Karen Emerson, Property Manager of the Tranquility Pointe and Standing Bear Lake
communities for Pointe Management, in Omaha, Neb., and Treasurer and Secretary for the Apartment Association of Greater Omaha & Lincoln, made units aware of these fees.
Standing Bear Lake was constructed by the USACE in 1977 and encompasses 135 acres.
As reported in Table 1, a total of 481 home sales were evaluated within a half mile of Standing Bear Lake versus 817 sales around Zorinsky Lake over the 2000 to 2006 period.
A simple comparison of the price differences between the lake view and non-lake view homes (+26% at Standing Bear Lake and +80% at Zorinsky Lake) is misleading since similar homes are not being compared.
In particular, homes around Zorinsky Lake were constructed for the most part in the late 1980s and are relatively larger and more homogenous in style compared to homes surrounding Standing Bear Lake, which have been constructed more recently, are smaller, and include a wider range of housing styles.
In dollar terms, this corresponds to an impact of $19,851 for an average-priced home at Standing Bear Lake versus $44,589 at Zorinsky Lake, based on a linear specification of the same model.
Extrapolating these values to all the existing and potential homes with views around these lakes demonstrates that $19 million in economic value has been generated by the construction of the lakes: $15.4 million at Zorinsky Lake (556 homes with lake views) and between $1.2 and $5.2 million at Standing Bear Lake (171 homes and the potential for 60 additional homes).