Lake Martin Voice Realty
Lake Martin Real Estate Spotlight: The Ridge Update
The Ridge – Russell Lands’ newest Lake Martin development – is near to completing its Ridge Clubhouse and Pool Area, while Phase III construction is ramping up.
I popped by The Ridge last week to look at some lots in Phase III. Phase III – which stretches south towards the Dixie Sailing Club, which is Lake Martin’s largest sailing organization. Phase III already has a few spec homes on the MLS, and builders are already started a few custom builds.
Originally, Russell Lands had planned to move Dixie Sailing Club out of The Ridge to their new digs by Labor Day 2007. But this letter from Russell Lands General Counsel Steve Forehand has forestalled that trail of tears until Labor Day 2008. Maybe they made this decision because sales in 2007 have not been as brisk as 2006. Who knows. The fact is, the old salts at DSC have one more year.
While I was checking out the view of Lake Martin from some new lots at The Ridge, I stopped by the Ridge Club to see how construction was going. As I stated in this earlier post, I really must say that The Ridge Club will be very nice when they are done. The pool area is comparable to many area country clubs, with a resort style, multi leveled, no sharp angle feel.
Inside The Ridge Clubhouse will be nice, too. I am a sucker for big stone and big wood, and the architecture in here looks like something out of Rohan. I’m loving it.
Check the numbers here; now is a great time to be a buyer in The Ridge. Need help?
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Lake Martin Real Estate Spotlight: The Ridge
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What a great looking development. Those are some steps leading up to the Club House. I too, like the wood and the high ceilings. Be sure and post the finished project…looks great so far.
-Gena Riede
John,
Good site and I appreciate your comments on the market.
As an answer to your question related to our sales numbers. When saying this is our second best year, it is in gross dollar volume for all properties listed by us belonging to others as well as gross dollar volume of our lots. Good questions and worthy of clarification.
The number of units will be only slighty off of 2005, which until this year was our second best year. We believe the results are due to the increased interest in master planned developments. We don’t report all of our activity for two reasons. One is that if the property is not listed in MLS prior to a sale – there is no reason to add it to the data. The second is that many of our customers request – as is their right – to keep the price and terms information confidential. Since you are a member of our Realtor Association, I am sure you understand those rules.
Thank you for the comments related to The Ridge Club. The pool was open for Labor Day and the Grand Opening is still set for September 15, 2007. We would love to see you there.
Related to what we have figured out here related to the market…yes we do see a significant number of over-priced properties in areas of the lake that have never seen pricing at that level. As you correctly stated, that is similar to trends in other areas of the country – over pricing due to a Seller’s market. Property that has no other amenities such as access to marinas, golf, tennis, fitness or clubhouses – need to return to the pricicng of 2005 in order to have a chance. What was worth $400,000 then is NOT worth $800,000 now, which is why so little is selling in those areas. Properties priced relative to its real value is still selling.
Steve, thanks for the kind words.
Thanks even more for the clarification of the definition of Russell Lands’ second best year. It serves to prove the fact that when it comes to the Lake Martin real estate market, there is much more activity than what is in the MLS. Please feel free to comment anytime. As Broker of Russell Lands, you have an insight to the market that will always be helpful.
Yes, I am excited about The Ridge Club. It will be top notch. If I can clear it with the Boss, I would love to attend the Grand Opening – especially if Mr. Forehand will be entertaining with his musical stylings. My hat’s off to Russell Lands and your many fine fellow employees.
John
[...] Pricing: The smallest home on lots 4 and 5 go for $980,000. The 2,762 square foot 4/4.5 is priced at $1,175,000. Right now there are 2 on the MLS – lot one (a 3/3.5 and 2,762 sf) priced at $1,115,000 and lot two (4/4 at 2,762) priced at $1,150,000. Prices like these put it in a similar to other Lake Martin developments like The Ridge and Willow Point. [...]
[...] Lake Martin developments, is located just west of Kowaliga Marina. Along with Willow Point and The Ridge, Trillium has some of the more high end homes on Lake [...]
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