| Name: |
Maverick
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| Subject: |
What is Value of this Lot??
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Date:
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8/25/2006 1:18:23 AM
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Trying to figure FMV of a lot. Here are the details, and lets be serious here as I value others opinions on the forum:
End of Point View Lot (sloughs on both sides of property)
Lot on main channel
Lot has 700+ feet of waterfront
Lots of nice tall trees
Lot faces Southwest on water side
No Seawall (would probably cost about $70k for rip rap seawall)
No dock, etc.
Year round water
Deep water and big water view on both sides
Right side view about 4 mile view towards Wind Creek
Left side view about 2 miles towards Bay Pines
Moderate slope on water and street side (not steep), so you could grade down the lot or build house on top of lot.
Could build a nice size house on the top, so footprint not a major issue. If house built on top about 50 yds to water, but no steps required as slope is moderate.
Not in a Russell or others subdivison
Has old cabin on property which would need to be torn down to maximize the true property. So no value added for existing dwelling.
5 minutes to Hwy 280 and 15 minutes to town.
Lot is an old APCO lot, so no Russell restrictions.
So what does eveyone think todays FMV is, lookig for serious opinions here.
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| Name: |
Maverick
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| Subject: |
Fogot something
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Date:
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8/25/2006 1:20:51 AM
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About 1 Acre lot and house around lot are very nice house, but older.
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| Name: |
Feb
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| Subject: |
Fogot something
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Date:
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8/25/2006 6:14:53 AM
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Maverick, If you are serious, you may want to contact a professional appraiser and pay a few dollars. You can use their appraisal to help you negotiate. Don't forget the old cabin is not worthless. Once you own property, contact local fire dept and donate it for a tax write off. Make sure your appraiser sets out in appraisal the value of the cabin for support of your charitable contribution. A controlled burn will also reduce the cost of cabin removal. You can salvage any usable items from old cabin prior to burn.
Personal opinion: I would think this is not a good lot for developers since it is a point and a former APCO lot and will restrict developers. Great lot for an individual nice Lake House. . You could be looking at close to a million dollar lot. + or - 1/2 million. Sizable swagger. That's why I say pay $400.00 and get a professional appraisal. You maybe able to write the appraisal cost off with the donation of the cabin.
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| Name: |
Feb
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| Subject: |
Fogot something
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Date:
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8/25/2006 6:17:54 AM
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Postscript: If you require a loan, you will need it appraised anyway.
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| Name: |
roswellric
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| Subject: |
What is Value of this Lot??
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Date:
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8/25/2006 6:33:33 AM
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I sure hope this is your lot because you will be a very happy camper. I guess its highest and best use would be to split up the lot into two parcels if possible. Then in my uneducated opinion I would think it would be approaching $1.5M.
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| Name: |
Feb
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| Subject: |
What is Value of this Lot??
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Date:
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8/25/2006 6:38:03 AM
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It sounds somewhat like his lot except Mav has a nice cabin on his lot with a lot of other improvements. I have seen pictures and would like to hire is landscapper.
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| Name: |
Osms
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| Subject: |
What is Value of this Lot??
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Date:
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8/25/2006 9:11:56 AM
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Couple of issues come to mind. What are the neighboring houses like? New, old, cabins, newer lake homes? How good is the access road--a real road or a pig trail? Paved?
The lake banks on that side of the river are high red clay in many areas; do you have a high drop off? As you know, these are factors that will influence the value.
A huge new house, at the mouth of Madwind Creek, north side, that was very expensively built did not sell for a couple of years because it was nestled in among cabins on very small lots and a pig trail road. The house was out of place for the neighborhood. Owner probably lost $500K or more.
If you grade down the lot--you lose the trees. There is a house on the side of a point in the area you are describing that practically clear cut his lot, terraced it with a concrete wall. Built a large subdivision type brick home with a huge concrete seawall and boat ramp from his garage. No trees.
Value? Depends on the buyer. Be careful with alterations.
Probably shouldn't say this, but all property on the lake is NOT comparable to The Ridge prices, regardless of what FEB thinks.
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| Name: |
Feb
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| Subject: |
What is Value of this Lot??
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Date:
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8/25/2006 9:49:55 AM
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No Osms, I do not know the value of property in the Ridge, other than it is exclusive and expensive from what I have heard. I have not even been over to the Ridge in over two years. I also do not know the value on most of the property around the Lake. I do know what I desire personally, and I am sure it differs from what some others may desire. I have heard some recent values in Parker Creek and have been somewhat surprised. I like this area of the Lake.
Please reread my above post to Maverick and my recommendation to him. The only time I have had any first hand knowledge of values of lots and improved proprty was restricted to the Parker Creek area back when I bought my place. The experience came from shopping the market and in the hands of a capable Realtor. The only soul who has hazard an opinion was RR at one point five million.
I have always maintained from shopping other Lakes in other parts of the US that property in the past has been underprised for what you are getting on Lake Martin. I have stated repeatedly I personally thought values would continue to excalate on Lake Martin. I believe with few exceptions I was right. I also maintain prices will continue to excalate but not as much as in the past. There is a big difference in a one percent escalation on a million dolllars than on a hundred thousand dollars.
Maverick did not state the asking price. It would be interesting to hear the number.
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| Name: |
Osms
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| Subject: |
Knew I shouldna' said it...
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Date:
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8/25/2006 10:13:25 AM
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Interesting side light. APCo leased some lots in that area about three years ago. Some of that property is under construction or completed: if I remember correctly one contractor got two or three of the lots--it would be interesting to see what he sold or is asking for the houses.
As previously stated, I have never been into the Parker Creek area so I have no feel for real estate, but I would imagine that it is popular with Montgomery and Birmingham folks because it is close to both, as well as having the prettier water on the Kowaliga side.
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| Name: |
Feb
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| Subject: |
Knew I shouldna' said it...
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Date:
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8/25/2006 10:32:34 AM
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I think the appeal to most of us in Parker Creek is the serenity. To others, they may prefer the more robust part of the Lake closer to the action. We in Parker Creek seem to think action is a deer or turkey crossing the road.
I would like to see a bit more in Alex City, and maybe it will come Some of us, as recently posted on the Forum, are somewhat concerned at recent developments. I am hoping there is no reason for concern.
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| Name: |
boataholic
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| Subject: |
What is Value of this Lot??
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Date:
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8/25/2006 12:49:33 PM
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I'll show my stupidity and take a guess and say the maximum value is about 1.8 million if you divide it into 4 or 5 lots and sell them individually. Sold as one lot, less than half that.
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| Name: |
roswellric
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| Subject: |
What is Value of this Lot??
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Date:
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8/25/2006 1:03:09 PM
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What would you do with the do-do?
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| Name: |
Osms
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| Subject: |
Put the field lines...
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Date:
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8/25/2006 3:40:44 PM
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under the basement, I guess. He probably didn't see the one acre part.
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| Name: |
au67
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| Subject: |
What is Value of this Lot??
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Date:
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8/25/2006 5:57:59 PM
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Don't know the value of your property but will give you something to compare to. Some neighbors of mine here in Sandy Creek have property with 1200' of rip-rapped shoreline, 2 piers and a relatively nice home. Being generous, I would estimate the value of the house alone at $500K max. They're asking $2.5 million for the lot and house. It's listed as "your own island" by Russell Lands. Most other property in this area that is for sell is well under $1 million. As we all know, 'asking' and 'getting' are not always the same.
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| Name: |
Osms
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| Subject: |
au67
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Date:
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8/25/2006 6:40:05 PM
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I guess the folks in the 'island home' have been squeezed out by the development all around them. Three years ago they had the world to themselves now they have Sea Doo houses behind them (can't even get a Sea Doo up in there now), and development on all sides. I'll bet the value of that property is more like $800-900. Personally I wouldn't want it --it's a shame.
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| Name: |
TUB
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| Subject: |
What is Value of this Lot??
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Date:
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8/25/2006 10:49:07 PM
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Best uneducated guess $500k to $700k
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| Name: |
longtimelaker
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| Subject: |
What is Value of this Lot??
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Date:
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8/26/2006 1:03:55 PM
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There is some mention on posts above about subdividing the lot. I believe it was mentioned that the lot is an old APCO lot. We have an old APCO lot that we bought from APCO in 1994. It is my understanding that these old APCO lots can never be subdivided. Ours can very easily be two lots, but we were informed that it can never be subdivided when we bought it from APCO.
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| Name: |
Feb
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| Subject: |
Think You Are Totally Correct
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Date:
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8/26/2006 2:25:56 PM
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| Name: |
Osms
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| Subject: |
What is Value of this Lot??
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Date:
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8/26/2006 3:08:55 PM
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Thank goodness they can't be subdivided.
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| Name: |
ot
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| Subject: |
What is Value of this Lot??
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Date:
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8/26/2006 9:12:49 PM
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thank God for that. the general public has proven to be absolutely stupid on this lake. (dividing lots)
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| Name: |
JUA
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| Subject: |
VFD Donation of house
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Date:
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8/27/2006 10:32:33 AM
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One word of caution regarding the donation of the house for a training exercise by a fire department......
Include language that requires the FD to strictly follow EPA and NFPA guidelines for a training burn. This will reduce your liability if they decide to burn asbestos shingles, carpet backing, etc. It also limits liability if they don't follow NFPA standards during the burn and someone gets injured while on your property. Remember you'd still own the land and could find it necessary to be in court facing a widow.
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| Name: |
Maverick
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| Subject: |
Feb - My Landscaper
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Date:
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8/27/2006 10:33:48 PM
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Told you the other night you could not afford him, as I am my own landscaper.
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