Lake Martin Topics: What is Value of this Lot??
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Name:
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Osms
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Subject:
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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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