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Name:	Hadenuff -	Reply
Subject:	Home sales
Date:	8/21/2008 7:24:09 AM

I see this question on here every few months but have not seen it lately (maybe it just missed seeing the answers).
What is the real estate market like on the lake these days? I think the market did not have the slump most areas experienced but I'm not an expert. Are homes moving, are the prices reduced, is there very much interest being shown in buying property on the lake?

Name:	boataholic -	Reply
Subject:	Home sales
Date:	8/21/2008 1:26:47 PM

Hopefully, the real expert John C will reply. My amateur tracking of the MLS website shows homes are not moving, and inventories remain high. Well over 600 for sale now, vs. 500+ this time last year and less than 400 in 2006. The sales that do occur are usually at the lower to middle end of the market at asking prices that appear to me be lower (10-15%??) than last year. High end of the market looks bad; there are 57 properties (32 houses, 23 lots, 2 townhouses) listed in The Ridge alone. 25 of those houses are asking over $1.5 million (13 of those in the $2M to 3.6M range). I have seen only a couple of houses marked sold this year in the over $1.5M range so if you have the money for that price range, now is the time for "bargain" hunting..

Name:	roswellric -	Reply
Subject:	Yes but...
Date:	8/21/2008 5:57:06 PM

The supply of lake homes is inelastic. New supply is restricted by the fact that there are only 2 defacto land owners that can bring new inventory. That inventory can disappear overnight when the market gets going again. Prices will rise quickly and that's when you will hear the wailing from the buyers that coulda but didn't.

Name:	Ulysses E. McGill -	Reply
Subject:	Very true
Date:	8/21/2008 9:44:13 PM

if you want a lake home, and find something you like and can afford, buy it. I don't think the opportunity will ever be better than it is right now.

Name:	Feb -	Reply
Subject:	Yes but...
Date:	8/21/2008 10:52:44 PM

I concur with RR and jlazc.

On top of what they mentioned, you have the increased cost of building material and labor. You just can not build a house for the price of some existing homes on the market these days.

Name:	John C -	Reply
Subject:	home sales
Date:	8/22/2008 10:20:17 AM

I apologize for the lack of recent sales info on my blog. I have been trying to do a post on the 2nd quarter results for the last month but have been busy (praise God) with on the lake stuff.

In general, the market is still as lukewarm as it was last year. through June 30, there was NO increase like we were hoping for with the full pool. I agree with above posters that this buying opportunity will not last. It's the perfect storm vs sellers.

I will run the numbers and post them here later, but a cursory look at quarter ending june 30 shows me that.

However, july and august I do expect to beat last year. as stated above my sellers and buyers are having a lot of luck closing deals. talking to a few other realtors, they seem to me busier as well. But I will run the numbers and post results for 2Q08 and July 08.

By the way, another thing that has slowed me up has been a redesign of my blogsite, working on some really cool changes to benefit the online community. will post later. I am really excited about it, just ironing out the kinks right now.

URL: Lake Martin Voice

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