Lake of Bays 2014

The 2014 Lake of Bays Waterfront Marketplace
Lake of Bays (LOB) waterfront property market in 2014 was a remarkable year. The value of waterfront properties sold was higher than in any of the last 10 years and 4% higher than the previous volume peak in 2007. For the first time the average sale on the lake exceeded $1 million coming at $1083,397, eclipsing the previous recorded high (in 2013) by 31%.
Relative to the Lakes Rosseau and Joseph, LOB is smaller, but not by much. The number of transactions over the last 10 years has averaged 40 per year, with the highest being 53 in 2007. Numbers that are very close to Lakes Rosseau and Joseph by comparison. However the adage of “the bigger the lake, the more expensive the land” holds true. LOB averages around $4000 per linear foot while the other two lakes are more than 25% higher.
What set 2014 apart for LOB than any previous year was the value of individual properties sold on the lake. Where the previous high value had been $3700K (in 2011), this past year achieved a sale of $5765K, some 56% higher than the recorded high. This significant sale coupled with several other higher value properties is what moved the average sale to over $1 million. The actual number of sales on LOB was below the 10 year average by 10%.
With sales of this magnitude, it’s fair to say that people realize the value that LOB has to offer. Combined with, protected waters, high water quality and beautiful Pre-Cambrian Shield scenery, boating to golf, shopping and restaurants is what gives this lake and the Big 3 of Muskoka an almost unique cottage experience. Like the Big 3, LOB has families who have cottaged along its shores for generations. LOB is home for many.

By | 2015-01-18T15:32:04+00:00 January 18th, 2015|General News|0 Comments

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