| Name: |
noagenda
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| Subject: |
lot values
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Date:
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5/4/2006 2:48:33 PM
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I am trying to get a feel for the value of my place. Not looking to sell just thinking about making some improvements and want to make sure I do not get carried away with myself.
Dead net, I have 278' WF in a large cove with a big water view towards the west near the gold mines. In the Pleasure Point area off Wynndy Hill Road. Combination wood seawall and some riprap on the other side of the boat house. Just need guessing on the rate per foot of property, I can figure out the value of house and boat house, I think.
Originally, I was thinking about $1500/ft. But with some of the prices I am seeing in the MLS, I might be conservative. Any input out there? I trust my friends here on the board. Most anyway.
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| Name: |
Feb
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| Subject: |
lot values
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Date:
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5/4/2006 3:11:21 PM
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I just had mine professionally appraised. I will only repeat a portion of what was in the appraisal: "The demand for deeded property on the Lake is greater than the supply". Noagenda, You maybe selling yourself short with your home appraisal. Too many things to be considered for a fair appraisal on the Forum. Besides, most of us are not professionals in that line of work. Location - Location - Location.
Email me if you need a recommendation for a professional appraisal firm. Otherwise be tickled at your tax appraisal.
A professional appraisal will cost you about $400.00.
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| Name: |
roswellric
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| Subject: |
lot values
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Date:
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5/4/2006 3:11:51 PM
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Prices are so volitle right now I'd be afraid to price anything low or moderate. I don't have a picture of you lot but if it's fairly gentle I'd say the $1,500/ft number is pretty darn close. You can add in for the seawall and shoreline improvements which now cost a lot more that you would think.
There are smaller lots on Shoreline DR off Youngs Ferry going for about $300K but I suspect you are in a nicer area. Ridge lots generally resale for $400-600K and they are typically steep. It's $100K for a lot back in the slough with poor water-maybe no pier and mooring up against the seawall.
Who knows for sure. The supply is inelastic and the demand is high right now.
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| Name: |
roswellric
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| Subject: |
UH
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Date:
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5/4/2006 3:23:57 PM
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that $100K is NOT in the Ridge BTW
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| Name: |
roswellric
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| Subject: |
Yeah
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Date:
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5/4/2006 3:25:48 PM
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We'll all be singing the blues when the tax assessors figure it out......
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| Name: |
FLee
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| Subject: |
lot values
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Date:
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5/4/2006 3:33:27 PM
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We have been keeping very close tabs on the pricing for lots over the past 5 years. We're considering selling a couple that we currently own and find that $1500/ft is very low compared to the few lots available on the market. We've seen lots (outside of established sub-divisions) with 50ft of water frontage in the back of sloughs offered at $200K.
We discussed pricing the lots "high" back in January to test the market and find that we would be leaving a lot of money on the table today at that price. We heard about one lot selling in January for $270K (had been on the market a couple of months at $290K). Last week it hit the listings at $375K and was pending the same day.
It depends a lot on location, water (ft frontage, view, deep water, etc.) and "buildability", but it's amazing how much all lots have increased over the past 4 months.
No expert here, just my opinion.
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| Name: |
BamaBob3
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| Subject: |
lot values
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Date:
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5/4/2006 3:50:18 PM
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We bought our lot 12 years ago for almost $50k and really felt like APCO stuck it to us. Almost 1 acre, mostly level from mid-point to the water, about 160 waterfront with a great view but not year-roun or deep water. Now it apraises over 200k. I too hope we can continue to pay the taxes. The way thinks are going, they might reapraise every month. I wonder if that is where Gov. Riley got his budget surplus?
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| Name: |
WSMS
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| Subject: |
lot values
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Date:
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5/4/2006 5:03:06 PM
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Don't forget that in The Ridge (and many other developments) you're not just paying for the lot, but for plenty of amenities, as well. So a lot that looks similar to a lot in The Ridge won't command as high a price, because that Ridge lot is priced to include all of those extras.
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| Name: |
Osms
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| Subject: |
lot values
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Date:
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5/4/2006 6:32:38 PM
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Asking price in a real estate book is one thing--selling price is something else. But then there are the ATL folks--bid'em up.
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| Name: |
noagenda
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| Subject: |
lot values
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Date:
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5/4/2006 6:49:46 PM
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Thanks to all. At least I know that $1500/ft is probably a little low. The lot is great, that is why I bought it. 278 ' of waterfront on a gently sloping lot with good water. Only five steps from the house to the water level. Additionally, it's about 2+ acres since the road frontage is probably close to 500 feet. Good area, too. The builders are coming in with spec homes on the few lease lots that were recently made available. Those lots are actually what I would consider to be on the low end of the quality spectrum, but those houses are on the market for over $400K and they are little just like mine.
The house is 30 years old and needs touching up, mostly interior. You, know, blue carpet, gold tubs and toilets and god awful linoleum. But, the house is all brick. The past 8 years I really didn't care since it is a weekender. But the wife is starting to give me the nudge....nowhatamean!
Personally, I just like to sit outside, BBQ and listen to a little Alison Kraus and work my way up to some Syknyrd, have a few pops and go to bed by 10:00.
I do hope to meet some of you all this summer, not sure if you all congregate anywhere. We do venture to Niffer's, Oskar's and occasionally, Col Tom's. (the early crowd). We live in Atlanta (native Alabammers) and come over when we can. The teenagers pretty much dictate our lives now. When we do come we usually just BBQ and float while the kids seadoo, tube and ski.
R
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| Name: |
longtimer
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| Subject: |
You forgot something
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Date:
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5/4/2006 7:32:08 PM
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You forgot the quote marks that should go around "amenities." Some people's "ammenities" are other people's "annoyances."
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| Name: |
Osms
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| Subject: |
lot values
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Date:
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5/4/2006 9:18:30 PM
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Just had an interesting conversation that might impact Lake Martin 'lot values'. Talked with an owner in Gulf Shores that said that a year ago there were 65-70 condos on the market , a month ago there were about 700, and last week a realtor told him there are 2300 condos on the market in Gulf Shores. True?? If it is just remember, it's those same speculators that are bidding up prices on Lake Martin now.
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| Name: |
babygirl
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| Subject: |
You forgot something
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Date:
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5/4/2006 10:36:53 PM
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Longtimer, I know you are good about turning other peoples words into "sturring the pudding". However, WSMS had a point. Some people on the lake THESE DAYS are looking for places like The Ridge or The Harbor because of the restrictions placed on them (ie square footage, landscaping). Some (I will agree not all) have worked their a$$es off for this opprotunity for years. I personally know others that do not wish to have these kind of places because they just want to be on the lake. Lake Martin is a great place to live and I don't blame any of them (no matter where) for wanting to live here.
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| Name: |
noagenda
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| Subject: |
not sure I agree
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Date:
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5/4/2006 11:11:02 PM
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First, like I said, I am not looking to sell. Just trying to make an informed decision on how much to put into the place. For us, it will always be a weekender for the immediate future. You know, if you hatch the eggs, you gotta get'em out of the nest. That being said, I do think there is a fundamental difference between land ownership and condo ownership. I have not heard anyone say that Watercolors, etc. is struggling. Additionally, I do think that the hurricane factor is a contributor.
Personally, I would rather sacrifice appreciation for the benefit of quality of life. That is why I purchased on Lake Martin to begin with. I like quiet evenings and $1.00 beer. Call me crazy.
R
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| Name: |
babygirl
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| Subject: |
You are not CRAZY!
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Date:
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5/4/2006 11:34:13 PM
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The Bottom Line. Quality of Life is the most important thing. Your life is what you make it. Remember, it can be taken away in a moment. That is why everyone should enjoy it from day to day. One more reason why we have worked our a$$es off to live on Lake Martin. So relaxing to come home.
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| Name: |
WSMS
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| Subject: |
Huh?
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Date:
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5/4/2006 11:50:38 PM
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What words did he put in my mouth? He made a valid point: different people like different things.
Are you trying to start trouble, or do you just see trouble everywhere you look?
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| Name: |
longtimer
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| Subject: |
You misunderstood something
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Date:
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5/4/2006 11:50:51 PM
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I neither "put words into" anyone's mouth, nor am I attempting to "stir the pudding." I'm merely pointing out a fact-- what some people consider "amenities," others consider "annoyances." Examples:
streetlights
paved roads
sidewalks
convenience stores within walking distance
overdone landscaping
security guards
I know there are people who wouldn't have a place on the lake unless it included all of these things, and more. And I know that there are people who wouldn't have a place on the lake if it had ANY ONE of these things; I'm one of them.
I have no problem with the people who desire the things I find so distasteful, as long as they respect my rights to like the other things, and as long as what they want doesn't impede with what I want. (Likewise, I need to make sure that what I want doesn't infringe on them.). As long as that word "RESPECT" is alive and well in the situation, there are no problems. But when one-- or both-- sides of a particular stand stop respecting the rights and desires of the other... THAT'S when the problems start.
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| Name: |
longtimer
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| Subject: |
Great minds... :-)
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Date:
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5/4/2006 11:51:53 PM
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| Name: |
WSMS
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| Subject: |
LOL!! Beat me to it! Hey...
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Date:
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5/4/2006 11:58:37 PM
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you'll love this.
An agent tells me that she had somone who was looking to buy a house, and wanted to know what the "popular and influential" people liked in a lakehouse. Not "what styles are popular," but "what do those people like?" Apparently they really did want to get something that the "popular, influential" people would like, even if they didn't like it themselves.
If you've ever wondered why there were so many ugly houses being built on the lake, now you know... it's because people are building what they think will make them fit in with a certain crowd; that's all that matters.
All because one idiot/future jailbird built the ugliest house on the planet; now everyone thinks that if they copy him, they'll... what? Inherit his money?
If only he had had taste... or hired a decent architect.........
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| Name: |
longtimer
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| Subject: |
LOL!! Beat me to it! Hey...
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Date:
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5/5/2006 1:29:09 AM
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I can almost tolerate the ugly houses; it's that they cut down all the trees so that I'm forced to look at them. (And then they plant grass, which they fertilize heavily; and then the fertilizer and persticides run into the lake. Meanwhile, the animals that have been displaced by the removal of every natural feature in the area have the audacity to hang around and try to survive, rather than moving away and/or starving to death. The nerve.)
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| Name: |
Feb
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| Subject: |
lot values
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Date:
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5/5/2006 7:12:49 AM
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Well Osms, I know you have some experiece with these things. You personallly know the deeded water front values of other nice lakes around the country. Therefore, you also know how underpriced water front property is on Lake Martin. It is also in the Sun Belt and in Alabama where Property tax is so low.. All the indicators point to a higher demand than supply at current prices. Yes, at some point prices may curtail demand. I believe that is some ways off. My Virginia lot price without water exceeds the current value of my water front lot on Lake Martin. I am speaking lots and not homes.
Many people are seeing Lake front property as a steal in Alabama and Tennessee. You will never see it this low again in your or my lifetime.
This is my honest opinion.
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| Name: |
babygirl
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| Subject: |
Exactly!!!
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Date:
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5/5/2006 8:13:24 AM
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Longtimer, you are really making some good points lately. You hit it on the head. RESPECT!!!!!!!!!!!!!!!!!!!! Everyone has the right to have what they want as long as they RESPECT everyone else around them.
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| Name: |
Flash
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| Subject: |
lot values
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Date:
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5/5/2006 11:01:05 AM
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Feb, your honest opinion is dead on. While I've seen an appreciable increase in land value, the same increase in unit sales value is absolutely staggering. While cost of building has been fairly flatline, with the exception of the vaccuum Katrina caused, unit prices have to be revised upward in almost monthly increments. When you see developments done in "phases", the prices for each phase jumps dramatically. By the time the phase is completed, they are already undervalued. Unfortunately, it doesn't matter what you build, whether it be with all the amenities or a stick cabin, if you build it, they will certainly come. Woe be unto us if the apprasiers catch on.....
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| Name: |
lakewidow
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| Subject: |
lot values
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Date:
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5/6/2006 9:53:54 PM
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I am also trying to get a feel for my lake house value. It is new construction - completed last summer. The appraisal came in at the cost of the house (+ the lot). I was anticipating at least an immediate appreciation of approx. 20%. What's y'alls thoughts on this?
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| Name: |
BigFoot
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| Subject: |
lot values
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Date:
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5/7/2006 8:20:01 AM
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..too many variables here to say...would have to consider reasonableness of building costs and initial outlay for lot...also, the
method used for your appraisal and whether it is an appraiser hired by you or your mortgage company.....regardless of the case, your 20% spike
will be along any day now!
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| Name: |
lakewidow
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| Subject: |
lot values
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Date:
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5/7/2006 5:15:50 PM
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Bigfoot - Thanks for your thought. The appraiser was hired by the mortgage company, so I'm sure the amount only needed to be high enough for the loan. And yes, I may have overbuilt for the area I'm in, but I quickly see things catching up around me!
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| Name: |
roswellric
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| Subject: |
You misunderstood something
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Date:
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5/7/2006 6:00:01 PM
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True!
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| Name: |
roswellric
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| Subject: |
lot values
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Date:
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5/7/2006 6:01:33 PM
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Using $1500 is not a good way to do it as you pointed out. There is kinda a base value and as the frontage gets higher there is a point of diminishing returns.
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| Name: |
boataholic
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| Subject: |
lot values
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Date:
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5/8/2006 2:02:18 PM
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Just to mess with the $1500 ft theory, consider these: The Village, a new development near the Harbor in the Overlook area of the south side of the alke, is selling 1500-1800 ft homes on 50-60 foot lots for over $500,000. Even assuming a high price of $200,000 for the house and "amenities", that is $5000-6000 a foot. It isn't an aberration either, in Lake Martin RV Resort (old Bama Park), lots with semi-permanent mobile homes are going for $200,000. Assuming $35,000 for the mobile home and decks, etc, that is over $5000 a foot. We are getting close to the time when 2 bedroom cabins on 150 ft lots will be bought for $500,000, torn down, and divided up 3 lots.
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| Name: |
roswellric
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| Subject: |
Uh...
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Date:
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5/8/2006 5:13:28 PM
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That's happening right now.
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