Lake Martin Topics: comment on John G's Blog

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	Name:	MartiniMan -
	Subject:	comment on John G's Blog
	Date:	8/8/2007 12:48:01 PM

Bob:

I have mixed feelings about the impact of low water levels. I think it has probably had an impact but I think it is very difficult to quantify. John's guesstimate is probably as good as anyone's since he has a broad, long-term experience in the market. I do think if you look at lake prices in Georgia (those that are run of the river and those that are down due to the drought) Lake Martin is still a great buy. I wonder as well what impact the subprime meltdown is having on available financing on second homes. Having said all that I would agree that the main impact is supply and demand.

There appears to be a double whammy of an increase in supply from condos and reduced demand (probably from multiple causes). Such is life in the real estate market. We bought our lakehouse 5 years ago and have seen significant appreciation in value. What motivated us to buy when we did was the comment from a real estate agent that people from Atlanta had discovered Lake Martin. What that told me was that prices would be driven up simply because Lake Martin was cheap when compared to Georgia which would drive up demand and prices. Thats what appears to have happened. However, if we put our house on the market today my guess is that if wanted to hold the price at its appreciated value it would take a lot of time to sell. As a real estate agent in Atlanta once told me when I asked what was wrong with a house in our neighborhodd that took forever to sell, "its always the price." A house is worth what someone is willing to pay for it. Want to sell quickly, lower the price until it sells. Want to garner a high price, prepare to be patient.

As for me, I tell my friends in Atlanta that now is a great time to buy on Lake Martin. Lots of supply, possible motivated sellers, low interest rates, etc. Five years from now they will look like a genius like we look smart with our purchase. Better lucky than good. Sorry for the tome.