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The front page of the Birmingham Business Journal was an article on Lake Martin Development for more upscale homes starting @$799,999. Anyone read it? It's called Bolton Cove. IT talked about the housing market on the lake and the water being up.
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| Name: |
boataholic
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| Subject: |
Birmingham Business Journal/LM
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Date:
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4/29/2008 9:32:34 AM
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$799! Wow. If you are in the Parker Creek area, you gotta go ride past this one. It is off Coosa County Road 20. By water, if you have Veazey's Marina on your right, then follow the land that is on your left to the northwest, past the new house(s) at Eagles Point, to the second slough/cove and you will see it. Be sure to idle up deep into it to get the full effect.
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| Name: |
Feb
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| Subject: |
Birmingham Business Journal/LM
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Date:
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4/29/2008 9:44:09 AM
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Yes, I believe the below link is the article you mentioned.
Bolton Cove is in the Parker Creek section of the Lake toward the end of Coosa County 20 before you get to Eagle's Point.
I was by there yesterday and they have three of the homes in progress. They are relatively large three story places and very close to gather. I dare say you could easily pass a cup of coffee out your bedroom window to your neighbor next door.
For the price, it would not be my choice. I am sure it is not as bad as Karis Park, but I am not familiar with Karis Park. Bolton Cove was started about two to three years ago and is just now starting vertical construction. I was at the Lake in early March, and the houses were not started (maybe the foundations), and now the exterior to include siding is almost complete. They were unloading insulation yesteday.
The development design strategy has changed from Tuscan inspired villa theme to the current Florida style home design.
URL: Bolt Cove
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| Name: |
Freshwater Bay Girl
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| Subject: |
Birmingham Business Journal/LM
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Date:
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4/29/2008 10:03:47 AM
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Yes- This is it.
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| Name: |
boataholic
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| Subject: |
Birmingham Business Journal/LM
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Date:
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4/29/2008 10:16:48 AM
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Not only can you pass a cup of coffee next door, once they add houses on the other side of the water, you will be able to easily talk to your neighbor across the water without raising your voice.
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| Name: |
Mack
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| Subject: |
Bolton Cove Joke
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Date:
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4/29/2008 10:02:19 PM
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True Lake Lovers must just laugh at this joke.
The "Cove" is 30 Yards wide at most at the back of a "Cove" which during the winter was very dry. The proposed "Lots" are jammed up together, lining both sides of the Cove. All waterfront lots have about a 15 degree slope toward the water. Big plans for clubhouse/ community dock//etc.
For $800K pre-construction!! My Goodness.
Been on LM for 40 years, owned property for 18 years, and seen it go from "get away property" to another deal altogether. Don't like it at all.
So, What is a "long Timer" to do?
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"What is a "long Timer" to do?"
Keep what you got, enjoy it, and keep laughing at the jokes.....but don't worry about them.
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| Name: |
boataholic
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| Subject: |
Bolton Cove Joke
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Date:
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4/30/2008 9:07:04 AM
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I don't understand the mindset of the developers, but it look like they enjoy playing with bulldozers and think they should make their life's fortune in this one project. For 800 you can buy an existing cabin on the lake, demolish it, build your own house, have money left over, with better water, better parking, and no neighbor six feet away. Will people really pay that kind of a premium for inferior property in order to gain the amenities of a community pool and clubhouse and to be a part of some pseudo-exclusive community? I patiently await being proven wrong by the developers, but I expect both Bolton Cove and the nearby Eagles Point will eventually have to drastically reduce their prices and/or redesign their projects. I wonder what John C thinks about their pricing.
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| Name: |
Feb
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| Subject: |
Bolton Cove Joke
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Date:
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4/30/2008 10:10:44 AM
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My personal agreement with everything you stated. If this type of Lake lifestyle does catch on, then I see boat storage as a very lucrative future business. PARSIMS Storage down close to the intersection of 259 and 20 could be a gold mine.
You see a lot of this type of development in many metro areas. It seems some people have little desire to maintain yards or exteriors. They work long hours and just want the pleasure of their off time. You will see mini-manisons (four times the size of anything I have ever owned) sitting on postage stamp lots.
I for one just do not understand it, but It is appearing like I am in the minority. Like others have stated, it will lead to overcrowding compared to what we are used to.
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| Name: |
John C
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| Subject: |
Birmingham Business Journal/LM
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Date:
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4/30/2008 10:25:18 PM
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IMO this article was a bit misleading. The sales figures they quoted were for the entire LM area, which includes off of the water properties as well. But to me the article inferred that they were talking waterfront only.
I have been meaning to write a post on my blog to point this out, but have been away from the PC lately.
If anyone is curious as to the first quarter 08 results of waterfront ONLY sales, see the below link.
Give me a day or two and I will post on the BBJ article.
URL: Lake Martin is High But So is Real Estate Inventory
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