Aliant Bank is auctioning the Water’s Edge neighborhood.

Water’s Edge, formerly known as Eagle Point, was a proposed waterfront development on the Big Kowaliga section of Lake Martin. It was (by my unscientific estimation) one of the largest, if not the largest, waterfront loan in Aliant’s history. It is located at the end of Coosa County Road 20, directly across the water from the old Veazey’s Marina near Willow Point.

Aliant loaned the money to real estate developers that tried to market it as Eagle Point, but the bank ended up taking that land back, and now has hired auctioneer JP King to auction off the whole shebang.

I have read JP King’s promotional materials and also called and emailed them for more information. At the time of this writing, they did not have a location map, neighborhood covenants and restrictions, but did have about 15 photos. Here are the major points:

Date: Saturday, March 10, 2012
Time: 10:00 AM Central Time
Place: “On Site” – I don’t know which part of the property that means, but if you take Coosa County Road 20 all the way east, surely they will have signage up.

Disclosure Of My Extreme Bias

I have a lot of personal bias when it comes to both Aliant Bank and Water’s Edge, nee Eagle Point.

Firstly, growing up in Alex City, I either know or am related to just about everyone that works there. Fine folks and experts at Lake Martin lending. In fact, they are about the only source that I know of right now that will loan on Alabama Power leased lot homes.

Secondly, I have a lot of personal history with Water’s Edge / Eagle Point. I helped Aliant do much of the homework (market studies, comparable sales, realtor stuff, etc.) when they first foreclosed. I also listed two of the spec homes that they had for sale. I had those homes listed during the construction phase and for several months after they were completed.

However - and this is a big however - I never listed any of the lots nor the Island parcel. Not the lots close to the spec houses (which the auctioneer is calling “The Cottages at Eagle Point”), nor the “island” portion (which the auctioneer is calling “Narrows Point at Water’s Edge”).

The only time (to my knowledge) that Aliant has put any of these lots on the market was when they listed lots 3 and 4 with Rhonda Gaskins at RealtySouth, the brokerage that listed the homes on lot 1 and lot 2 after my listing period expired. As was apparent in our Lake Martin MLS, they listed the lots for $195k and dropped the price to $159k before that listing expired late this fall.

Why The Water’s Edge Auction Will Be Interesting

I think Aliant’s auction of the foreclosed Eagle Point / Water’s Edge waterfront development will be interesting for three major reasons:

1.) Waterfront auctions on Lake Martin homes, lots, and other property have not gone well in the past. Foreclosed or not, I can only think of one auction where a sale has been consummated in the last five or so years. I sell Lake Martin real estate for a living, and that’s the sole example of success, but I can also recall five or six aborted attempts. One in particular, the auctioneer allegedly marched off in a huff after no one submitted an opening bid.

2.) The auction is not absolute. This may change, but as of this writing, according to auctioneer JP King, none of the parcels is being sold absolute.  Selling absolute means, essentially, if you bid $1, and you’re the high bidder, you get to buy it at that, regardless. If it’s not absolute it means that the bank has a minimum price, and if the bids don’t meet their minimum, they are not compelled to sell to you. Granted, this may change. When I talked to the auction company, they admitted that their information was incomplete right now. (Sidebar – the auction is in about 10 weeks. When will it be complete? Who will bid without complete information?)

3.) Only two of the lots have ever been on the market. As mentioned above, they last asked $159k each for lots 3 and 4 on the “Cottages” parcel. They have never – repeat never – put the island portion on the market (that is the parcel they call The Narrows).

Would you like to bid on waterfront lots or homes at Water’s Edge? Please contact me using this form or call me at 334 221 5862.

More Information about Water’s Edge At Lake Martin

I have written extensively about Water’s Edge in the past and also taken tons of video. PLEASE KEEP IN MIND that these are old posts from when I had the homes listed, so the pricing etc. NO LONGER APPLIES:

 Lot 2, Water’s Edge

Does Ceiling Color Keep Away Bugs?

Water’s Edge Featured In Lake Magazine

Lake Martin Seawall Construction

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The seawall around the huge peninsula at Water’s Edge is almost complete.  Since Alabama Power lowers the water level of Lake Martin by about 10 feet every winter, it provides a great opportunity to build and repair docks and seawalls.  Henderson & Coker construction of Alex City started from scratch on this one, and now this property is safe from the natural erosion that happens at the lake’s shoreline.

For more sea wall construction: Concrete Sea Wall Construction Part 1 and Concrete Sea Wall Construction Part 2.

Click here to view the embedded video.

I end this video standing beside the waterfront home for sale at Lot 2 of Water’s Edge. If you have not had a chance to see these homes, you really need to.  Lot 1 and Lot 2, Water’s Edge are for sale now.  We are finishing up the dock plans and work, but other than that, they are good to go.  Water’s Edge gives you a unique opportunity to buy a Lake Martin waterfront home that is technically a foreclosure, but, in reality, is a brand spanking new home.  These homes were designed by the award-winning Jones Pierce Architects of Atlanta.

So many times when looking at Lake Martin foreclosed homes, I see the typical wear, tear, and sometimes downright abuse that can happen with foreclosures.  At Water’s Edge, when the bank foreclosed on these lots, there were only concrete slabs.  So the bank finished them from the ground up, and they did it with the help of experts in vacation home design and construction.  Wade Wilmeth is the contractor who executed Bryan Jones’ design.  Anybody familiar with Wade’s extensive work around Lake Martin and sterling reputation will know the quality of the homes without even walking into them.

Where else will you get this big water view, this close to the water, on this side of the lake, with brand new, well designed construction, and at least 3 bedrooms – for this price??

I get asked all the time, “Are there still deals on Lake Martin?”  I’m telling you now, these are not deals – they are steals.

Contact me here, or give me a call at 334 221 5862 to come by and see them.  It is well worth the trip.

Related Videos:

Water’s Edge on Lake Martin, Lot 1

Water’s Edge on Lake Martin, Lot 2

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Crowne Pointe owners enjoy lake-level private storage units, 2 owner’s pools, a deeded boat slip, plus the conveniences of relatively new construction (first units built in 2007 – open floor plans, tile floors, upgrades on counters and appliances, etc.).

Click here to view the embedded video.

Are you interested?  For a look inside a Crowne Pointe unit that’s for sale now, check out this video we made for a listing at Crowne Pointe:  Crowne Pointe Condos Unit 101 on Lake Martin

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A great architect and a dedicated builder make quite a statement with these homes;  these are not your run-of -the-mill spec homes.  Call me anytime for a tour!

Click here to view the embedded video.

Water’s Edge is located in the Alexander City city limits at the end of Coosa 20 near Willow Point and Parker Creek.  The big view you see is looking southeast over Big Kowaliga towards Sand Island.  The entry to Parker Creek is to the right,  and the old Veazey’s Marina is on the left.  Landscaping will be installed in a couple of weeks.  Check back for the official listing video of the finished project!

Related post:  Announcing Water’s Edge at Lake Martin

Related Video Tours:  Water’s Edge Architect’s Notes: Exterior Features

Water’s Edge Architect’s Notes: Interior Spaces

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I shot this video from The Village to give you an overall look at the neighborhood.  I’m not the listing agent for The Landing (Butch Billingsley is), but I can help you find a home in this neighborhood, or any property in the Lake Martin Area MLS. Just give me a call or contact me using the “Contact” tab at the top of this page.  I’d love to help.

Enjoy the tour!

Click here to view the embedded video.

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It had two phases, and about 236 waterfront lots.  The typical Windermere West lot is well wooded, and deep – most homes are not easily seen from the road. Because it is off of Windermere Road and close to highway 63, it is close to the Russell Crossroads town center.

Windermere West is a great mix between town and country, for lack of a better phrase.  They have Covenants and Restrictions to protect the homeowners’ rights of development.  They have 2 landscaped entrances for aesthetics.  But, they don’t have amenities such as a clubhouse, pool, or walking trails. Windermere West does not have its own sewer system, each home has its own septic system.  Depending on your wants and needs, that could be good news.  The upside is that Windermere West has a relatively minuscule HOA fee – currently $20 a month, same as it has been since 1991.

Here’s the first entrance from Windermere Road:

Windermere West Parkway:

There is an old cemetery right across from the second entrance

Would you like to buy a home in Windermere West? Contact me, I would be glad to help.  There aren’t many undeveloped lots left, but there are a few for sale.  Call me at the number at the top of the page, I can help you find the best deals.

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Though I have been in the neighborhood countless times, I had never been by road to The Ridge’s Beach Park before yesterday.  It was really nice, it has a big covered pavilion, changing / rest rooms, and, of course, a big beach.  The water view is of Lake Martin icons Chimney and Acapulco Rock Islands.

While I was there, I also hiked a bit on some Ridge Trails (download a map). The developer, Russell Lands, has done a really nice job about incorporating off the water features here.  There are tons of mulch lined trails through the woods, that explore common areas and various other parks in the Ridge.

One example is Red Oak Trail and Hickory Hill Trail, I took these down to Hidden Park.  Hidden Park has its own gazebo, boardwalk, and fishing pier.  It was really nice and peaceful.  Now that the leaves are down, you can sit up on the gazebo and get a nice view of woods and water of Lake Martin.

If trail hiking is not your thing, you can stick to the sidewalks.  There are many of those around The Ridge, too.  Check out my video of the morning:

If you are interested, see my listing info for Lot 72 The Ridge.

Related Posts:

The Ridge Amenities Video Tour
Lake Martin Voice Neighborhood Spotlight: The Ridge

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Basically, if you own a home, a lot, or a town-home in the Ridge, you have the right to access all of the amenities, like the pool, the Ridge Club, the tennis courts, walking trails, boat launch, and Beach Club. The Ridge Marina is public, but of course easily accessed by Ridge owners.

Here is the video:

Click here to view the embedded video.

I should have shot more footage of all the walking trails and sidewalks of the Ridge, a lot of people like to use them. Maybe it’s material for a future video.

Properties for sale in The Ledges at The Ridge:

276 Ledges Trail (click here for property description)

here is a video tour of the townhome:

Click here to view the embedded video.

Related Posts:Lake Martin Real Estate Spotlight: The Ridge
Lake Martin Real Estate Spotlight: The Ridge Update

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 Trillium, one of Russell Lands’ more mature 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 Martin.

Trillium was one of Russell Lands’ first neighborhoods that were completed in different phases.  The first homes were built there around 1989.  One element that was new to Lake Martin at the time was Russell Lands’ use of causeway construction.

Years of erosion on Lake Martin had made islands out of former peninsula.  Russell Lands poured a lot of money in the construction of causeways to bring paved roads and utilities, thereby rescuing millions of dollars of real estate.  I can remember one such “island” on the first phase.  It was divided into four huge lots and priced at $250,000 each.  It was laughingly dubbed “million dollar island” by hordes of us skeptical locals.  We pondered “what fool would pay that much for one lot?” Eighteen years later, that amount will barely buy you any sort of waterfront lot, much less a showcase one like those on the points at Trillium.  Turns out that we were the fools for not realizing the demand that would spur a long bull run for Lake Martin property.  Lots like those would now cost you 10 times that amount if you could buy them at all.

By my unofficial count, there are 213 waterfront lots in all of Trillium.  As of this writing, there are 8 homes and 4 lots for sale in Trillium in the Lake Martin MLS.  If you would like any information on them, give me a call or email me.

Amenities:

Trillium does not have a clubhouse.  It does have a guardhouse protecting the lone entry, but I have never seen a guard there.  I suppose they could put someone there in the future if they wanted.

Because Trillium doesn’t have a clubhouse, it does not have any related things like a pool or workout center or anything.  They do have some walking trails that are cut through the non-waterfront woods.

Lot types:

Waterfront lots in Trillium are flat.  Just as many of the lots in The Ridge (link) are sloped, Trillium’s overall topography almost guarantees that each one of its lots are flat.

Generally, the lots are also big (for Lake Martin) and deep, sitting far back from the roadways.  Trillium’s lots are also well covered with tall, mature pines.

There are no interior lots or homes.  All homes in Trillium are waterfront.  Who knows, maybe one day Russell Lands will sell off the interior land.  Right now, they have retained fairly large sections of woods in between the phases to give Trillium a beautiful, woodsy, private feel.

Factoids:

Back in the heyday of “Russell cabins” Mrs. Edith Russell used to have a couple of cabins at the end of Pine Point.  Apparently she was a fan of the trillium, a pretty, symbolic wildflower native to this part of Alabama.  Hence the name of the subdivision and its types the names of many of its streets: Wake Robin, Nodding, Grandiflorium, Underwood, Catesby, and Narrowleaf.

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Located at the easternmost end of Coosa County Road 20, Eagle’s Point has big water views looking southeast at the junction of Parker Creek and Kowaliga towards Willow Point and Sand Island.

Density:  Phase I of Eagle’s Point has a total of 11 homes planned.  Each home will have and its own pier.  They have already cleared out the home sites, so if you drive by boat or car, you’ll see the phase I area.  The planned Phase II extends east, across the causeway towards Veazy’s Marina.  There are 20 planned homes in Phase II.  A Phase III of interior lots is also planned.

House Plans:  Eagle’s Point offers three different house plans.  There are 2 plans with 3 bedrooms and 2.5 baths.  One plan has 4 beds and 4.5 baths.  All are three stories and have at least 2,500 square feet.

Builder:  All the homes will be built by Lake Martin builder Sammy Ransome.  You cannot bring your own builder.

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.

Amenities: Eagle’s Point will have a gated entrance, private beach, common area fire pits, community dock for guests, golf cart parking by boat launch.

Directions: Eagle’s Point is in the Coosa County side of Lake Martin, at the end of Coosa County Road 20.  Google Map to Eagle’s Point

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