Cottage Market Evaluation
Thinking of selling your waterfront recreational property? With many variables to consider, an Opinion of Value could help you decide if now is the right time to sell. Also known as a Comparative Market Analysis, a CMA is a tool an experienced, local area waterfront specialist will use to determine the value of your cottage recreational property in today’s market.
While there are many firms that offer a CMA - an accurate evaluation requires physical presence and is not something that can be done over the phone or internet. For real estate selling purposes this Opinion of Value is not your municipal property assessed value or your financial institution’s appraisal for financing or insurance purposes.
What it does entail is a comparison of similar properties that have recently sold or are actively listed for sale. The saying in Muskoka is that “no two properties are alike”. This renders it impossible to make a determination based solely on a spread sheet of sales in the area. Some factors that come in to play are: location, access, topography, views, boat traffic, exposure, structures and of course, frontage.
A list price will also depend on what the market can bear. In other words, how much a buyer is willing to pay for your property. This can be highly influenced by zoning and EPAs, Environmentally Protected Areas, given the fact that many purchasers will want to make alterations, renovate or redevelop the property to meet their needs.
Ultimately, a great deal of leg work should go in to the listing of your property, starting with the Comparative Market Analysis.
It’s true that the majority of Muskoka waterfront properties come with their unique attributes which can not only affect market price but also complicate the sale transaction. Along with a CMA, I choose to complete as much due diligence prior to and at the time of listing a property as possible. Thus, avoiding complications which could result in delays on closing or terminate a sale altogether.
A Building Location Survey with Real Property Report may be necessary to determine new or re-development options including size of structures allowed, lot coverages and set-backs to name a few examples.
Often, I will meet with Township or Municipal officials on behalf of my Sellers. This not only assists me in determining a value, but this information will also help in marketing the property. Armed with the facts, any questions a Buyer may have are answered ahead of time. This will also assist in Agreement of Purchase and Sale conditions being met in a timely fashion which will affect the closing or may avoid numerous conditions altogether. I ensure that zoning is identified, Title Searches are completed, Final Occupation certificates and septic use permits have been issued, where applicable. I gather any existing surveys and locate and mark property boundaries for ease of showing and to avoid any confusion. There are many factors that (should) go into listing your property.
Other considerations that could affect the value of your property is whether the Shore Road Allowance is Open or Closed, access and Right of Ways, and the actual By-Law shoreline frontage.
My attention to detail assists in researching all relevant aspects of your property so I can conduct a thorough Comparative Market Analysis. It starts with searching comparable properties listed or sold in your area, most of these properties I have personally seen, shown and perhaps even previously sold, but it doesn’t end there. With current market data, due diligence, connections in the community and 24 years experience selling waterfront recreational property in Muskoka, I will be able to determine what your property should sell for if you decide to list it for sale.
Pricing accuracy will assist me in:
For a FREE, No Obligation Market Evaluation, please email me, call 705-646-4693 or leave your contact information at the bottom of the page so I can get back to you.
What you can expect from me: