Eau Claire Lakes Topics: property values...

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	Name:	Bob -
	Subject:	property values...
	Date:	6/7/2006 11:21:09 AM

I read with great interest everyone's opinion on the current market at Lake Martin. While I do think that real estate as a whole is too frothy I think Lake martin will continue to climb. Everyone is too focused on Lake Martin prices relative to those same prices in previous years. Lake Martin has become a regional if not national draw in the past few years. No longer is the lake "Montgomery's Lake". In the past 3 to 5 years Atlanta has discovered our lake and while you can debate the value of that discovery relative to quality of life, there is no dispute regarding its affects on property values. We now have a market of nearly 5 million + people 2 hrs away that continues to discover our lake. sveral years ago none of my neighbors were from out of state now "Atlanta people" are on both sides of me. I am building a new home on the lake and my agent says most of the buyers she is dealing with are from the ATL.

These new buyers from Atlanta (remember this is a market larger than the entire state of Alabama) see our property values (even now) as a bargain compared to lakes in Georgia. Futhermore you have a large segment of the "Florida Panhandle Condo Market" that no longer wish to be in the path of hurricanes. Not only are property values greatly higher on the coast but the costs of ownership are skyrocketing with rising insurance costs. This is also driving folks to our lake. When you add in the fact that so little raw land is not controlled by Al power and Russell you get the perfect cocktail for continued appreciation. A three bedroom condo in destin will cost you 1.5 million and you have to drive 6 hrs from Atlanta or 3.5 hrs from Montgomery to get there. This compares with 550+ for a condo here that is hours closer by. the bottom line is there just ain't nothing like our lake and prices will NEVER be as "affordable" as they are today. You WILL regret waiting a few years if that is your plan. There are MACRO Economics at play here and the fact that LM was "undervalued" for so many years is irrelevant. You better get on the ship now cause she has sailed...just my opinion...