| Name: |
noagenda
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| Subject: |
Home Pricing
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Date:
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8/10/2006 12:16:22 PM
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Their is a newly constructed spec house for sale in our cove that is deeded and has approx. 220 feet of WF, with seawall and pire, and is appox. 2000 sq. ft with an additional storage unit.
The place was on the market for $815K a few months ago, dropped to $780K a few weeks ago and now is $729,000. Clearly overpriced to begin with. My think is the lot is worth $400,000 with improvements. That means approx. $160/sq. ft for the house. versus $200/sq/ft to start.
Call me crazy, but I see several of these homes, most on lease lots, in the $200/sq ft range. And I am not talking 5-star stuff here.
Feels like the market is getting less than expected.
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| Name: |
roswellric
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| Subject: |
Home Pricing
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Date:
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8/10/2006 12:34:20 PM
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That's what I'm seeing. The excruciating demand phase is over for now for whatever reason. I think you are right about the over pricing but we are headed for equilibrium. If I had been a seller or a real estate agent several month's ago I would have been afraid to price too low. Now it's coming back to stability and that's probably a good thing.
I think the builders have been making a killing and that's a lot supply problem. The production oriented guys won't come here because they can't count on a steady stream of lots and they can't buy the land to control the situation.
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| Name: |
jawjagal
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| Subject: |
Home Pricing
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Date:
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8/10/2006 3:35:59 PM
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Would it be accurate to say that summer is "sorta" over and buyers buy before the season?
You may think I'm crazy saying "summer is sorta over" but, we are back in school. There are no more long, lazy days of summer. Just weekends.
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| Name: |
noagenda
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| Subject: |
Home Pricing
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Date:
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8/10/2006 4:53:28 PM
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True,
But a 10% price reduction of $90,000 feels like more than a seasonality problem.
R
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| Name: |
JIM
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| Subject: |
Home Pricing
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Date:
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8/10/2006 5:13:15 PM
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Like my Daddy said, a fool and his money soon part ways.
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| Name: |
Feb
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| Subject: |
Home Pricing
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Date:
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8/10/2006 5:21:51 PM
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Overall, I have to respectfully disagree RR. Decent property is still in demand and will remain so. Wishing it were otherwise is not going to make it so. Yes, overpriced and undesirable pieces of property are not going to sell. Some of you are choosing to debate the exception as opposed to the realitiy. Read boataholic's post below.
I know of pieces of property in the Parker Creek area that have sold at good prices within the last year just on hearsay and never going on the market.
Five years from now people will be crying the blues about not buying in 2006 like they cry now for not buying in 2000.
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| Name: |
JIM
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| Subject: |
Home Pricing
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Date:
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8/10/2006 5:29:02 PM
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Heck, in 5 years Folk`s like me wont give a rats a$$, be dead. Count yall`s money,all that glitters ant gold.
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| Name: |
Feb
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| Subject: |
Home Pricing
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Date:
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8/10/2006 5:32:47 PM
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The critical qustion JIM is what makes a fool? Did your Father give you a little more insight other than the "saying". Please describe a fool for us in you and your Father's opinion. No disrespect intended. I have not seen too many fools owning property on Lake Martin. Most are very shrewd and made money in a smart way. The fools were sitting back blowing ten to twenty dollars in lottery tickets every week or going to MS, Atlantic City or Vegas and playing the slots all day long with their credit cards. I know a few of those fools..
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| Name: |
Feb
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| Subject: |
Home Pricing
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Date:
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8/10/2006 5:38:00 PM
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Maybe so, but most Lake Martin water certainly does sparkle. If you did not appreciate it you would not be on this Forum posting.
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| Name: |
JIM
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| Subject: |
Home Pricing
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Date:
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8/10/2006 5:42:31 PM
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Getting a little hostile there ,huh Feb? Schurshy was a fool. And by the way , if I was building a 500,000 home on Lake Martin, I think I would have A small travel trailer sitting out back watching them good ole boys building it. Just my opinion. If I was in Vi. having a home built in Al. not being there is a fool.
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| Name: |
JIM
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| Subject: |
Home Pricing
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Date:
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8/10/2006 5:51:43 PM
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We have a open invitation to the lake anytime I wont to go. We have other obligations at this time that are family related that are more pressing at this time. After these obligations are over( if ever )I mite be your neighbor.
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| Name: |
Feb
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| Subject: |
Home Pricing
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Date:
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8/10/2006 6:16:26 PM
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You are welcome to be my neighbor. I respect you and think you would make a good neighbor. I would like to see it happen.
I would appreciate you retracting comments concerning your perception of my foolish behavior. Jim, I do not have to stay in a travel trailer. I have my Brother's place on the Lake to stay in in comfort. I have already made three trips to Alabama this year prior to the building starting. I have spent hours in person and on the phone with my builder and some of his subs. Once the building starts, I will probably be down as much as I am in VA. I personally designed my Lake House with the input of my Spouse. A good architect put it into a buildable print. I have payments structured as progress is made and based upon personal inspection. It is not somthing I am taking lightly.
Maybe, I should say I appreciate your concern, but it does not feel so.
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Retracted or not, those who know anything about feb know he is not a fool...nuff said.
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| Name: |
JIM
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| Subject: |
Home Pricing
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Date:
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8/10/2006 7:12:27 PM
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AMEN, Maybe I`am the fool. Please accept my humble apoligy FEB.
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| Name: |
Feb
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| Subject: |
Home Pricing
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Date:
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8/10/2006 7:17:36 PM
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Appology accepted JIM. You ain't no fool man. I still meant what I said about enjoying having you as a neighbor. We go back aways on the Forum. You are one of the mainstays and important to the health and fun of the Forum.
We have all been foolish from time to time. Just don't let it be said we are one.
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| Name: |
JIM
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| Subject: |
Home Pricing
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Date:
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8/10/2006 7:39:43 PM
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Well taken, thanks.
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| Name: |
MotorMan
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| Subject: |
Home Pricing
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Date:
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8/11/2006 11:22:27 AM
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I paid under $70/sq ft in 2004 for a 2000 sq ft house. All inckuded
Shop around. Just don't ask me who did it.
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| Name: |
HappyCamper
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| Subject: |
Home Pricing
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Date:
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8/12/2006 9:08:54 PM
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WHO did it? I want to be inckuded two....LOL Motorman, just couldn't resist!
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| Name: |
roswellric
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| Subject: |
Just Curious
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Date:
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8/14/2006 9:21:44 AM
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How do you protect yourself from liens as you make draw payments to your builder. I assume you had a cost plus arrangement?
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| Name: |
roswellric
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| Subject: |
Home Pricing
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Date:
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8/14/2006 9:29:15 AM
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Oh I'm not saying that there is going to be a crash or anything like it. I just think there is a little air out of the demand side as evidenced by price redux and time on the market. Just a perception, not backed up by fact. I was actually posing the question for other forum readers to see if there was any agreement or if anyone had the facts.
I also qualified the statement by saying that sellers may have over priced because of the inability to determine the real market value in a hot market. I still believe that barring a serious economic blow-up like the mid 70's the restricted supply at LM makes any educated, thoughtful investment a no-brainer.
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| Name: |
roswellric
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| Subject: |
Home Pricing
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Date:
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8/14/2006 9:30:32 AM
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no, you are nobody's fool.... :-)
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| Name: |
cobra
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| Subject: |
Home Pricing
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Date:
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8/14/2006 10:38:25 PM
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First I would like to say that I agree with you. My question is who has the big bucks to invest on Lake Martin at today’s prices. Lots that start at $200,000 is for the rich not the everyday workingman. I was always taught to buy low and sell when it is high. Well, this is not a time to buy for me. I missed that time because I had to pay bills and live and now it is to late for me. I need all I have saved. I am not much of a risk taker I guess. Sooner or later Lake Martin real estate will take a hit.
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