A recent article in a Real Estate magazine really said it all – paraphrased: …we feel younger than our age; we weigh less than the scales indicate (if we ever got on them); we feel fine – so there’s no need to go to the doctor…In terms of real estate prices in the Lake Martin area, we may all need a reality check!

Sellers naturally believe their property is valuable. Here’s the bad news - it’s only worth what a buyer will pay. In 2007, sales at Lake Martin were not as brisk as in previous years and many blamed that on the low water levels. However, in 2008 the lake is nearly full, potential buyers are coming to the lake, but sales are still not as brisk as in the past.

In my opinion, buyers are shopping but they are “kicking the tires” and looking for “a steal.” Everyone wants that! Some prices have adjusted downwards, but we’re not seeing any “fire sales” and foreclosures are pretty rare here.

If you’re a seller, consider dropping your price by as much as 5%. If the buyers are looking for a “buyer’s market” why not give it to them? Otherwise, recognize that your home may stay on the market a little longer. If you’re a buyer, make an offer – it might just be accepted!

Most Important – buyers and sellers need to consult with their Realtor®. Both sides need to make sure their expectations are realistic! In the Lake Martin Real Estate market, we need to remember:

Have you noticed letters behind the names of some real estate agents? These 3 and 4 letter codes represent various designations and certifications earned by a REALTOR®. They also signify a substantial amount of time, effort and expense on the part of the individual who attained these letters. Here are some that you may have seen:

ABR Accredited Buyer Representative

CRS Certified Residential Specialist

GRI Graduate Realtor Institute

One of the newest certifications is RSPS – Resort and Second-Home Property Specialist. According to the National Association of REALTORS®, this is a course designed especially for the resort, retirement and second-home professional who understands the unique needs of this market. Today, 1 out of 3 homes sold is a second-home in vacation, recreation or investment markets. If you’re searching for an agent to assist you in buying or selling property at Lake Martin, check out the letters behind his or her name!

You can tell that summer is nearly here! The roads are busier, the grocery stores are busy with folks buying supplies, the gas stations have more cars and boats than usual, and the restaurants are full! Where did all these people come from?

We expect this holiday weekend at Lake Martin will be one of the busiest ever. The Marine Police will be out in full force helping to keep our waterway safe; the marinas are stocking up for the crowds; and the many visitors to our area are looking forward to a great weekend.

The weather should be great – a few afternoon showers – but otherwise, sunny skies. The lake is full and as clean and clear as we’ve ever seen it. So, ENJOY this beautiful weekend in this wonderful place. And, when you have the chance, stop to remember those that have given of themselves so that we could be here on Memorial Day. I’ll be thinking of my Mom & Dad who were both pilots in World War II.

Several years ago, I heard someone say that Lake Martin isn’t really the place for condos and they’ll never catch on here like they have at the beach. Wrong!

We have several condominium complexes on the lake and these appeal to a certain group of buyers who don’t want to do any chores such as cutting the grass, repairing the dock, patching a leaky roof, etc. They just want to enjoy the lake! In addition to having a place that requires little upkeep, some buyers are interested in earning a few dollars in rental income. Many of the condo units on Lake Martin may be used for short or long-term rentals; however, some do not allow any rentals, so be sure to investigate all the restrictions if you’re in the market for a condo.

One of the prettiest locations on Lake Martin is Crowne Pointe. By road, it is off Highway 50 to Centerport Road, to Silver Hill. By water, it is on Blue Creek between Cooper Branch and Curry’s Point. There are 5 buildings and each contains 18 units. Each building has 3 floors, an elevator, and storage space. Crowne Pointe will feature 2 swimming pools for residents and every unit will have a boat slip. These units may be rented on a weekly basis. You may choose from the following: 2 bedroom, 2 bath, 3 bedroom, 3bath with a wrap-around deck, or 3 bedroom, 3 bath including a loft. Prices range from $345,000 to $650,000. The views are to die for, and summer is almost here. So, if a condo is in your future, Crowne Pointe is just the place!

to fill Lake Martin following the drought of 2007?  Well, they were wrong! 

The lake is nearly full, and it looks like life as we know it has returned to normal.  Local restaurants and businesses are already seeing an increase in the number of customers, and lots of boats and jet skis have been out on the water.  If you doubted Mother Nature, come take a look for yourself.  We still need more rain to keep the lake level high, so keep up the rain dances.  And, when you have a chance – thank Alabama Power for managing the lake levels so that we could reach full pool so early this year.  All that to say - now’s a great time to look for waterfront property!

Lake Martin is on the rise…and while you may have heard that the real estate market is down, buyers are still coming here to find the perfect spot on the lake – whether it’s a cabin or a castle.  Hopefully, your lake place is just around the corner, too.
 

If you’re just beginning your search, here are some things to remember:
·        Get your financing in place – mortgage lenders want your business but some of the lending guidelines have changed.
·        Consider what’s most important to you – the lot or the house – you ll probably find one or the other – but not both!
·        If this is a second home for you, is the drive time a big deal?
·        Shopping on-line is great, but, find a REALTOR® you’re comfortable with to assist you with all the details of purchasing property.
·        If you really like a particular property, don’t wait – someone else will like it too!

At least that’s how we look at it when watching the water level rise at Lake Martin. Alabama Power obtained a variance from FERC (Federal Energy Regulatory Commission) to start raising the lake in January instead of February this year. We lake lovers have been watching closely as some of the exposed shoreline starts to slowly recede and this requires a lot of patience!

During the month of January, we have seen the lake rise 18 inches or 1.5 feet. Most of this can be attributed to rainfall. Mother Nature really is in charge of filling Lake Martin. We are all hoping for more rain – not just in the lake, but in our watershed. Our watershed extends over 3000 square miles north and east. That’s where we need the rain. The Tallapoosa River runs about 235 miles in length from Paulding County, GA to the point where it merges with the Alabama River just above Montgomery.

What can you do to help? Take your car to the car wash; plan an outdoor activity; do a rain dance! You just never know…

What’s happening at Lake Martin in December? Santa brought us a some rain and while real estate is a little quiet, spring and summer are right around the corner!  Activity on my website indicates that folks are searching for lake property now.  I’m seeing an increase in the number of inquiries and the length of time spent online. 

During 2005 and 2006, investors were looking to buy low - sell high and make a killing at Lake Martin.  In my opinion, buyers in 2008 will be purchasing properties for their own use and enjoyment.  That’s great news – new people coming to this beautiful place because they want to spend some quality time here.

Everyone wants to buy something that will increase in value – and that will still be true at the lake – but maybe not as much or as fast as in past years.  That’s ok – it’s a wonderful place for slowing down, taking it easy, enjoying the scenery, and making great memories with family and friends.  So – if you think you’d like to take the plunge…come on down – the water’s fine (or it will be as soon as we get a little more rain!)

Who’s buying at Lake Martin? According to NAR – the National Association of Realtors®, the younger side of the Baby Boomers will be driving this market for the next 10 years.

What are buyers looking for at Lake Martin? A second home for vacations and a possible retirement spot.

Where are buyers coming from? All around the southeast. NAR statistics indicate that buyers are taking shorter vacations and want something within 215 miles of their primary residence.

Why Lake Martin? It’s still affordable compared to many beach locations, and insurance is available and within reason.

This month at Lake Martin, there are 285 waterfront homes for sale (14 of these are on leased lots.) In addition, there are 61 condos and 119 waterfront lots on the market. It’s a great time to find your perfect spot on one of the most beautiful places anywhere!

Be ready! Get your financing in place first. Know how much you can spend and shop accordingly. If you see what you like and it’s in your price range, don’t spend a lot of time thinking about it. If you like it, someone else will too. Even if the property has been on the market for 6 months or more, the law of averages says that several buyers will show interest in the same property at the same time.

Be realistic! While we are currently experiencing a Buyer’s Market with lots of available properties for sale, this won’t last forever. Find and work with a REALTOR®. Don’t expect that all the Sellers are so desperate that they’ll accept a low offer. Lake Martin isn’t really like that.

I know I’ve said this before, but…

Be educated! Learn about the Lake Martin area - it is huge. You may find the perfect place that meets all of your criteria, but the location will add another hour to your travel time. If that’s an important issue, think twice. Extra driving time can get old and you don’t want to hate coming to the lake because of the trip! Most folks buying at Lake Martin are purchasing second homes and future retirement homes.

Be aware! The services you expect may not be available near your potential purchase. If you’re coming from a large city (most places are larger than Alexander City, Dadeville, Eclectic, Equality, and Jackson’s Gap!) you are accustomed to certain amenities nearby - major grocery stores, movies, pizza delivery, shopping, etc.   Lake Martin is beautiful but a significant part of that beauty is the remoteness and seclusion of its shores.