(Lake Ray Hubbard Specific)
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(Lake Ray Hubbard Specific)
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| Name: |
Kizma Anuice
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| Subject: |
? for John C., Realestate Huckster.
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Date:
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4/19/2012 9:42:09 PM
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Does the recent actions by RL regarding getting rid of the cheap seats on the lake, enhance the property value of water front properties on the lake? Or does it decrease the value of lake front property. Or does it have no effect.
On the one hand it appears that having no cheap property will make all property more valuable.
On the other hand, by turning 5 lots into 15 lots (as one poster stated to be the case) would make more waterfront lots available.
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| Name: |
Catherine
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| Subject: |
Does it matter?
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Date:
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4/20/2012 12:15:08 AM
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Its Ben's land, and he can do whatever he wants with it. Property values ebb and flow, they fluctuate with time. They are a young man's game, no longer a concern in the winter of one's life. Your property value is of little or no concern. "My" property values are all that truly matter. But the bottom line is here and now, and dollars spend quickly these days.
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| Name: |
Kizma Anuice
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| Subject: |
Wrong again Cathy
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Date:
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4/20/2012 7:00:46 AM
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I want my property values low. I am not a seller, and higher values only mean higher taxes to me.
But, if what RL does causes a lake wide or even county wide increase in values, it is certainly a good thing for
governments who collect property taxes.
It is also a good thing for banks and realestate hucksters.
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| Name: |
John C
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| Subject: |
A huckster's reply
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Date:
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4/20/2012 8:41:26 AM
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I would say, so far, on the balance, their "cabins down dirt roads" efforts increase values. Consider:
1. the homes they removed were rentals, not sales, that were owned by them any way.
2. The homes they have sold so far are in the 800k - 1m range, well above the average for waterfront properties. Anything above an average helps an average to increase.
3. So far they have sold quickly, a sign that demand is high for the "product" - no lingering around for 300 days on market.
4. So far there have only been 8 or so sold, and when you consider there are like 375 properties for sale now on the lake, that's a miniscule amount, not much to affect supply
5. Even if you compare it vs sold homes in the last 12 months, which is like 215, it still would only be 4% of the market. Not a big influence either way.
So my judgement is a slight increase in overall lake values. But slight. A bigger effect on the market is when they open a new development like the Ridge and sell in the order of 100 or 150 lots. My guess is that they won't do that with these cabins. They will eek them out slowly. But that's just a guess.
Personally, I like the concept. I think it's a wise addition to their portfolio because it's different from anything else they have done, and geographically it's in their "powerhouse corridor" of Russell Crossroads / Ridge / Windermere / Windover. Evidently people agree because they are selling so quickly. This is just my opinion, and from a huckster that is extremely unlikely to ever sell one because they are pre-selling most of those in house, and only putting them on the MLS once they have already sold. But I wouldn't be true to my huckster nature if I didn't say... "anyone interested out there, call me!"
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| Name: |
Witt E
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| Subject: |
A huckster's reply
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Date:
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4/20/2012 2:02:54 PM
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I am no expert but from previous post it sounds like buyers have been asking for these "cabins" for a long time and Russell Land finally decided it might be a good idea. I bet they wish they did it about 8 years ago when values were much higher!
According to my lake map it looks like some prime real estate. I guess it is an "experiment" so time will tell if that old developer term "highest and best use" applies in this case. Does anybody know how much a good interior lot will be?
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| Name: |
John C
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| Subject: |
interior lots
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Date:
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4/20/2012 2:32:29 PM
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Witt, you can get interior lots in The Ridge for like 75 or so, and interior lot homes in the low 400s.
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