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(Lake Martin Specific)
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| Name: |
lakngulf
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| Subject: |
Showcase of Homes
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Date:
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7/21/2008 9:40:26 PM
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Did some exploring on Sunday afternoon: Glynmere showcase of homes, Eagles Point one finished house, and Bolton Cove four under construction. (1) Second row Glynmere for 950,000; backrow with view 795,000; wayback no view 575,000. Very nice development with individual boat slip, pool, beautiful grounds and amenity fee of 385. (2) Bolton Cove houses actually have a view, seem to be well built, but space is not fully utilized. Only one made use of a spacious attic. They are very close, any boat activity is limited at best, and if priced at original quote (750,000 and up) then there are better buys around (3) Eagles Point = best view on the lake, hands down. These will be close also, but with the big water boat navigation will be no problem.
There is one front row re-sale in Glynmere (1,500,000).
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| Name: |
old blue chair
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| Subject: |
Showcase of Homes
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Date:
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7/21/2008 10:23:35 PM
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Cypress Point @ The Ridge
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| Name: |
boataholic
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| Subject: |
Showcase of Homes
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Date:
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7/22/2008 9:23:13 AM
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Amazing what they are able to get out of the second, third, etc rows back at Glynmere. Guess there is a huge demand to be a part of Willow Point, as nobody has had much luck with lake access/lake view property elsewhere. Can anybody tell me if the Ridge is having much luck selling the off-water properties?
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| Name: |
Catherine
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| Subject: |
No luck at all
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Date:
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7/22/2008 3:45:13 PM
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From what I've heard, sales in the Ridge are as slow as anywhere. Its just not a good time to be selling, especially if you aren't willing/able to cut price.
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| Name: |
greycove
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| Subject: |
Showcase of Homes
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Date:
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7/22/2008 4:11:56 PM
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Spoke to a lake realtor last week. They sold one home in June. Had five realtors, now have two. Must be as bad as rumor has it.
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| Name: |
Catherine
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| Subject: |
If Russell isn't selling homes
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Date:
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7/22/2008 4:29:50 PM
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No one else is either. I've heard that the builder program at the Ridge has shrunken from 32 builders to only 4. If you can't sell a home on the water, times are hard.
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| Name: |
Mack
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| Subject: |
Haven't You Heard??
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Date:
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7/22/2008 6:19:11 PM
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Same thing is happening at the Beaches, same exact.
Everybody, including lenders, is staggering from the economy and gambling losses, and WAITING for the upcoming election to solve the problem for us. Hope Obama has lots of really good ideas for his Dem Congress.
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| Name: |
8hcap
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| Subject: |
Haven't You Heard??
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Date:
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7/22/2008 6:24:00 PM
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in your dreams - we will not be able to afford what we have once he is done with the destruction of the economy by his taxin and spendin.
8
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| Name: |
Catherine
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| Subject: |
Its happening everywhere
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Date:
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7/22/2008 6:43:39 PM
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That's my point. With the economy bad enough that you can't sell houses on prime lakefront property here, well, that should be a wakeup call.
And it isn't Russell's fault on prices in the Ridge (pay attention 8, I'm not slamming them here, which I know is hard to believe, and for which I apologize in advance :). They leveraged themselves to do it quickly, so they really aren't in a position to lower prices without basically giving away that land. They're in the same boat the rest of us are in (wait and hope), and I don't know if they really have any more or less control than the rest of us.
My gut feeling is we're going to get a small bump of relief around or after the election (regardless of the winner). After that (regardless of the winner), I have a feeling we will enter into depression (not recession), and I think it will make the depression of the 20's look like high cotton.
I have bought more metal and dirt in the past year than I have in my entire life before. This is a GREAT time to be buying real estate, if you can pay cash. And gold, silver, copper, platinum, and other precious metals will have value even in a socialist or communist environment.
Stockpile now, because it isn't a question of IF there will be a blowout, but WHEN is it coming? I think sooner than later. Probably 2009, but with some luck, we could push it off until 2010. I don't think it really matters who is elected. I think we're that far gone already.
When there is no real difference in a Candian dollar and a US dollar, well.....what more do you need to know?
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I would say that only those who are forced to sell will lower their prices. Same as the beach. Those who are gamblers will look for good investments and see great gains in the future. The rich get richer during bad times because they are the risk takers. Some are trying to sell what they have so that they can buy something they want while it is a buyers market. It's just a matter of if someone else is looking to do the same with a little less money. My father-in-law has always said that waterfront property may have it's ups and downs in value, but it will eventually go back up. I have watched this over and over since a teen along the coast. I regretted taking a few of those risk or not being able to afford to take the opportunities put in front of me.
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| Name: |
8hcap
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| Subject: |
Its happening everywhere
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Date:
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7/23/2008 10:47:43 AM
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Well we somewhat agree on things. I am very displeased with our choices this year but maybe the vp position will give me some relief. If McCain were elected, I do not think he will be a 2 termer which makes the vp choice awful important. But that is all probably wishful thinking since it looks like we will annoit BHO as King and Savior so we probably will not have an election in 2012.
As far as the Ridge, the spec builders were making $500,000-1,000,000 per house, so in the immortal words of the good Rev. Wright, "those chickens have come home to roost". Russell will weather this but many of the homebuilders will not.
8
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| Name: |
Webmaster
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| Subject: |
Its happening everywhere
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Date:
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7/24/2008 10:15:36 AM
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The article below came out this week in Birmingham Business Journal, that is right on this topic. Lake Martin is mentioned.
URL: Alabama home sales fall 27 percent in June
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| Name: |
John C
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| Subject: |
Its happening everywhere
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Date:
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7/25/2008 11:57:49 AM
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i agree that the market is waaay down and down on Lake Martin as well. But it is a really big lake, things are selling when priced right, staged right, and marketed right. Trust me. Homes are selling. A lot are sitting there unsold, but things are selling.
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