Lake Martin Voice Realty
Archive for the 'Buying Tips' Category
Lake Martin Waterfront Home Sales: June & July 2010
Real estate sales on Lake Martin looked strong on midsummer of 2010.
As you can see from the monthly results chart above, 2010 is posting consistently strong results when compared to years post bubble burst. Interestingly though, if you compare it only to the prior year, 2010 lost badly to 2009 in June (17 sales versus 26) and tied it in July at 28.
What about cumulative results? How does it look if we add each month’s sales to get a rolling calender year total? That gives us an idea of the sales trends and a historical perspective.
Lake Martin waterfront home sales at July 31, 2010 ,are stronger than by the end of July in 2009. This is certainly good news, as 2009 was (what I have dubbed) as the comeback year for Lake Martin real estate. Looking only at the above chart, we could rightly assume that 2010 will be even better than last year.
But what about momentum?
How do we measure how fast lake homes are selling? Sure, 2010 is ahead of 2009 so far. But does it have enough gas to stay ahead?
Loyal readers of Lake Martin Voice know that I put a lot of stock in comparing how this month’s number of lake homes sold stacks up versus the same month of last year. I truly believe that this is the absolute best measure of the state of any real estate market. It cuts through all the hocus pocus. It doesn’t concern itself with ivory tower parleying over macro economic data, nor nit picking through minutia of this home versus that. It’s all about the scoreboard. It’s like the feeling when the clock hits 0:00 in the Iron Bowl. There’s nothing more to say, no more trash talk or what ifs. The scoreboard does the talking.
How does the scoreboard look for 2010?
If you are a fan of sales increasing, you want to see action above the zero line. That means that the current month is beating the same month in the prior year. A quick glance shows anyone that Lake Martin real estate sales in 2009 were beating the pants off of 2008. The “good” news is that 2010 is still beating 2009, just check the cumulative sales. However, it is not at the same furious pace.
Is this evidence of the dreaded macro economic “double dip” of bad results? I don’t think so. Let’s wait until a year starts losing consistently before we make that call. For right now, I think the jury is still out for 2010. These are halftime results, let’s wait until November to make that call.
Inventory
Another positive trend for Lake Martin sellers is the fact that the waterfront homes for sale seems to be decreasing. One look at the above chart can show you that in the Lake Martin real estate market, inventory usually peaks at mid summer, and then slides down toward January. If we have hit our apex for 2010 already, it would seem to indicate a trend towards a smaller number of properties for sale through the MLS.
This is classic supply and demand, folks. We still have strong sales, but if waterfront homes on Lake Martin start to be more scarce, prices will finally cease their slide.
We need more data to be sure, but I think this helps the odds of my earlier prediction of stabilized prices for 2010.
Related Posts:
Lake Martin Real Estate Sales 2009 – Waterfront Lots
Lake Martin Real Estate Sales 2009 – Year In Review
Lake Martin Real Estate Sales 2008 – Year In Review
Lake Martin Real Estate Sales 2007 – Year In Review
All Lake Martin Market Reports
(*)Disclaimers: All of the above info was taken from the Lake Martin Area Association of Realtors Multiple Listing Service. Accuracy is not guaranteed but deemed reliable. The above does not include sales by FSBOs or developers that sell privately and not through the MLS. But, I do think that the above represents a very large majority of all sales on Lake Martin.
Winner Announced: Free Weekend At Water’s Edge on Lake Martin
I am pleased to announce the winner of a free weekend stay at a cabin at Water’s Edge on Lake Martin, please see this video:
Congratulations to Cecil G of Greenville, Alabama. He and his luckiest friends and family will be enjoying a free stay next weekend.
Thanks to everyone that entered. We had a tremendous response. Some of you really made me laugh with your comments that you left in the form. Some of you left some things I can’t print (you know who you are 
) and others left some funny ones. To wit, a few examples:
We had the spam fearers:
“Please do not distribute or sell my number or email address.” and “Please do not give out my personal information!”
Don’t worry, your info is safe with me. I will put you on my once a month email list, and if that’s too much, by all means, unsubscribe.
Also we had some folks that have obviously dealt with some aggressive realtors before, here are a few:
“please use only for wining giveaway—no sales calls” and my personal favorite: “Please do not share my phone number or bombard me with calls. Thanks.”
We had some very complimentary words about the new homes for sale at Water’s Edge, and Lake Martin in general:
“We actually drove by this development recently. It looks great, we’d love to spend an weekend there.” and “Can’t wait to see the finished homes.” and “one of my favorites home sites on the lake” and “Lake Martin is by far the best lake in Alabama. The water is so clear, the restaurants on the water are great and everyone is so friendly!”
There were a couple of good natured attempts to influence the results. All were unsuccessful, of course. This one took the cake: “I hope I win, then you can sell my old lake house for the new one!!” - Wow, talk about temptation!
If you are wondering how I made the draw, please let me explain. I took all entries and then dropped their info into a spreadsheet. Every entry had a row #. I then went to Random.org and used their random number generator to give a number, then I looked up the row, and saw who won. That’s how Cecil G. scored a free weekend at Lake Martin.
For More Information on the Waterfront Homes for sale at Water’s Edge, see:
Lot 1 Water’s Edge – $589,000
Lot 2 Water’s Edge – $569,000
They each have 3 beds and 3 baths, and are sitting literally on the water’s edge. The view is stunning – jaw dropping even – you can see for miles, from its spot at the end of Coosa 20. You can see much of Parker Creek, the old Veazey’s Marina, Willow Point, and all the way to Sand Island.
Does Ceiling Color Keep Away Bugs?
I went by Water’s Edge the other day – and snapped these pics. The painter was doing the outside deck, and they chose a light blue for the deck’s ceiling. The architect and builder said this discourages bugs from making nests up there.
Has anyone else heard of this?
Does this only work on Lake Martin?
By the way, the view from these homes for sale at Water’s Edge is absolutely stunning. The homes look for five or so miles over the Big Kowaliga section of Lake Martin.
I like the colors the picked for the outside of lot 1:
and lot 2:
Stay tuned for a chance to win a free weekend lake house rental at Lake Martin, courtesy of Water’s Edge!
The homes are almost ready, so if you are looking for a new home with huge views let me know!
More info:
Lake Martin Home Sales Still Strong In May
Waterfront home sales on Lake Martin, Alabama continue to look good.
Through the Lake Martin MLS,* 21 waterfront homes were sold in May 2010 compared to 22 in 2009, 14 in 2008, and 23 in 2007.
Here is an associated chart that shows monthly waterfront homes sales on Lake Martin since 2007:
 |
If we take a look at the cumulative results, Lake Martin real estate fans will see that 2010 is still tracking way ahead of last year and 2008. I think 2008 was the bottom for the Lake Martin real estate market, so I certainly expect it to be beating 2008.
I am a firm believer that the leading trend statistic to watch in real estate, Lake Martin or otherwise, is comparing this month’s sales versus the same month of the prior year. Therefore it gives me a little pause when I see that May 2010 lost, albeit by one waterfront home sale. Even with sales in the twenties, though, I just don’t think that number is too statistically significant. In other words, one – schmone. It was pretty much a tie.
Now, if we see that June ‘10 loses to June ‘09, we may have spotted a trend here. But from what I am seeing on the market now, and the level of sales activity that has spiked up, I don’t think that will be the case.
How Are Prices Trending?
I think that prices are still under a lot of pressure. There is still a lot of waterfront homes for sale on Lake Martin, and, despite the sales momentum, prices are kept low. This is evidenced by the silence at the same old overpriced homes, while the homes that come back on the market with reduced prices get the first attention of buyers.
Here is a graph of all of the waterfront homes for sale right now on Lake Martin:
Influence of the Oil Spill
Another question I get a lot is what, if any, influence is there of people fleeing to Lake Martin property as a reaction to the oil spill in the gulf?
I think the answer is – it’s still too early to quantify the impact on sales. True, I have had several new buyers to call me that were on the fence considering beach vs. lake and they say this has swayed them, but they haven’t bought yet.
I have noticed a marked increase of people calling me about short term rentals on Lake Martin. I guess they canceled their beach condo rental and are looking for a substitute. I don’t handle rentals so I always refer them to others. I must admit my random rental calls have doubled. Will these people fall in love with Lake Martin, and then decide to buy? Who knows. I can’t imagine that it hurts the lake.
Let me say this, I know a lot of really good agents all up and down the Gulf Coast and I hope this doesn’t affect them too drastically.
Looking Forward
We are still relatively early in the sales season at Lake Martin. The crucial months of June, July, and August will really tell us how serious 2010 waterfront sales are. It’s simply too early to guess. Praise God, I have been twice as busy as I was this time last year with buyers and sellers. I am sure other agents must be experiencing the same things, and this leads to more real estate sales on Lake Martin.
Related Posts:
Lake Martin Real Estate Sales 2009 – Waterfront Lots
Lake Martin Real Estate Sales 2009 – Year In Review
Lake Martin Real Estate Sales 2008 – Year In Review
Lake Martin Real Estate Sales 2007 – Year In Review
All Lake Martin Market Reports
(*)Disclaimers: All of the above info was taken from the Lake Martin Area Association of Realtors Multiple Listing Service. Accuracy is not guaranteed but deemed reliable. The above does not include sales by FSBOs or developers that sell privately and not through the MLS. But, I do think that the above represents a very large majority of all sales on Lake Martin.
Real Island Marina on Lake Martin: Video Tour
Real Island Marina is located on the southwest side of Lake Martin, near Nero’s Point, the west side of Trillium, and the Real Island / Little Kowaliga area.
Its amenities include gas docks, a convenience store, dry boat storage and a boat ramp. We took a tour of the marina the other day and they were kind enough to let us share it with you:
If you are looking for a waterfront home or lot for sale in the Little Kowaliga area, Real Island Marina would be a marina that you would use a lot.
Related article : Lake Martin Marina Spotlight: Real Island Marina
Real Estate Mythbuster: Only 3% Of Closings Come From Referrals
Occasionally I am asked, (mostly by potential sellers here at Lake Martin) “Why aren’t you with ReMax, Century 21, ERA, Keller Williams, RealtySouth, (fill in the blank with a franchise).”
Really, it is another way of asking, “How can a little local operation like you sell my Lake Martin real estate as effectively as the big national guys?”
My answer – “National brands don’t sell real estate. People do.”
This is no knock against my many, many friends here at Lake Martin and abroad that work at franchise brokerages. But- if you ask any one of them, I guarantee they will agree – the engine to sales is the agent, not the logo on their business card.
Think about it… we all are members of the same MLS. We all have access to the same internet. We all advertise in the same magazines, road signs, and restaurants.
The Myth of the Nationwide Network
The only thing the franchisers can lay claim to, and they all do it, is this mysterious “nationwide network of agents.” They are talking about their fellow franchisees, all over the country. They infer that, one and all, from the mountains, to the prairies, to the oceans white with foam, they are searching high and low for buyers of your specific Lake Martin home, ready to refer them in an instant to your agent. Really? Ask the same agent when the last time they worked on selling a home in Albuquerque or Albany.
Think about if from the buyer’s end. Let’s say you live in Birmingham, Alabama, and are thinking about retiring to Folsom Lake, California. You heard about it from a friend, or saw it on the news or something.
Now I want you to think very hard about this next question, because it is so critical. It is where sales are gained or lost….
What is your VERY first step?
Will you look in Birmingham’s yellow pages book under “real estate” – then call the most recognizable franchise logo, then ask whatever lucky person that answers the phone to help you with Folsom Lake? Of course not.
Will you be driving down the road, clueless of how to get information, but you see an ad of a big balloon, and decide that is your best source of Folsom Lake info? Not likely.
Will you be watching TV, aimlessly flipping channels on the hopes that you will randomly stumble across a show about Folsom Lake, but you see a Century 21 ad touting their national website, and pin your hopes on that? Silly, right?
I can tell you what your first step will be. You will go to the web and search something like “folsom lake california real estate.” That will be your VERY FIRST step. The internet has changed real estate referrals forever. Pretty much eliminated them.
You say, “Yeah, but I’m special. The average person won’t do that.”
Incorrect. According to the latest National Association of Realtors survey, 90% of home buyers research on the internet before ever talking to a Realtor.
Also, the same survey tells us that only 5% of closings happen through agent to agent referrals.
Only 5%.
There you go. Franchisers don’t dispute these numbers. In fact, they publish many other parts of this survey in their ads. But they don’t talk about the lack of success of referrals as a sales plan because it doesn’t play well with the “nationwide network of agents” part of their pitch to you.
More Mythbusting
I think we can break that 5% down even more. I would be willing to bet, if everyone would lay their cards on the table, that about half of those 5% referred to an agent that they already knew.
You can’t count that as a pure “network” referral.
Also, what about “network leakage?” What about when a franchise member from another town refers a buyer to someone like me, even though they have a fellow agent at the same franchise in my market? If the nationwide network is so great and so efficient, then why break ranks and refer to me?
Simple answer: they didn’t personally know anyone but me and they didn’t want to trust their friend and client to someone they didn’t know, just because they’re a member of the same franchise.
The Numbers Don’t Add Up
Looking back over the years, about 10% of my sales (or DOUBLE the national average) are referrals. Why? Because agents that I don’t know can find me more easily on the web than other agents. Agents that I do know can be assured that I will treat their friends fairly, they won’t be embarrassed to refer to some yokel that they don’t know (as opposed to me, a yokel that they do know ).
OK, then. I hear your next question: why are some agents at franchises, and paying (in some cases) 7% of their commissions to get referral leads that only account for 2.5% of their sales? I can’t tell you. I have no clue. I think the franchisers do a good job glossing over the myth and selling them on other “technologies” and training. Again, look out on the web for 10 seconds and you can find plenty of awesome free training and also the best real estate conferences cost about $150.
Back To The Seller
But as a someone who might be selling their Lake Martin waterfront property, do you really care about all of this? No. The only thing you care about is lead generation – getting A person to buy your ONE property, here at Lake Martin.
There are other great agents here at Lake Martin that work at franchises. I can think of reasons why you might choose them, instead of a private company like me.
Just don’t choose them based on the myth of the referral, because you’re betting on a long, long long shot.
Other Agents Please Read This Before You React
Most of the agents (at Lake Martin and abroad) that I admire, follow, and receive advice from are members of franchise brokerages, so don’t say I am a hater.
Don’t think for one second that I am downing the whole business model, because I am not. I can think of plenty of reasons why you might join a franchise: work with people you trust, great location, great mentors, just to name a few. But all of these reasons are locally based, not nationwide.
I recently referred a seller to a Century 21 agent in Tallahassee, not because of his affiliation with the national brand, but because I read his blog obsessively. I believe him to be a knowledgeable, high energy, high protein Realtor in the residential side of that market. (Here’s the best commercial real estate broker in Tallahassee, also a member of a franchise.)
I am a firm believer that this little thing called the internet has changed the way we shop for real estate forever. It has underscored the concept that all real estate is local. That is why I cannot justify paying for leads and training that don’t make economic sense.
It doesn’t make sense for me, right now, in this market. For other people, in different times, or in different markets, I can totally see why they would work for a franchise.
Who knows, maybe one day that will change for me, too. But if I make that decision, it will be based on the question:
Will this help me help more people, more than it will cost me to do it?
Video Is Killing The Glamour Shot Star: Buyers Want Home Info, Not Agent Ego
Even if you’re not already, imagine you want to look for a home on Lake Martin.
How do you start the process?
Do you think, “First, I must find the agent with the nicest pictures of him/herself, and I know that person will help me find my dream vacation home.” No?
Well, do you think, “I am looking for a real estate ‘Team.’ I’m not really focused on a home, but a “team.” Give me the biggest team, or the best looking team, or the team with the most impressive sounding self promotion. That’s what I want.”
Of course not. Most likely, you want to know how’s the market, what is for sale, and what factors that are specific to Lake Martin that you should consider.
What about sellers of waterfront property on Lake Martin?
Do they think “I want the agent that will do the absolute minimum to promote my home, but the maximum to promote herself?” No?
Or what about, “I want to provide a team the perfect opportunity to put flyers all over my home and have ads all over the place that emphasizes the benefits of ‘the team,‘ and not my home.” Of course not.
Today’s buyers and sellers of real estate on Lake Martin (and around the nation) are not interested in agents’ egos. They are interested in real estate and put up with agents just barely to the extent that they help them meet their goals.
How can you tell the difference? All agents will tell you how specialized their marketing is for each home. Really?
Study the agent’s current listings to see if there is any difference. How many pictures do they take? Are they taken of the same subjects, over and over? Do they highlight each home’s selling points, whatever those may be?
What about video? Is is truly video, or is it just a slide show, a repeat of their pictures, with no explanation, set to elevator music?
At Lake Martin Voice Realty, we practice what we preach. Just one example of the many ways we customize is our creation of a video tour for each listed home, with descriptions voiced over to highlight selling features.
No, you won’t have to stare at our Glamour Shot or hear how wonderful we are. We don’t even put our brand on the videos that go in the MLS, because we want other agents to send them to their clients without the fear of promoting us.
Again, we keep the focus on your property, and away from our egos.
This approach works, and it creates an experience that gets us on our clients’ Christmas card lists, instead of the list of people they avoid when they spot them at the supermarket.
Lake Martin buyers and sellers – let’s meet and talk about how we can serve you.
If a Home Price Falls in the MLS Forest, but Google Can’t Hear It, Did It Happen?
I am proud to be a member of the Lake Martin MLS.
It is the best repository of Lake Martin waterfront real estate. Any agent or any brokerage that is even passingly serious about selling property here is a member, and updates his/her listings’ information rather well.
So why do I go through all of the effort to have a blog and maintain my listings’ information on it?
Because most people look for real estate by using internet search engines like Google, and those search engines cannot see inside the Lake Martin MLS.
Don’t get mad, because they can’t see inside your hometown’s MLS either (most likely). Nether can they see inside other systems that are currently closed, like Facebook.
So how does the public get information about homes for sale? Many buyers do go directly to the MLS and search, either as a service provided by an agent, or through the MLS’s site itself.
But is that the best source of information? Usually not. The higher you go up that ladder, to the local MLS, then to Realtor.com, then to aggregators like Trulia, Zillow, and Roost, you lose information like pics and video and neighborhood data. Buyers end up getting frustrated by the lack of data, and seek more relevant, local sources.
That’s why locally produced and edited blogs like LakeMartinVoice.com are such powerful selling tools.
In contrast to the MLS, we are fully open and searchable by all search engines. In fact, the very architecture of the site is designed to promote that. We produce hyperlocal content – that is, I have pictures and video not only of the homes, but of the streets, what the neighbors’ homes look like, pricing trends, where to eat lunch, and how not to get burned in a purchase.
This sort of information, praise God, has proved extremely valuable to buyers over the last three years, and keeps them coming back and referring friends to our real estate brokerage.
If you are a Lake Martin seller, don’t you want your home to be listed in a place that can instantly get out the word about your waterfront home, lot, or condo?
Contact us through this form , or email the address at the top of the page, or call at 334 221 5862.
The MLS is helpful, and is certainly used by many buyers at some point in their search.
But if you build your marketing platform around it, you could risk not being heard, like the proverbial tree falling in the forest.
Announcing Water’s Edge at Lake Martin
Lake Martin Voice Realty is proud to announce the opening of Lake Martin’s newest waterfront development – Water’s Edge.
Check out our press release video of Water’s Edge below. Turn up your speakers a tad to hear the narration!
Located on the popular west side of Lake Martin, Water’s Edge is located at the end of Coosa County Road 20 – just across the water from Veazey’s Marina. The homes are literally at the water’s edge, with unparalleled miles long views down Big Kowaliga, encompassing Willow Point, Parker Creek, Sand Island and all the way to Governor’s Island.
Currently Water’s Edge offers two homes for sale, priced modestly yet giving you all the modern conveniences. So many new homes on Lake Martin are spec homes built on a design that could go anywhere. Often, that results in a home that’s new and shiny, but doesn’t feel like a lake house. Not true at Water’s Edge. The homes were custom designed for these exact lots by award winning architect Bryan Jones, of Jones Pierce Architects – Atlanta, Georgia.
Bryan “gets” Lake Martin – having designed many homes on the lake, as well as enjoying his own Lake Martin home in the Bay Pine area.
The site was especially challenging – given that the lots and roads were already laid out by a former developer that called it “Eagle Point.” Jones came in and started with a fresh set of ideas, namely:
* how do we design a home that takes advantage of the huge, “big water” view
* that is low maintenance
* doesn’t make you walk a million steps to get to the water
* that feels like a lake cabin, yet has modern features
* gives you privacy inside a development
* without a million dollar price tag
Just a few of the ways he found were:
* each home will have a deeded boat slip on a community dock
* creative use of space in between homes gives each home a “lakeside courtyard” for privacy
* create space inside the home with multiple uses to let a home live bigger than the square footage might suggest
* never forget that this is a lake house, with all of the form and function of the design that points to the lake
Currently Water’s Edge offers two waterfront homes for sale on Lake Martin:
* a 3 bedroom home that has approximately 3,200 +/- square feet over 3 stories for $589,000
* a 3 bedroom bath home with approximately 2,500 +/- square feet over 3 stories for $569,000
Water’s Edge also offers eight other waterfront lots for sale, their prices to be announced at a later date.
If you are interested in getting more information about Water’s Edge, or any more details, please feel free to contact me, John Coley, at 334-221-5862 or email me at info at lakemartinvoice dot com. I am honored to be the listing agent here, and would be more than happy to go on and on about the many cool details! So please call!
The Private Home Video Tour You’ll Never See
I just realized that in the last seven business days I have filmed four private home tours for Lake Martin buyers.
They were all waterfront Lake Martin homes, but the subjects varied from a million plus dollar mansion with more than 4,000 square feet of space and several mini kitchens, to a tiny concrete block foreclosure with no A/C for less than $200k.
The potential buyers ranged from Lake Martin veterans to people I have never met, but will soon.
The common thread: I filmed private home tours, for their eyes only, and you will never see them.
Why not?
Because you never called. Sure, you have been out on Lake Martin and driven by that home for sale and liked it, maybe even thought about calling a realtor (me, right?).
Or maybe you have been searching through the Lake Martin MLS, and seen a listing that catches your eye, and you want to see more, but don’t have time to take off work or burn a Saturday on a whim.
Let Me Be Your Film Crew
It’s pretty obvious – I am here at Lake Martin. You are not. The internet is between us. It’s a new twist on the old concept of agents “previewing” a home, except I can send you so much more info than “it’s real nice, come on down.”
Here’s how to order your own private Lake Martin Video Home Tour:
1. You see a Lake Martin home, lot, or condo for sale that you like – online or in person.
2. You call me at 334 . 221 . 5862 or contact me by email: john [at] coleyre [dot] com
3. I make sure that you are not a kook (sorry, I have to do it)
4. I go to the home and shoot a quick video tour and about 40 – 100 pictures
5. I post the video and pics to YouTube or Flickr or some such free site, but I restrict the viewing
6. I email you a link, accessible only by you, to the video tour and pictures
7. You watch at your leisure
8. You decide if you want to proceed any further, no hassle from me
Two of these videos resulted in offers (I will let you know if they work out). The other two said, no thanks, let’s keep looking.
Any questions?
