Oak Mountain Lake Topics: A ? to Harborcon

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	Name:	Harborcon -
	Subject:	A ? to Harborcon
	Date:	4/4/2007 5:58:54 PM

Well, I'm not the President of a bank (although I know a couple), and I don't make loans so your hypothetical doesn't work for me. However, I have bought/sold 12 houses between 1964 and 1994, and have had appraisals made on each. Sold three by word of mouth and used the appraisals to determine the price for each. These were in residential neighborhoods, not resort property. I also own a beach house, which I had appraised before I purchased it, and was able to get it for about $20k less than asking, based upon the appraisal (for which the appraiser said there just were no good comps). My point is that Lake Martin is an anomaly; it isn't a neighborhood in the usual sense (although the folks are certainly neighborly). It is my guess that, so far as Lake Martin is concerned, the realtors have a better sense of a given property's value (and by that, I mean fair market value - what it would bring in an open market) than do appraisers basing their values on comparables. How can one compare a property at the south end of the lake with another miles and miles away, perhaps in a different county? I am a firm believer in realtors - believe they earn their money most of the time. Sometimes they may get lucky and make a quick deal and some quick big money, but it seems to me that would even out for those agonizing takes-forever deals with small return. And thank God I don't have to explain anything to the bank stockholders! I'd rather they explain the dividends (or lack thereof) to me! Finally, I'm just thrilled that I have a deed to a little piece of the lake and that I'm not looking to buy one these days. I wouldn't have a prayer!