| Name: |
jawjagal
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| Subject: |
So real estate is slowing down
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Date:
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9/26/2006 10:22:03 AM
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across the country, but not as much in the South because the prices were not as inflated here, according to GMA. REALLY. We've speculated. Housing sales are down 40% from this time last year nationwide.
What do you think is about to happen...in general and/or at the lake?
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| Name: |
BamaBob3
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| Subject: |
So real estate is slowing down
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Date:
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9/26/2006 11:19:54 AM
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We've actually been house hunting in Birmingham for about 6 months to a year. We have talked to quite a few Realtors. In the past few weeks or so some of them have called informing us that the builder was "motivated" indicating they were willing to come off of the original asking price. I think these builders are in trouble because they have brand new vacant houses they can't sell. Many of the existing home we looked at 4-6 months ago are still for sale. I hope to find a bargain later this year or in the 1st quarter of next year.
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| Name: |
Ulysses E. McGill
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| Subject: |
So real estate is slowing down
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Date:
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9/26/2006 11:31:23 AM
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Due to panic in the market, there will be several beautiful lake homes for sale under 400K by December. Anyone that is thinking of selling better list their property NOW or face considerable losses. All current listings should be reduced by 30% immediatly for a quick sale (or face future reductions of up to 50%). Act quickly sellers, or face the consequences.
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| Name: |
boataholic
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| Subject: |
So real estate is slowing down
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Date:
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9/26/2006 11:37:54 AM
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Lol. I take it you are in the market for a lake house.
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| Name: |
Ulysses E. McGill
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| Subject: |
So real estate is slowing down
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Date:
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9/26/2006 11:43:50 AM
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Naw, I already have a nice one....but I may buy a few more for rentals when the bottom drops out this winter.
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| Name: |
boataholic
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| Subject: |
So real estate is slowing down
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Date:
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9/26/2006 11:48:39 AM
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Is there really much of a market for rentals at the lake?
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| Name: |
Feb
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| Subject: |
So real estate is slowing down
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Date:
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9/26/2006 12:32:53 PM
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Chalk me down and quote me in the future as saying it will have minimum if any effect on Lake Martin. Demand still exceeds supply. I am not referring to some of the more recent developments of off lake lots and homes.
The only mimimum effect is is for those who have difficulty in selling homes in order to buy on the Lake.
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| Name: |
greycove
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| Subject: |
Think so
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Date:
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9/26/2006 1:21:46 PM
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Some friends looked at a Condo at Harbor point in the spring, wanted $429,000. Saw it advertised in a local paper two weeks ago for $389,000. That is a huge drop and the owner may be in a real bind, but seems prices are backing up a bit.
Friends are holding out for a cold day in January, and will probably make an offer. They have lots of paitence.
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| Name: |
boataholic
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| Subject: |
Think so
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Date:
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9/26/2006 2:42:46 PM
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Maybe condos are being overbuilt. As of last week the MLS site had 376 properties for sale, of which 110 were condos. Only 9 listed were for Crowne Point, so the real number is actually larger. Musselwhite Group has 39 for sale somewhere in the vicinity of Chuck's Marina. There were 44 condos for sale in Stillwaters. However, 389,000 is in the lower 20% price range of all condos and would rank 5th lowest for Stillwaters so they may not want to get greedy if they are particularly interested in that building.
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| Name: |
roswellric
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| Subject: |
Think so
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Date:
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9/26/2006 2:45:53 PM
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It appears to me that the market went up so fast there was a tendency to overprice since who knew how far the rocket would climb.
Prices are coming down and probably will stabilize quickly at a level where they should have been in the first place.
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| Name: |
BamaBob3
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| Subject: |
Think so
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Date:
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9/26/2006 4:12:42 PM
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I aggree. I've seen some people holding out for a long time but I'm starting to see quite a few "New Price" tags on signs recently.
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| Name: |
jawjagal
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| Subject: |
Think so
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Date:
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9/26/2006 4:27:12 PM
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Well, from what I thought I heard, so many homes on the lake are being brought from ALL OVER - from California, etc. So, if those markets are taking the biggest hits and they have been buying the priciest homes....just thinking, it WILL affect LM's inventory...in the higher prices...and there have been a LOT of higher prices. LOL
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| Name: |
JIM
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| Subject: |
Think so
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Date:
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9/26/2006 5:22:43 PM
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This market has been over priced for years, I hope the flippers that have APC lots loose their A$$. Maybe what I have been hoping for will happen. Then I can afford a place. I got money but I ant stupid. I hope the bubble explodes, it can only hold so much ego.
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| Name: |
bamarama
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| Subject: |
So real estate is slowing down
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Date:
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9/26/2006 5:26:04 PM
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We have four new homes built within a 1/2 mile of our home....three were built on power company lease lots and one on a deeded lot....all four have been finished for over 6 months.....the three are all over 2K sq feet with 2 car garages...execellent finish detail....PROBLEM - they are selling for over $400K on leased lots.....the deeded lot/house is over $800K......my guess is the houses on the leased lots will sell for a little over $300K and the contractors will still make nearly $100K.....and the the home on the deeded lot will sell for over $500K......but not until next summer......should be an interesting winter for buyers and sellers.......
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| Name: |
JIM
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| Subject: |
So real estate is slowing down
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Date:
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9/26/2006 5:38:50 PM
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I said it many times on this board. As my daddy told me a long time ago, a fool and his money soon parts ways. APC, should have put in in the lease a long time ago,that the original lessor is required to live on the property for at least 10 years. This would have got rid of the bottom feeders.
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| Name: |
JohnGalt
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| Subject: |
Think so
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Date:
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9/26/2006 8:18:21 PM
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On the Lake Martin MLS there are 31 lakefront properties marked as contingent I guess that means that they are under contract. Of the 31, 21 are houses on deeded lots, 10 are condos and 0 are houses on leased lots.
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| Name: |
roswellric
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| Subject: |
Think so
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Date:
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9/27/2006 9:16:41 AM
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What's the inventory? Can you tell the average days on the market compared to say, a year ago? I suspect the sales rates are not materially changed - just a big increase in properties coming on line for sale......
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| Name: |
Feb
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| Subject: |
Think so
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Date:
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9/27/2006 1:00:20 PM
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Good information and point JohnGalt. I wonder how and/or when some will know when is the right time to buy??? I know some on the Forum were saying three to five years ago the Lake prices were too high, and they would wait. I don't know whether prices will ever go down to the point they were then.
Yes, in every market there are over-priced places standing very little chance of selling. I do not think they are indicative of the market or the trend. I also do not think you can compare water front and in particular Lake Martin property with the typical market place.
I know a fool and his or her money will often part, and we have all been foolish from time to time. Then you can rephrase the point to where it would of been foolish not to part with some of the money. You can not take it with you, but maybe you would rather others spend it later. How long do we have left to wait for the supposedly "right time"?
Just when is the right time to buy? How much of a reduction from the current typical values is the right price? Will it matter if you are not planning to reselling or just plain can not afford today's prices?
I am not calling anyone foolish, but I think it is "foolish thinking" to believe there is going to be a significant reduction in typical Lake Prices. I do not consider condos and off water lots with water acess typical to Lake Martin (at least not now).
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I'm trying to get some rental houses.....
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| Name: |
boataholic
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| Subject: |
Think so
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Date:
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9/27/2006 1:54:06 PM
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Of those for sale, there are only 20 listed as leased., plus two subleased at Pleasure Point. With so few leased properties for sale, having none recently sold doesn't necessarily mean anything.
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| Name: |
boataholic
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| Subject: |
Think so
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Date:
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9/27/2006 2:25:08 PM
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Diplomatically well put Feb. I was a fool who parted with his money for overpriced Lake Martin property 5 1/2 years ago. Those who are waiting in fear of a price drop love their money more than the lake.
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| Name: |
lamont
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| Subject: |
Think so
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Date:
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9/27/2006 3:09:54 PM
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Well put boataholic. I parted with my money 3 years ago and am dam glad I did. Those who think it is unwise to buy at these prices will be sorry 3 years from now. I thought it was high when I bought it. I would like to say it was the best investment I ever made and that would be the case if I ever sold however, that will probably never happen.
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| Name: |
cobra
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| Subject: |
Think so
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Date:
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9/27/2006 7:56:35 PM
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Feb, you know I actually agree with you. I was the one that you said a few months ago that you would never answer my posts. I am posting here hoping to apologize to you for my rude behavior back then. I hope you accept, if not I understand. Cobra
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| Name: |
Feb
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| Subject: |
Think so
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Date:
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9/27/2006 9:19:43 PM
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All is forgotten and lets get on with life and enjoying the Forum.
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| Name: |
Tallyman
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| Subject: |
Think so
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Date:
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9/27/2006 10:20:01 PM
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I thought I was crazy parting with so much money for my little condo just a year and a half ago. I am glad I wrote the check. I couldn't buy one like it now for a reasonable price. In the end, I don't care what it cost, or what it is worth. I expect to own it and enjoy it until the bitter end, if you know what I mean, and I am sure you do.
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| Name: |
cobra
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| Subject: |
So real estate is slowing down
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Date:
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9/27/2006 11:17:11 PM
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There are 2 things I know for sure. My taxes will go up and I will die. Other than that nothing is for sure. Not even investing on lake martin and turing a profit. Now If I look at the past performance of real estate here then one would think that yea, I can almost for sure double my $$$ in 5 years , thinking in this manner has broke many a man on other sure things in the past. I know you people that have bought in the last year or so would like to always think that sure, I can always sell if I get in a pinch , make a tidy profit and away you go. No sure locks as we gamblers say. And yea I think the market has slowed. It has to sooner or later. Everything always works that way, except my birthdays
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| Name: |
ChrisCraft
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| Subject: |
So real estate is slowing down
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Date:
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9/28/2006 3:10:55 AM
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Has anyone seen the prices of the shacks across from Fomby's? People are crazy to even ask that kind of $. I wouldn't take those lots for free unless they were tax-free also....
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| Name: |
greycove
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| Subject: |
Houses near Fomby's
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Date:
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9/29/2006 3:02:12 PM
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I think they want $449,000 or $429,000 for each. Get to watch a three ring circus across blue creek all summer. About the size of a large birdhouse.
Were ready for sale early last spring, not sold a one. Think the builder may be upside down on those, more invested than they are worth.
Must be a very nervous banker somewhere.
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| Name: |
cobra
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| Subject: |
LM Real estate view only
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Date:
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9/29/2006 9:20:19 PM
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How is this?
Your Monthly Payment for 30 Years
For an Interest Rate of 5.750 %
On a Loan Amount of $ 900,000.00:
$ 5,252.16 a Month
That is about what one would have to pay to own a home today on lake martin that has good water and view.
I just today looked at lots that were listed for $500,000 and up, mostly up. I think people have gone off the deep end. Remember, we are still in Alabama.
Now how about this
You have to live somewhere."
TRUE, but that doesn't mean you should waste your life savings on a bad investment. You can live in the same kind of house by renting during a real estate crash. A renter could save hundreds of thousands of dollars, not only by paying less every month, but also by avoiding the devastating loss of his down payment. In fact, it's currently cheaper to live in a nice hotel in most parts of the US than it is to make mortgage payments on an upscale home on lake martin.
But of course I could always use the past performance and go ahead and buy and sell in 5 years and double my $$$
My opinion only>> we are entering a time when Lake Martin real estate has stalled or really slowed. Be careful when you spend your hard earned money or maybe people are just spending the money their parents left them
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| Name: |
boataholic
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| Subject: |
LM Real estate view only
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Date:
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10/2/2006 10:04:10 AM
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High earners who need mortgages to live on the lake are being priced out, just as the middle class has already been priced out. The wealthy aren't getting 900,000 mortgages. Properties with great views and deep water will triple before the wealthy begin to look for alternatives.
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| Name: |
cobra
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| Subject: |
LM Real estate view only
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Date:
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10/2/2006 8:37:57 PM
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The wealthy aren't getting 900,000 mortgages
You must be one of the wealthy ones. No one really owns anything. We just use it while we are here on this earth.
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| Name: |
roswellric
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| Subject: |
Just
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Date:
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10/2/2006 9:20:35 PM
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the end of the blowout. I'm thankful that LM has restricted supply. This will be ugly enough.
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