According to a new study, property next to a clear lake is worth more than property next to a murkier lake. The Great Lakes Radio Consortium’s Christina Shockley has more:
Transcript
According to a new study, property next to a clear lake is worth
more than property next to a murkier lake. The Great Lakes Radio Consortium’s Christina Shockley
reports:
Researchers from Bemidji State University looked at 37 lakes in upper
Minnesota. They collected sale prices on homes, and compared them to
pre-existing water clarity levels. Patrick Welle is a professor of
Economics and Environmental Studies at Bemidji State. He co-authored the
study.
“So we ran the model not only over the twelve hundred and five sales, but
we also ran it by the six different regions separately, and in each case water
quality is one of the most significant predictors of the sale price of the lakeshore
property.”
So, the clearer the lake water, the higher the property value. Researchers say
landscaping, clearing vegetation up to the shore, and fertilizing can decrease
water clarity. They say a manicured lawn can boost property value right away,
but in the long run, it could be a detriment.
For the Great Lakes Radio Consortium, I’m Christina Shockley.