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Issue Date: July 2006 Issue


The Price of Lake Living


Colleen Mytnick
mytnick@clevelandmagazine.com

What’s waterfront property on the North Coast worth? Depends where you live.
We asked auditors in Lorain, Cuyahoga and Lake counties for a list of the appraised values of all the lakefront single-family homes within their borders. The result is a reflection of the price of lakefront living, from the historic estates in Lakewood to the new mansions in Avon Lake to the cottages in Lake County.

A few things to keep in mind: The three auditors’ offices conduct their reappraisals at different intervals. Lake County, for example, is just launching its 6-year re-evaluation; meaning values from Willowick to Madison Township may increase up to 15 percent in the coming months. Also, while Lake County keeps precise records on its lakefront homes, Lorain and Cuyahoga counties often note homes that are merely near the water as being lakefront in their records. By using maps, driving through the communities and consulting local officials, we tried to pare our lists down to actual lakefront properties before crunching the numbers, but there is some margin of error.

 

Lorain Median value: $107,130
Average value per square foot: $66
Most expensive home: $733,100
Sheffield Lake Median value: $231,345
Average value per square foot: $86
Most expensive home: $579,090
Avon Lake Median value: $362,180
Average value per square foot: $132
Most expensive home: $3,035,900
Bay Village Median value: $470,900
Average value per square foot: $187
Most expensive home: $2,350,000
Rocky River Median value: $946,400
Average value per square foot: $235
Most expensive home: $4,599,000
Lakewood Median value: $503,400
Average value per square foot: $171
Most expensive home: $1,850,000
Cleveland Median value: $335,400
Average value per square foot: $120
Most expensive home: $1,344,300
Bratenahl Median value: $537,350
Average value per square foot: $146
Most expensive home: $2,566,800
Euclid Median value: $234,700
Average value per square foot: $102
Most expensive home: $1,143,200
Willowick Median value: $161,460
Average value per square foot: $88
Most expensive home: $377,950
Willoughby Median value: $112,800
Average value per square foot: $82
Most expensive home: $494,100
Eastlake Median value: $203,115
Average value per square foot: $97
Most expensive home: $537,030
Lakeline Village Median value: $185,985
Average value per square foot: $102
Most expensive home: $362,410
Timberlake Village Median value: $206,935
Average value per square foot: $94
Most expensive home: $373,780
Mentor-on-the-Lake Median value: $147,230
Average value per square foot: $84
Most expensive home: $287,830
Mentor Median value: $179,000
Average value per square foot: $94
Most expensive home: $469,790
Fairport Harbor Village Median value: $100,820
Average value per square foot: $61
Most expensive home: $242,560
Painesville Township Median value: $20,045
Average value per square foot: $20
Most expensive home: $48,570
Perry Township Median value: $220,990
Average value per square foot: $107
Most expensive home: $544,230
North Perry Village Median value: $192,510
Average value per square foot: $89
Most expensive home: $573,690
Madison Township Median value: $175,790
Average value per square foot: $100
Most expensive home: $892,410

 


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