Why we bought this
110 feet of lakefront in gated Enchanted Lake, sold at $1.6M to the buyer who valued it most: a developer.
The highest bidder for some properties is not a family - it is a builder. This gated Enchanted Lake property carried 110 feet of lake frontage, a dimension that matters more to a developer planning a new residence than to a buyer comparing kitchens. SunSt positioned the listing to reach both audiences but priced it on land value, and the sale closed at $1,600,000 to a developer who has since completed an architect-designed home on the site. Selling to a developer changes the negotiation: condition arguments fall away, but land metrics, frontage, and buildability get scrutinized instead. The seller captured the land's value without funding the redevelopment themselves.
What made this one work
- $1,600,000 closing price
- 110 ft lake frontage
- Gated Enchanted Lake community
- Sold to a developer; now redeveloped
- Listed by SunSt
What you're buying
Inside the property
The math behind the deal
See the cap rate, rent roll, comps & exits
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What the numbers mean
When frontage and buildability drive the price, the correct comparable set is land sales, not renovated-home sales. Pricing this property like a dated house would have left the frontage premium on the table.
From the agent
SunSt positioned the property on land value, marketed to end users and builders in parallel, and closed with the developer buyer.
The bottom line
The seller was paid for what the lot could become, without taking the construction risk.
Own land a builder might want? Request a land-value versus as-is pricing analysis from SunSt.
Common questions
Who bought 19801 NE 23rd Ave?+
A developer, who acquired the property at $1,600,000 for its 110 feet of lake frontage and has since built a new architect-designed residence on the site.
Why market a home to developers?+
Because when land value exceeds renovated-home value, builders are the top of the buyer pool. Reaching them changes the achievable price.
Did the dated structure hurt the sale?+
No. The price was built on frontage and buildability, so structure condition was largely irrelevant to the winning buyer.