Copan Lake Topics: Watch out

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	Name:	John C -
	Subject:	Watch out
	Date:	4/25/2013 9:56:56 PM

I have to respectfully disagree with Wix on a couple of statements:

"some are under bank control" - of the waterfront condos, off of the top of my head, I can only think of one (Stoneview Summit) that could possibly be under bank "control" if you define control by ownership of a majority of units. In the case of Stoneview Summit, I could even be wrong on that one, so please don't quote my guess as fact. I don't have exact knowledge, but my guess is that most of those units are not owned by the bank. Other than that, unless someone can correct me, I can't think of another one.

"condos have been a flop at Lake Martin" - I know people who have owned condos at Lake Martin for a very long time and enjoyed them. They would not consider their condo a flop. They are folks that place a priority on convenience, or upkeep, or pools, or some other aspect that they like. One thing I learned quickly about selling real estate, people are different. They want different things in a lake place. They like different areas of the lake. Vive le difference.

"investor owners" - are not inherently evil, in condos or elsewhere. I can point to a lot of people that "invested" in homes or lots during the boom that lost more than their shirt. I can also point to myself that was an investor in some bank stocks that are now worthless. If I had invested that money in a condo, at least I would have a condo, instead of $0.89 per quarter in dividends.

This all gets back to my original statement. For any condo, insist in writing about getting the HOA documents and financials. Also - for a home or lot purchase - watch out, too. Do your homework, get help, and get a good deal.