Scarcity - How Do You Value It?

[Jonathan Dempsey]

Often times I see lakeview and lakefront lots trade at much higher prices than their peers without views.  And often, the revenue multiple seems to be diluted compared to some of the peer options.

Does it make sense to pay a premium for lakefront or lakeview property? My first thought is its a short term sacrifice upfront to reap more potential appreciation and a higher ceiling as more people enter the STR game.