Clear Lake Topics: Alabama Power Leases
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Name:
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copperline
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Subject:
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Alabama Power Leases
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Date:
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1/24/2006 10:07:59 PM
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We held on to our Power Co leased lot from 1964 until until they allowed us to purchase it several years ago, and all that time it wasn't much different from owning the land... in fact, we sort of felt like we did because the lease was simple and renewable. And in contrast to Russell Lands, when the Power Co did offer to sell us the lot, it was within reason and FAR less than the nearby Russell lots which were priced so high that many, if not most, of the original owners were forced to leave the Lake. Of course, Russell was growing subdivisions and the Power Co was just selling their lake shore.
As time has passed and prices have surged skyward, I know we got a bargain over those years... and it may be that the Power Co wouldn't be as easy to get along with now. But if I wanted to get a foothold on the lake and couldn't afford to buy the House and the Land all at once, I would give it consideration. I also assume that the Power Co has no reason to continue to own the lots it intends to lease, and at some point will offer the leasee the first option to purchase. But when the offer comes, their opinion of fair market value isn't negotiable. Good luck.
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