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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Lake Martin will have a higher water level this winter!

Alabama Power has just notified everyone that FERC approved their request to keep the level at 483, Martin Datum, rather than going to the customary 480.  The timing of this announcement has prompted many questions to me from astute Lake Martin Voice readers.  I feel I must respond here.

As was widely reported by Lake Martin area media, on November 4, 2011, Alabama Power applied to FERC to have permission to keep the water three feet higher this winter.  Since November 4, we have heard nothing from FERC.  Cue crickets chirping.

Then, yesterday, at 10:12 AM, I clicked “Publish” on this post about Alabama Power’s unmet request.

Today, about 24 hours after I posted that, FERC consents.

Yes, in a time period faster than it took for Johnny Fontane to get “that part,” FERC went from silent to servile.

For all you conspriacy theorists out there, I give my official response:

Omerta.

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This is old news to locals, of course, but I realized I had not posted anything about it on my blog.  Sorry about that.

This has been an unusually  busy fall for Lake Martin Voice Realty. Both John Christenberry and I have been blessed to have a few deals in the works and lots of people here looking for a waterfront home or lot on Lake Martin.

Alabama Power made this request to the Federal Energy Regulatory Commission (FERC). FERC is also the acronym that will decide to approve or reject Alabama Power’s application for a new rule curve for the next 30 years.

For all of the official information from Alabama Power as it relates to Lake Martin’s water level, go to this page on their website, then select “Tallapoosa River” and then “Lake Martin” in the appropriate drop down boxes.  The normal winter water level for Lake Martin under the current rule curve or license is 480 feet, Martin Datum.  Alabama Power has requested to keep it at 483 this year because of, in their words, “to address forecast LaNina impacts during the upcoming winter and spring months. Once approved, the lake should remain up to 3 feet higher than normal winter pool. Lake elevations are always subject to change, depending on conditions.”

If you would like to monitor the water level on Lake Martin, I think the best spot on the web is Bruce Pate’s Lake Martin.com. From here you can see the current level, and also a cool chart that allows you to compare to prior years, and to the current rule curve.  Bruce also allows you to create a water level alert, customized to your needs.   For instance, you might know that when the lake gets below 484 you can work on your dock or install a water pump for your landscaping.  Go to Lake Martin.com and create an alert that will email you when it gets close to that amount.  Neat idea!

Other Great Resources About Lake Martin’s Water Source

Lake Martin is fed by the mighty Tallapoosa River, which, I would argue (in extreme bias) is the most historically significant river that is east of the Mississippi and south of Clingman’s Dome. Here are some links to see Tallapoosa River flow numbers:

Tallapoosa River near Heflin

Tallapoosa River near Wadley

Tallapoosa River near New Site / Horseshoe Bend

The Tallapoosa is part of the Alabama / Coosa / Tallapoosa River Basin, aka the ACT Basin.  If you would like to watch water level readings for the ACT Basin, see:

ACT Basin by Army Corps of Engineers

Alabama Dept of Environmental Management

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Yes, I know that you can blame it on the review committee.  Yes, I realize that John Q. Homebuyer might not have sent in Form XYZ that you proclaim is so important.

But don’t you also realize that a preliminary HUD must be presented at least 24 hours before closing?  I know you know.  You know you know.  Why can’t you make it happen?  What does it say about your process that you don’t care enough to make it happen?

We give you six weeks, usually, to get it done.

At the very least, don’t tell the home buyer “yeah we can close it in 4 weeks.  No problem” when what you really mean is, “even though you give us six weeks I will tell you for 5.5 weeks that everything is cool and then I will hit the panic button, blame various Orwellian committees, you, the attorney, whomever.  Amidst all my blame game, I still won’t get you a loan package in time.”

No matter how many times I tell my buyer at the outset: “prepare yourself.  The lender will drag their feet, not send a closing package, and therefore it will screw the whole thing up and you will end up mad” – it still frustrates me when my worst predictions come true.

Buying a home, and closing a loan, especially on Lake Martin, is supposed to be happy.  Fun.

I call on all members of the home mortgage industry that are working for huge, Borg-like, just-bailed-out-with-my-money banks, to step out from behind the machinery and use your brain to make your company better.

Like Gayle and Evelle, I would rather light a candle than curse your darkness.  So here’s your candle:

Linchpin by Seth Godin

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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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Stillwaters is a huge development (2,000 acres or so) on the east side of Lake Martin.  The first phases were built in the 1970s.  Inside the guard gates you’ll find the public golf course, waterfront homes and condos, off-the-water homes and condos, Harbor Pointe Marina, plus neighborhood amenities like tennis courts, a pool, and playground.  Stillwaters has a Dadeville street address, and by water has a pretty central Lake Martin location.

Since it’s January, it’s a little cloudy, but for our readers in colder country it should be refreshing to see what “winter” typically looks like in central Alabama.  We try not to wear a coat if we don’t have to.

Click here to view the embedded video.

Stillwaters is a landmark in the Blue Creek area. Since Stillwaters is on the east side of Lake Martin, this means that it is close to Auburn, Opelika, and lots of lake lovers from Georgia.

As one of the older neighborhoods on Lake Martin, Stillwaters has many different phases and little sub neighborhoods. Some of the condominium complexes are Harbor Pointe, Villas on the Harbor, Sunset Point, and Stoneview Summit.  All of these are located within Stillwaters, and have their own Home Owner Associations.

If you would like to contact the Stillwaters Residential Association directly, see their website here: Stillwaters RA.

If you’d like to see a home or condo for sale in Stillwaters, or any property in the Lake Martin MLS, please call us. We’d be honored to go to work for you!

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Click here to view the embedded video.

Trillium is always a popular spot for lakeside sight-seeing. If you’re new to the lake, or if you like to look at homes while you boat ride, Trillium’s a great development to ride by.  Another reason Trillium is popular on the boat tour scene is that it’s on a popular stretch of Lake Martin: the area between Kowaliga Marina and Real Island Marina.  This is a major thoroughfare on the southwest part of the lake (also known as Little Kowaliga).

Click here to see a lot that’s currently for sale in Trillium.

At Lake Martin Voice Realty, we can help you with any property for sale in the Lake Martin MLS, including homes and lots in Trillium. Give us a call and put us to work.

Related Post:

Little Kowaliga area on Lake Martin

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Here’s one that I bet you haven’t thought about:

Is the home in a flood plain? Will you need flood insurance?

I know, it sounds crazy. I can hear you now:

Wait, John – Lake Martin is a man made lake, all of that water is held up by Martin Dam. Lake Martin (at some points) is more than 150 feet deep.

How can a home sitting up above the water level be concerned about being flooded? Furthermore,  if a home is sitting above the elevation of the top of the dam, how can it be flooded? Impossible!

Nope.  Nothing is impossible with FEMA.

Yes, FEMA.  That bumbling bureaucracy that brought you Katrina Relief is at it again. They have redrawn the flood maps for much of the tri-county area that stretches over Lake Martin.  Bucking a century long trend of technological advancement, this broad brushstroke made their master map less accurate.  It threw many more homes into the federally designated flood zone.

Why should you care?

If you buy a Lake Martin home and your mortgage company requests certification that the home is not in a flood zone, you would be flagged.

What should you do?

Your options would either be to:

1.) pay for flood insurance (many quotes are at $3,000 per year)

2.) pay a licensed surveyor or civil engineer to come shoot the elevation ($500 – $800) and apply to FEMA for a permanent exemption for your particular home.  You show this to the mortgage company, and they remove the flood insurance requirement.  Obviously, most home buyers choose this option.

Crazy. It sounds like FEMA is passing along the cost of getting accurate maps to individuals.

Agreed.  If you are buying a waterfront home on Lake Martin, or even refinancing one, you need to budget this money, just in case.

Wait a minute – this is nuts, you say. How can a home that sits above the elevation of the dam be worried about a flood? Shouldn’t FEMA be worried about the people DOWNSTREAM of Martin Dam?  That’s like worrying about your little rubber ducky that sits in the soap dish.  There is no physical way he can wash away if the tub overflows. He is above the tub.

You are being too logical. Besides, FEMA says there is a “choice” - you can just buy hugely expensive flood insurance if you don’t want to pay a surveyor.  Who sells flood insurance? Oh yeah. FEMA.

To summarize: FEMA says that most of Lake Martin needs flood insurance.  They can’t tell us exactly which homes need it. They need us to tell them if we need flood insurance, but only if we hire a professional. If we don’t want to hire someone, we can pay for it. They sell it.

It’s a formula that only Yossarian could appreciate.

Read more about the Lake Martin flood insurance issue here.  It is a transcript from a meeting that FEMA held with concerned citizens.

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During the summer, when the lake is at full pool, we rarely stop to think about what is under the surface.  In this case – a lot of carefully planned rebar and concrete.  This sea wall will protect the huge peninsula portion of Water’s Edge from erosion for years to come.

Click here to view the embedded video.

Stay tuned for the next installment in this series . . . at this point, your guess is as good as mine about exactly what will happen in the  next phase of seawall construction.

If you’re unfamiliar with Water’s Edge, check out some of these video tours below.  Give me a call if you’d like to see the homes at Water’s Edge, or any property in the Lake Martin MLS.

Announcing Water’s Edge on Lake Martin

Water’s Edge Architect’s Notes: Interior Spaces

Water’s Edge Architect’s Notes: Exterior Features

Water’s Edge Home Tour: Lot 1

Water’s Edge Home Tour, Lot 2

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Except in one neighborhood.

You still see deer in the Lake Martin neighborhood of Stillwaters.

Stillwaters is a gated community on the Dadeville side of Lake Martin. It is large by Lake Martin standards, and has a mixture of off water homes, waterfront homes, and waterfront condos. It also has a golf course and marina.

Stillwaters also has a large herd of whitetail deer. It is not uncommon at all to see them on the side of the road, placidly grazing, not a care in the world.

I have seen a doe in this same general area several times. I guess this is her fawn. They are almost tame. Check out this video to see how close I got to them in my car. I originally posted this on my media blog on posterous.

I filmed this when I was on the way back from one my listings. I have a waterfront condo for sale in Stillwaters, inside one of the condo developments named Villas on the Harbor.

Would you like to see deer like this on your morning walk?

Check out this page for more info on the condo for sale. It is a great one, conveniently close to the marina, with its own owners’ pool.

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