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| Name: |
effie
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| Subject: |
$10,000 per foot of frontage
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Date:
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5/12/2005 6:01:34 PM
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At one time a realtor told me that lake property was valued at around $10,000 per foot of frontage. Of course depending on the level of the lot, year round water, etc. Is that still a rule of thumb people use. That was 3-4 years ago and seems like prices have been going up since then. Got a relative looking for lake property. thanks
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| Name: |
AUCATZ
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| Subject: |
$10,000 per foot of frontage
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Date:
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5/13/2005 3:54:56 PM
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We've been looking at lake lots for 2 years now. I'd say the price is double that according to what we have seen in lots of areas. Unless you want a very steep lot (and that doesn't always matter either), or perhaps if the lot is in a cove that is dry in winter, you are going to pay upwards of $180,000 to $300,000 for a lot. And there are lots that cost a lot more than that.
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| Name: |
Feb
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| Subject: |
$10,000 per foot of frontage
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Date:
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5/13/2005 4:09:07 PM
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Kind of nice to know for those of us that already have a place on Lake Martin. I have heard of some less expensive places on Lay Lake, but there must be a reason why so many Birmingham folks drive past Lay Lake to get to Lake Martin. (?)
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| Name: |
AUCATZ
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| Subject: |
$10,000 per foot of frontage
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Date:
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5/13/2005 4:33:58 PM
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Yes, we wish we had purchased property 30 years ago. Of course, the $30,000 it would have taken then was a LOT of money. Since we live 34 minutes from Dadeville, we want to stay on that side. But you are correct, the B'ham buyers are instrumental in driving up the prices here - just as they are in Orange Beach, etc. Guess all those baby boomers who were lucky enough to survive with a pension plan have a lot to do with it also.
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| Name: |
Feb
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| Subject: |
$10,000 per foot of frontage
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Date:
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5/13/2005 5:35:16 PM
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Well, I wouldn't go so far as to say the Birmingham folks are driving up the prices. I think it is the demand in general. You may have a point with the baby boomer generation, but there are plenty of the less afluent from that generation as well as afluent. Just a large population in both categories. Atlanta has one of the largest growing populations and jobs markets with good salaries of anywhere in the U.S. We will all probably agree that Lake Martin is one of the major "Jewels of the South". Quality brings demand. It is also well recognized beyond the South that Lake Martin is one of the premiere retirement sites in the U.S. Low taxes along with friendly people will bring them in. Only thing lacking for some in the Lake Marin immediate area is a sufficient base of restaurants, shopping and non-lake related entertainment. Fortunately or unfortunately that will come with the money influx. The booming auto industry in Alabama (U.S.'s future Auto Mfg. capital) is going to bring a higher demand from recreational seekers. It might be said that "we ain't seen nothing yet".
Before I get flamed by anyone, this in not necessarly my desire but only my honest personal opinion. Will enjoy hearing others opinion/perspective either in agreement or disagreement.
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| Name: |
WSMS
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| Subject: |
No way.
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Date:
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5/14/2005 12:19:40 AM
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Twice $10,000 is $20,000. $180,000 divided by $20,000 is 9. Are you saying that I can't find a lot for $180,000 with more than nine feet of waterfront?
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| Name: |
AUCATZ
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| Subject: |
Miscalculation - sorry.
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5/14/2005 9:34:52 AM
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Sorry, misread the amount the first time and typed before I thought. Thank you for pointing out the error.
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| Name: |
Osms
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| Subject: |
$10,000 per foot of frontage
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Date:
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5/14/2005 9:21:03 PM
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Thanks for the math lesson--10K/ft didn't look right to me either. Ever considered an Alabama Power lease lot. The lease payment is around $250-400/mo, 20 year renewable, prime land, no taxes on land. Made sense to me.
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| Name: |
lakebum
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| Subject: |
$10,000 per foot of frontage
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Date:
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5/15/2005 7:54:13 AM
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Think it is more in the 1500 to 2000 a foot depending on the structure
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| Name: |
lakebum
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| Subject: |
$10,000 per foot of frontage
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Date:
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5/15/2005 7:55:38 AM
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That is about right for Florida Gulf Front tho
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| Name: |
Maddog
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| Subject: |
$10,000 per foot of frontage
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Date:
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5/15/2005 8:02:05 AM
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Are you sure about "no taxes on the land"?
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| Name: |
roswellric
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| Subject: |
Bull's Eye
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Date:
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5/15/2005 10:20:48 PM
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We really ain't seen nothin' yet...
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| Name: |
Osms
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| Subject: |
$10,000 per foot of frontage
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Date:
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5/16/2005 9:02:36 PM
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APC still has to pay taxes on the land. The lessee pays taxes on the improvements (house). I figure my lot would sell for 250+---wonder what the taxes on the land would be.
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| Name: |
Feb
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| Subject: |
Taxes on Leased Lots
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Date:
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5/16/2005 10:04:00 PM
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Thanks Osms for answering the question on who pays the taxes on leased lots. I had not seen a definitive answer on that question until your post. I bet your lot is not appraised anywhere near its market value. Just a guestimate if it were apprasied for 250 thou, it would be around $700 a year property tax in Alabama. In Virginia roughly two thousand plus a year. Both States have slightly higher or lower amounts based upon the county the property is in. That is an assumption on my part that they assess taxes the same on land as they do on improved property. Last time I looked Alabama had the second lowest property tax in the US with only Arkansas being just slightly lower on the average. It is a bargain and deductible on both your Federal and State Income Tax. Most of the above is guestimates and assumptions on my part.
Do you mind giving a general or ball park figure as to how much you won your lease for? The guestimate on winning bid amounts has been bantered back and forth on the Forum in the distant past.
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| Name: |
Osms
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| Subject: |
Taxes on Leased Lots
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Date:
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5/16/2005 11:46:11 PM
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Be glad to tell you what I know about APC bidding. I got my lot in 2002 and paid about a $12K premium (and beat the next bidder by 9K--that hurt). Rent is $250/month. I lost a bid on a lot last year that went for $11.5K. Most lots go to Spec builders with an average premium of $5-7K. Lots won by individuals who plan to build their own home on the lot usually go higher--Highest bids I've seen were about $24K (twice in three years). If you fall in love with a lot - go for it.
Plenty of lots go at a premium between $1-2K, but these are usually less desirable properties. I've seen one lot put out to bid twice by APC with no bids received. It's at the head of a small crowded cove.
The bid openings are public in Clanton. I've been to three and wish I had gone to one before I bid the first time. Results are not published so you have to go to the opening to begin to learn the trends and process.
I may bid this year and build a spec - haven't gotten my bid packet yet.
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| Name: |
Feb
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| Subject: |
Taxes on Leased Lots
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Date:
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5/17/2005 6:35:04 AM
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Thanks for the info Osms. You can obtain your bid package via email by contacting chayes@southernco.com . I believe bids have to be submitted by June 6th. Good Luck. I know someone who won three lots a couple of years ago. They spec built and made a nice profit on all three. Lot of individual work was put into it. All three nice lots over in the Parker Creek/Oakachoy area. Lake cabins sold quickly.
My personal opinion is this tnat an APC leased lot is the second best way to have a Lake Martin place only behind outright ownership. Years back APC did sell (deeded over) a large number of their leased lots to the lease holders, but as you know APC states up front they will not sell current leased lots.
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| Name: |
Osms
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| Subject: |
Taxes on Leased Lots
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Date:
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5/17/2005 10:23:49 PM
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The BEST way to have a lot is to have bought it 20 years ago. Today, I feel that the best way for most folks is to lease. For $250/mo I have secured 360 ft of waterfront, that is 25 feet deep 40 feet from shore, with a view that extends for over a mile without a house in sight. True, you lose the chance for appreciation of the land, but you also don't have to pay for the high price of the land. If I had to buy my lot my monthly would probably be around $1800-2000 plus the house. At least, in my case, I don't have to WISH I could afford a place at the Lake--I've got one.
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