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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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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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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There are lots of kinds of seawalls (concrete, wooden, rip rap), and at Water’s Edge, the Henderson and Coker crew is pouring the footers for a concrete seawall that will wrap all the way around a big peninsula.  This is about the biggest seawall construction I’ve witnessed, and I’m going to try and video it at different phases so you can see what’s involved.

Click here to view the embedded video.

Again, this is the first installment of what I hope will be a series, so stay tuned.  I’m looking to film Henderson and Coker setting up the concrete forms soon.

If you want more information about the homes at Water’s Edge, check out these video tours:

Water’s Edge Lot 1 Home

Water’s Edge Lot 2 Home

Water’s Edge Architect’s Notes: Interior

Water’s Edge Architect’s Note: Exterior

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Click here to view the embedded video.

Many second home / vacation buyers also consider the beach.  On the Gulf Coast beaches there are tons of condos, and therefore many condos to rent.  At Lake Martin, there just aren’t as many waterfront condos relative to homes for sale or for rent.

Don’t get me wrong – if you’re interested in a condo on Lake Martin, they do exist, and most offer great amenities like deeded boats slips, access to golf, and owner’s pools.  For owners who don’t want the headache of second home maintenance, they are a great option.

What does a condo on Lake Martin look like?  Below are video tours of two condo developments on Lake Martin (these are not the only two on the lake).  

Villas on the Harbor on Lake Martin

Crowne Pointe Condos on Lake Martin

If you’d like to know more about the condo market on Lake Martin, or about any Lake Martin waterfront property, give me a call.

Here are two waterfront condos for sale right now:

Crowne Pointe Unit 101

506 Villas on the Harbor

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They finally settled on a property in the Little Kowaliga area of Lake Martin – it’s a huge area on the west side of the lake that’s bordered by Elmore County Road 80 to the south, State Highway 63 to east,  AL Highway 9 to the west, and Coosa County Road 2 to the north.  So why did they choose the Little Kowaliga area?   I’ll let them tell you . . .

Click here to view the embedded video.

Thanks for you help, Rick and Emily!  Enjoy your home!

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Photo By Kenneth Boone, Lake Magazine

Lake Magazine Editor Katie Cole wrote the article and Kenneth Boone supplied the pictures, as expected.

It is a really nice article, mainly covering the genesis of Water’s Edge at Lake Martin. Water’s Edge was called Eagle Point by the original developer, who put in the road, the lots, the private septic system, and some landscaping. But the only home construction was one spec home and two slabs. Aliant Bank foreclosed on the entire development, except for the spec home. They were left with over 2,000 feet of undeveloped shoreline, a Lake Martin rarity.

They also had two slabs of concrete – foundations for planned homes. I was really honored to be brought in on the early planning stages with Aliant Bank, along with architect Bryan Jones and builder Wade Wilmeth. After looking at the project as a whole, it was evident that today’s market would be unlikely to produce a developer, investor or speculator to buy the whole shebang at once. As rare as it is to have this much undeveloped shoreline on Lake Martin, and in a popular, big water view area to boot, we just didn’t see it happening very soon. The foundation slabs had sat dormant for almost two years.

The decision was made to go ahead and finish and sell the two homes, to get some momentum going for the lot sales. The problem was that the slabs were designed for larger homes that frankly would not sell in today’s market. Enter Bryan Jones. Bryan had the tough job of coming up with a smaller design that would sell at a more modest price point – only 1/2 of the original developer’s plans. Bryan hit a home run – the homes at Water’s Edge take advantage of the huge view, overcome the hill slope with layout, and incorporate cool “lakey” design features that let you know it was thought of as a lake home.

That is how Water’s Edge comes to offer a seeming paradox – two homes that are technically foreclosures, since a bank owns them. But they are brand spanking new - designed and built from the slab up. Many times when I show foreclosed waterfront Lake Martin homes, the buyers are a but turned off by the condition of them. Many of them need more than TLC, they need TNT. Not so at Water’s Edge. Nice and shiney. Scrubby dubby.  Wade went above and beyond the call of duty on the building side, using his Lake Martin home construction experience to add in quality and finish.

Price Drop!

In celebration of the completion of the homes, we have dropped the price of Lot 1 to $549,000 and Lot 2 to $529,000. Both homes have 3 bedrooms and 3.5 baths. The only difference is that Lot 1 has about 700 +/- more square feet in an 75% finished top floor that could be a huge bedroom.

Would you like more info? See Lot 1 Water’s Edge Lake Martin here and Lot 2 Water’s Edge Lake Martin here, or you can call me at 334 221 5862.

Looking For Undeveloped Land?

If you are interested in the more than 2,000 linear feet of undeveloped, prime Lake Martin waterfront, please also give me a call at 334 221 5862. Most of the rest of Lake Martin is owned by Russell Lands or Alabama Power. It is extremely rare to see this much contiguous land for sale, much less on such a popular area, with huge, huge views. We have already drawn up several possible development ideas, so we can help you run feasibility studies quickly and for little or no cost.

Stay Tuned For More Video

Much of the undeveloped land at Water’s Edge consists of a tree covered peninsula that looks for miles over Big Kowaliga section of Lake Martin. This part of the development has not had a seawall of any kind for many years. Naturally, a lot of land was lost by erosion. Local concrete contractor Henderson & Coker has been hired to fix it. It will be the longest wall, on the biggest water, that I have ever witnessed. Maybe they have done longer, bigger walls over in the Ridge, but I wasn’t around to watch.

Friday I went down and taped some footage of them pouring the footings. I plan to tape each phase of the wall’s construction, should make for some cool footage. Stay tuned!

Other Great articles in December’s Issue

Also, don’t miss these other really cool article from Lake Magazine’s December issue:

How to Choose a Boat – folks who know me know that I am saving up to buy a Sea Ray Sundeck. I think I have made my mind up on the selection, but this article really got me thinking..

and

Smith Mountain Tower – this is a huge opportunity to help the Lake Martin community, become a part of restoring a landmark!

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The Willow Point Golf and Country Club was founded in 1964.  It is truly a gated community, where you are stopped at the gate by a guard and you must show your ownership sticker or explain your business.  You can, however, ride by in a boat all day long.

Click here to view the embedded video.

If you’d like to know more about homes for sale in Willow Point, or any neighborhood or property on Lake Martin, give Lake Martin Voice Realty a call or shoot us an email.  Put us to work and enjoy the results.

Related posts:

Lake Martin Real Estate Spotlight: Willow Point

Lunch at Willow Point – Lake Martin

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