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Feb
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| Subject: |
Just Curious
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Date:
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11/15/2007 5:04:08 PM
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I would like to think I am opened minded to the poiint of reasonable.
There has always been a lot of post about what it would take for one to buy on Lake Martin.
The recent comments and suggestive commments by some Forum member have me wondering. Many are long time good friends on the Forum.
So here is my question since many of you compaln about the value of Lake property..
What would you be willing to buy and what would you buy tomorrow for a place on Lake Martin.
There are many variables, so be specific in your response to water frontage, just a lot, a cabin, part of the Lake and etc.
I want to hear reasonable in your mind's eye as to what it would take for you to be a Lake property owner. (Come on JIM, PP and others)
I don't want to hear any crap. I want to hear specifics from your point of view.
Bottom Line: What would you want and what would think reasonable to pay. No Bull SH*T.
Now what you can afford but what is reasonable in your view.
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| Name: |
Feb
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| Subject: |
Just Curious
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11/15/2007 5:25:02 PM
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Sorry, Last line is "not what" vs. "not why". I do not think what we can afford is a fair question. There are a lot of things most all of us can not afford.
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| Name: |
choppa
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| Subject: |
Just Curious
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11/15/2007 5:32:59 PM
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I think each persons opinion may vary. We bought a cabin in mid 400, we have water right now and very large view. I have followed the market well over a year, we also rented a place for 6 months this summer to find a good location. Each situation is going to differ, 400 K was good for me and my family
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| Name: |
JIM
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| Subject: |
Just Curious
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11/15/2007 6:06:38 PM
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At this stage of my wife`s and my life and health problems, it`s not a matter of money but common sense. If I would have had the emergency at my ole place on the Lake in Aug 04 , I would not be posting now. Roll the dice, and hope nothing bad happens. Chances are it is as you get older. GOOD LUCK.
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| Name: |
lamont
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Sorry Feb
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11/15/2007 6:27:54 PM
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Can't post w/o crap and BullSh!t . It's a personal problem I am trying to deal with.
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| Name: |
Hawks Nest
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| Subject: |
Just Curious
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Date:
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11/15/2007 7:15:44 PM
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Why sell? The lake is awesome...even w/ less water. Very peaceful place to be. In my opinion, I paid handsomely 3 yrs ago. $300k for a 620 sq ft Ala Pwr cabin w/ 300 ft waterfront. I don't care if price fall to the bottom because I'm not ever planning to sell. I love the lake too much. Hey, if property values fall way down, can we reappraise and lower the property tax?
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| Name: |
Feb
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| Subject: |
Just Curious
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11/15/2007 8:03:28 PM
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Could not agree with you more.
People already know lake property is not going to go sour, and it can not be stolen for a pittance.
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| Name: |
boataholic
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| Subject: |
Just Curious
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11/16/2007 1:13:42 PM
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Thanks for asking the question I wanted to ask, but was too lazy to bother. I see you have no takers, so I guess that tells you what you needed to know about the complainers.
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| Name: |
ALSCN
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| Subject: |
Just Curious
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Date:
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11/16/2007 4:05:05 PM
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Since PP has not replied and I am sure it is probably because he hasn't read this thread. I will try to give you some insight. I think what is aggrivating the most to us is the fact that around 5 - 6 years ago, PP and I looked at a lot on Kowliaga, that was around 90,000. One single year later, in the same exact area, the same size lot with less stable land (meaning a large hill), was $150,000. That to us has been the ridiculous side of the real estate market at the lake. We both work in Montgomery, so we have to not only think about the real estate price, but our commuting as well. That is quite a lot of gas money.
When PP talks about the over inflated real estate, he is more than likely (and I am just speculating because I can not speak for him), thinking about instances, such as a really good friend of ours, who purchased a lot and built a house just a couple years ago. The total for the purchase and build was aroun 300k, now that same friend has his house for over 600k, that is 100% in a couple of years... that is ridiculous. We have looked at places all over the lake. The prices are ridiculous... even with the view.
It's not so much a matter of what you can afford. PP and I both hold nice positions for employment and we have been blessed. But that doesn't mean that we are going to spend half a million on a 2 bedroom cabin that was built in the 70's. It makes no financial sense.
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| Name: |
JIM
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| Subject: |
Just Curious
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11/16/2007 5:50:58 PM
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ALSON, You a 110% correct . These folk`s esculate the price and see what the market will bare. There are a lot of i`diots out there that will pay these inflated prices. I have had a place, a nice place on the Lake, Most of the time it was a pain in the a`$$. some time fun, all according to what you call fun. Most of the time could not wait to get back home to Ga, where people are not trying to out do the Jones. In the winter it was miserable, and face it,the water is not if front of the dock from Oct. till May, that at least 6 months out 12.
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| Name: |
boataholic
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| Subject: |
Just Curious
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Date:
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11/16/2007 10:44:33 PM
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Oh I understand. I will always remember the 80,000 lot I thought was too high 7 years ago. About a year ago it was re-selling for 320,000. What I have learned from watching the lake market is that outside of new developments, the value is always in the lot. Those crummy old 2 bedroom cabins on great lots always sell quickly, despite the fact that prices are now in the 500-600 range. The $50,000 cabin on the lot is now incidental to the price. If the water is deep, the view is long, and the shoreline is long, the price of the lot will continue to soar. But I would love for prices to cool for a few years so I can trade up.
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| Name: |
Hawks Nest
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| Subject: |
Just Curious
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Date:
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11/17/2007 10:08:37 PM
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I have one of those crummy 2 bedroom cabins. For me, it's much better than a fancy place that could double as a full-time home. When we go to the lake, we try to spend most of our time outside. The small cabin doesn't require much from us. Easy to clean. Quick to heat and cool. Cozy atmosphere. I paid too much for it (in yesterday's dollar) but I wouldn't sell it for a million now...even if it's only worth 1/2 that. This is why I'm not concerned about value. I do understand the frustration of those currently in the market though.
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| Name: |
boataholic
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| Subject: |
Just Curious
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Date:
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11/19/2007 4:15:19 PM
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Yes, simplicity can be the key to lake enjoyment. The bigger the house, the less time you will spend on the water. Our first lake place was 500 sq ft. I thought it would be cramped but we loved it. Cleanup was a breeze and it was cheap to own. I too thought I paid too much but it doubled quickly.
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