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Name:
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John C
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Subject:
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A huckster's reply
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Date:
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4/20/2012 8:41:26 AM
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I would say, so far, on the balance, their "cabins down dirt roads" efforts increase values. Consider:
1. the homes they removed were rentals, not sales, that were owned by them any way.
2. The homes they have sold so far are in the 800k - 1m range, well above the average for waterfront properties. Anything above an average helps an average to increase.
3. So far they have sold quickly, a sign that demand is high for the "product" - no lingering around for 300 days on market.
4. So far there have only been 8 or so sold, and when you consider there are like 375 properties for sale now on the lake, that's a miniscule amount, not much to affect supply
5. Even if you compare it vs sold homes in the last 12 months, which is like 215, it still would only be 4% of the market. Not a big influence either way.
So my judgement is a slight increase in overall lake values. But slight. A bigger effect on the market is when they open a new development like the Ridge and sell in the order of 100 or 150 lots. My guess is that they won't do that with these cabins. They will eek them out slowly. But that's just a guess.
Personally, I like the concept. I think it's a wise addition to their portfolio because it's different from anything else they have done, and geographically it's in their "powerhouse corridor" of Russell Crossroads / Ridge / Windermere / Windover. Evidently people agree because they are selling so quickly. This is just my opinion, and from a huckster that is extremely unlikely to ever sell one because they are pre-selling most of those in house, and only putting them on the MLS once they have already sold. But I wouldn't be true to my huckster nature if I didn't say... "anyone interested out there, call me!"
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