Lake Martin Voice Realty
Anatomy Of The Perfect Lake Martin Flip
This is the story of Bryan and Allison Jones, who defied the odds of a slow real estate market and sold their Lake Martin waterfront home in 34 days in 2008.
Plus – it was a flip. We have so many spec homes on the Lake Martin market right now and back then. We also have some foreclosures and bank REO as fallout – they had to compete against them all. They excelled.
But how??
1. Great design – their home escaped the noise of a crowded market in Lake Martin because of great design. Call it unfair, but they had two advantages. Bryan is an architect at JonesPierce Architects in Atlanta. Allison is an interior designer with Insight Design Interiors Inc. They improved on the home structurally by keeping the lake the focus, and topped it off with interior colors and features that Lake Martin buyers want like a claw foot tub in the master bath (not usually seen at that price level).
2. They didn’t overbuild – even though they have the chops to build anything they want, Bryan and Allison wisely realized that in order to sell, they shouldn’t create a seven bedroom home when most in their neighborhood had three. Their restraint also kept the home in the meat of the bell curve of the Lake Martin market.
3. They focused on the selling points - get ready for a brilliant observation: people buy homes at Lake Martin for the lake. The Jones opened up the home with big windows and doors in the great room, and bay windows there and in the master bedroom. They also added a huge screened in porch that takes in the breeze on three sides while overlooking the water through the cool forest of some Alabama Power timber land.
Bryan and Allison’s methods can and should be duplicated by any waterfront sellers on Lake Martin. If you have been trying to sell your home for a while, ask yourself:
1. Do I have a good design for my lake home?
2. Am I overbuilt for my area?
3. Do I highlight the selling points of my home?
If you need help answering these questions, call me at the number at the top of the page, or contact me here.
John,
I call BS on this being a flip in 34 days….
I viewed this house in March 2007 with Amanda Scroggins and felt that it was a beautiful redo of a conventional lake martin cabin, but the price was way too high, the lot was tricky with water line deeded to the house and a Alabama Power right of way that could potentiall spoil the view down the channel.
The house took WAAAAAY longer than 34 days to sell from it’s original list date, the price came down more in line with realestate expectations – a house that is Correctly Priced will sell.
Joel- thanks for the comment. Before you call BS, please allow me to say:
1. You’re right, it was on the market with another agent before I got the listing.
2. You’re right, when it was on the market with another agent, it was at a higher price.
3. When I listed it, I helped them with some market research and felt that we should look at the pricing issue with new eyes. The result was a lower Original Listing Price when I listed it.
4. When I listed, we launched an aggressive (and I would submit effective) marketing plan.
5. I agree with your “Correctly Priced” statement but I will take it two steps further. In this market, you must bow to all 3 of the trinity of real estate: pricing, marketing, and staging. We did all 3 in this case and it worked. In this market, pricing alone won’t get it done. I can cite tons of examples.
6. My list start date was 3-14-08. My under contract date was 4-17-08. That’s 34 days.
7. I realize that in this age of negativity and having every TV talking head shout at you 24/7 about how bad it is, that it is hard to realize that people are still buying and selling lake homes each day. But believe me, it is happening. Slower, yes, but it’s happening.
8. While I am human, a sinner, and make plenty of mistakes everyday, you can rest assured that I will never BS you or anyone else because it’s not the right thing to do and therefore bad business. That’s the whole reason I created this blog, was to bring transparency and discussion to the Lake Martin real estate market.
That being said, hoorah to you for calling BS anyway. I respect that, and am glad to (attempt to) clarify.
Do you still think I am full of BS? Ha! I hope not.
If so, why not submit to me a headline and I will write the article, like “Why John Coley Is Full of BS About Selling A Flip in 34 Days”. Make it as awkward as you can, and I will write it. Or, even better, you can write it!
Thanks again, Joel.
John C
Joel – I had to edit your quotation of waterfront. It was incorrect. Opinions are fine, but if you quote material facts they have to be correct. As to your opinion of the AL Power right of way – of the 770 miles of shoreline on Lake Martin, AL Power has rights of way and easements on about 99% of it. They built the lake, you know. So I guess theoretically they could do all sorts of things all around the lake to “spoil the view” – I just think, given their near 90 year history, that it’s highly improbable. Thanks, John C
John,
Thanks for the reply. Regarding the Alabama Power land – if my mind serves me correctly the property was “sandwiched” in by Alabama Power property that went from the waterline to within 15 feet of the house – except for a sliver of land that led to their dock. This APC land was about 40 feet wide from the lake to the house circled 1/2 of the property (think a round clock from the 1:00 o’clock position counter clockwise to the 7:00 o’clock position. It was certainly a strange lot layout and APC could use or develop the land in front of that house (that was our concern – maybe it was better defined prior to your sale)!
The house was beautiful and my wife loved it the minute she went inside, but the lot dynamics and price led us to believe it was overpriced (2007) which if fact turned out to be true. Based on the pricing in March 07 we decided that “irrational exuberance” had driven pricing too high, we rented in 07/08 and may begin to look again in late summer.
Trying to find the value on lake lot/house pricing may be difficult to judge now as the overall RE market is still a bit shakey. Any ideas on pricing declines from the highs of 2006/2007? Real Estate is down 25%+ since that time and Dow is down close to 50%.
Joel
@Joel- yes you are right, it borders AL Power land. But a little research revealed that it is “Project Land” – and (according to a memo from AL Power) it is “to be left natural undisturbed. Unless there is a change in the land use plan, this land cannot be sold, or developed.” Apparently they, through the dam licensing process, have designated some areas around the lake to keep natural like this. So it’s a a good deal more solid that merely having them own the land next to you. They’ve committed to keeping it natural. True, they could change the land use plan, but (I think) they have to run this by FERC when they apply for the dam license every 30 years or so. That’s why I think it’s highly, highly unlikely, esp considering the hoops they jump through on that process.
The market – it is going to be interesting this year. I think that average prices have come down in 08 when compared to 06 & 07. I am encouraged because I am seeing more and more price drops on existing homes and more realistic original listing prices on new to the market homes (click on the “Market Statistics” category and read my review of 2008). Anecdotally I am receiving tons of calls the last 4 weeks. So I am hopeful. My advice to buyers is to buy! But do it with prudence. Do your research.
Great discussion! Please drop back by and comment any time!
John- on the design I would add that we used traditional vernacular finishes for the house, heart pine flooring and board & batten walls. The rooms were redefined to increase square footage, daylight and views to the lake. The master bath is located such that you have a view of the lake while enjoying a soak in the tub. The kitchen is the heart of the home, with views into the living room and has connection to the large screened porch.
Cool Blog! Want to exchange links. I like your articles.