The terms that decide what a waterfront lot is worth, without the jargon around them.
- Ocean access
- A waterfront lot has ocean access when a boat can travel from its dock to the open Atlantic without leaving navigable water. In Broward and Miami-Dade that route usually runs through a residential canal to the Intracoastal Waterway and out through an inlet.
- Fixed bridge
- A bridge that does not open. Any fixed bridge between a dock and the ocean caps the height of boat that can reach the property, measured as air draft. Two otherwise identical waterfront lots can differ substantially in value when one sits behind a fixed bridge and the other does not.
- Air draft
- The height of a boat above the waterline, and therefore the height it needs to pass under a bridge. It is the number that decides which boats can reach a lot. Charted clearances are given at mean high water, so the real figure changes with the tide: at Port Everglades the mean range is 2.69 feet, measured as mean high water 4.53 against mean lower low water 1.84, so a boat gains most of three feet by timing a low tide.
- Bascule bridge
- A drawbridge that lifts to let boats through, so it caps air draft only when closed. Opening times are set by federal rule rather than by the city: under 33 CFR 117.261, the Las Olas Boulevard bridge at Intracoastal mile 1064 opens on the quarter-hour and three-quarter hour, while the Sunrise Boulevard bridge at mile 1062.6 opens on the hour and half-hour.
- Controlling depth
- The shallowest point along a route, which is what actually limits draft. The Army Corps authorises and maintains the Intracoastal Waterway through Broward and Miami-Dade at 10 feet, and the New River at 8 feet. Residential canals are not federal channels and are not surveyed, so depth at a private dock depends on the last time the canal was dredged.
- Riparian rights
- The rights that come with owning land against navigable water: access to the water, a view, and in Florida the right to build a dock out to navigable depth, subject to permitting. They attach to the land itself and pass with it on sale, which is part of why waterfront frontage is priced separately from lot area.
- Sovereignty submerged land
- The bottom of navigable water below the mean high water line, which in Florida is owned by the state rather than by the upland owner. It is why a dock extending past your seawall needs state authorisation as well as a building permit, and why the boundary of a waterfront lot is the high water line rather than the edge of the dock.
- Point lot
- A lot at the end or corner of a peninsula, with water on two or three sides. Point lots carry far more linear waterfront than an interior lot of the same square footage, which is why they are priced on frontage rather than on area.
- Linear waterfront feet
- The length of a lot's boundary that touches navigable water, measured along the seawall. It is the single most important number in pricing a waterfront lot, because it determines how much dockage the property can carry.
- Seawall cap
- The concrete beam along the top of a seawall. Its condition, height and alignment are what an inspector looks at first, because cracking, leaning or displacement in the cap usually signals a problem with the wall or the fill behind it.
- Buildable envelope
- The area of a lot that a house can actually occupy once front, side and waterway setbacks, any seawall easement, and height limits are subtracted. Two lots with the same square footage can accept very differently sized homes.
- Base flood elevation
- The height floodwater is expected to reach in a one-percent-annual-chance flood, as shown on the FEMA flood map for that parcel. It sets how high a new home's finished floor has to be built, and therefore how much fill and foundation the site needs.
- Flood zone AE and VE
- Two FEMA flood designations common on South Florida waterfront. AE zones expect flooding without significant wave action. VE zones expect waves, and carry stricter and more expensive construction requirements. Which one a lot sits in materially affects what it costs to build.
- Folio number
- The parcel identification number a Florida county property appraiser assigns to every piece of land. A vacant lot often has a folio number but no street address, which is why it is the more reliable way to identify one.
- As-is sale
- A sale in which the buyer takes the property in its current condition and the seller makes no repairs. On a waterfront lot bought for redevelopment this covers the seawall, the dock and any structure standing on it, because all of it is coming out anyway.