one building spot and it dropped off rather steeply on both sides. So you would have a small yard and you were up pretty high off the water. But you would have a very nice view of the lake.
Walking to the back of the lot it was VERY steep down the water. But it had excellent deep water and you could build a dock along the bank and keep your mega yacht there. But you going to have one heck of a set of stairs to climb to get to it. Or your looking at an elevator of sometype.
Seriously I would not take this lot if you gave it to me and told me that I had to build on. On the way back it hit me, the developer was a stinking genius!
Knowing the flat level lots would sell he left them in the public areas and he took the worst, least desirable lots and put them behind a gate. Put up a club house, built a bunch of boat slips for the lot located off the water and made the area look and sound 'exclusive'. And of course you can't see any or the area from the entrance. And people with more money than sense go in and pay premium prices for less desirable lots. I want to hire this guy to market for me!