Pre-requisite: Students will benefit from an understanding of real property appraisal fundamentals and techniques (BUSI 330, CPD 130, or equivalent)
Waterfront properties are defined by being sited close to or on oceanfront, large and small lakes, or rivers and streams. However, other than fronting on water, these properties may vary significantly in type and size. Moreover buyers of these types of properties are motivated for various reasons: recreational, investment, and /or residential lifestyle, making waterfront property valuation assignments particularly challenging.
Real estate professionals in all areas of practice may come across waterfront properties for purposes of development, sales, mortgage financing, appraisal or property tax assessment. In all of these contexts, the practitioner will ideally have a working knowledge of the real estate asset and the factors that affect its market value. This course is suitable for anyone in these contexts. Students will ideally already have a basic understanding of valuation methods and techniques. The course will focus on those issues that differentiate and impact the valuation of waterfront properties. In order to understand a property’s market value, you must first know exactly what it is that is being valued. The first lesson outlines the inspection and analysis of physical attributes and the legal considerations unique to these properties. The direct comparison approach and the importance of size are illustrated in detail, as well as other considerations of waterfront property valuation such as docks, water lots, and island properties. The second lesson presents case studies that highlight the importance of effective size, highest and best use, and various other considerations in the valuation of these unique properties.
FOREWORD: Introduction to Professional Development Courses
LESSON 1: Waterfront Residential Property Valuation
LESSON 2: Case Studies in Waterfront
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