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Archive for the 'Real Estate Tips' Category

Are Lake Martin Real Estate Sales Seasonal?

lake martin alabama reflection leaf color

Are Lake Martin waterfront real estate sales seasonal? That’s a question I hear a lot this time of year.

It’s a pretty natural question, I think. If you own waterfront property on Lake Martin, you might be wondering whether or not to put it on the market now, or wait until the spring when the weather and the sales heat back up.

Or, if you are considering buying a home or a lot on Lake Martin, you could possibly be thinking that everything goes on sale after Labor Day.

To start with the buying side question, the answer is no. There is not huge price drop that happens after Labor Day. It just doesn’t happen. A studied the numbers on this a few years ago and found that the sale to list price ratio does not change when the temp goes down.  See this link. This myth persists, though. But it is bunk.

What about on the selling side? Are there so few sales on Lake Martin in the cold months that you’re better off to wait until the Spring?

I don’t think so.

Some sellers might worry that they will have a higher Days On Market statistic in the Spring if they don’t sell. I polled a few of my fellow agents and they agree with me:

It’s better to have it on the market and have a few higher days on market. Nobody pays much attention to that piece of data. In our market it doesn’t mean a seller is desperate, it usually means they are stubborn on price.

Think about it – if it’s not on the market, agents (like me) can’t advertise it. They can’t put it in the MLS. No one knows about it. It definitely won’t sell in that scenario.

Do you need help with Lake Martin real estate this fall? I would love to help out. I am a full time agent here at Lake Martin. Please call me at the number at the top of the screen or contact me here.

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July 2015 Market Report for Lake Martin

Lake Martin home sales have been great, but what is the magic statistic that lets us know if home prices are on the rise?

Is there a magic statistic that lets us know that Lake Martin waterfront home prices are on the rise? I decided to look at a months of inventory, which I think can give us a better inclination if prices will be rising. If you are not familiar with the term, months of inventory can be found by taking the number of homes for sale now and dividing it by current month home sales.

In the case of July 2015, we had 359* waterfront homes for sale at Lake Martin, and we sold 42 waterfront homes on the whole lake, that’s all agents, all brokerages. That gives a months of inventory statistic of about 8 1/2 months. This means that if we sold at that rate in 8 1/2 months, we would run out of homes to sell.

Lake Martin watefront home sales July 2015 market report

It’s hard to tell if that’s the magic number or not. I like to look at trends and see where that number is going. I don’t really peg my hopes on any one statistic. Looking over some of the past years, in 2014 there was 11.1 months of inventory with 376 waterfront homes for sale on Lake Martin. In a year, our ratio has gone down with less homes for sale and more sales, which is great for sellers. 

To get some perspective on this statistic, I wanted to look at the best and worst summer months the Lake Martin real estate market ever had. If you look at July 2007, one of our worst summer months, there were 475 homes for sale and a months of inventory number of 43.18.   Terrible. Our best summer month we have ever had, May 2005, there were 144 homes for sale which equated to a  4.11 months of inventory.

Looking at this year, we are doing a lot better than last year with a 23% decrease. I’m going to keep watching this statistic. Will prices go up as fast as they did in 2005? I don’t think so, because there is not as much pressure – a higher months of inventory. But, I do think home prices are going up here at Lake Martin in 2015. We just have tons of momentum.

If you have any questions, please contact John Coley with Lake Martin Voice Realty at 334 221 5862 or emailing directly at john (at) lakemartinvoice (dot) com.

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Copyright notice – the above, and every other post on this blog, is the property of John Coley, Broker, Lake Martin Voice Realty. Appraisers may use my information in their appraisals without charge or asking, but please give me credit by citing me, my company name and title, and website address of http://lakemartinvoice.com.  If anyone else would like to use this information, please contact me here and ask. I probably will let you do it, just please ask!

(*)Disclaimers: All of the above info was taken from the Lake Martin Area Association of RealtorsMultiple 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 waterfront sales on Lake Martin, Alabama.

 

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Home For Sale: Kowaliga Area of Lake Martin

126 O’Daniel Point is a classic Lake Martin waterfront home in every sense of the word. Nestled among soaring trees, this three bed, two bath home is on a flat lot with a beautiful view. So many Lake Martin homes offer a great views, but you have to negotiate stairs or a long walk. Not so at 126 O’Daniel Point. Stroll easily back and forth, the home is a few flat steps away.

Located on the popular Kowaliga Bay area, the home is mere minutes from Kowaliga, Russell Crossroads, and Willow Point. By water, it’s close to Chimney Rock, and so many other fun locations.

From the street entrance, you enter into the living room with vaulted ceilings and tons of room, and the kitchen nearby ensures everyone stays involved. The home is all on one story, so there’s no need to hike up and down steps. Every room is accessible – the guest bedrooms and bath, the master suite, and all living room areas, No stairs!

The kitchen was updated in 2009 and features granite counter tops, stainless appliances, a deep sink, an island, and a great view of the water. The master suite also overlooks the water. The vaulted ceilings give the room lots of space, and sitting by the built in shelving can be a spot to relax, work, or just read a good book.

Outside, a huge screened porch offers a large area for more living. It’s a great place for outside meals, games, or just observing the beauty of the lake. The porch overlooks the Tallassee Slough area of Kowaliga, just off the big water. It’s the best of both worlds – seeing big water but not having traffic speed by just yards from your dock. When it’s time to boat, your covered boat lift has it ready to go. This home has so much to offer – great view, Kowaliga location, a neat home on a flat, wooded lot. Schedule your showing today!

For more information, CLICK HERE for the listing page for this property.

Or, just call me, John Coley, directly at 334 221 5862 or contact me here. I would love to show you all this home has to offer!

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Lake Martin Real Estate Report For June 2015

June waterfront home sales on Lake Martin were up 44% from last year!

June 2015 homes MONTHLY with percent

Yes, you read that right. The Lake Martin real estate market is doing well this summer. June of 2015 beat last year in sales by 44%. That’s not the only good news! If you look at the year to date, we are selling well ahead of the prior year. 2015 is beating 2014 by 26%! That is impressive because 2014 was a record year of home sales on Lake Martin, even better than 2005.

June 2015 homes year to date with percent

ACRE pointed out on AL.com that supply is down 6.8% and we are still having rising demand and sales even with a lesser supply.  You can read more from this article on AL.com by clicking HERE.

Another factor that is incredible is that lot sales are pacing far ahead this year as well. We have sold 46 lots through the Lake Martin MLS. That’s all realtors and all brokerages in the Lake Martin area. Last year at this time we had sold 25 lots through the MLS, and last year was a great year for lot sales.

Just to recap, waterfront homes are pacing ahead by 46% and lot sales are pacing ahead by 84%. Overall, we are doing great in sales so far! Keep updated with Lake Martin market statistics HERE.

June 2015 Lot sales with percent.jpg

If you have any questions or need real estate help on Lake Martin, feel free to contact me, John Coley, with THIS FORM or at john (at) lakemartinvoice (dot) com or  334 221 5862.

Would you like to search the Lake Martin MLS from your smart phone? Then download the Lake Martin Voice free app!

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You Just Saved $10,000

Happy Friday and Congratulations!! You just saved $10,000 on Lot 61, Phase II of The Ridge!

We just dropped the price on Lot 61, Phase II of the Ridge. It’s an awesome waterfront lot on Lake Martin. Just think of it, you didn’t have to lift a finger and you saved $10,000. The price has been reduced to $229,000 from $239,000. CLICK HERE for more info on the lot.

Lot 61, Phase II is on Eagle Ridge in one of Lake Martin’s most prestigious neighborhoods: The Ridge!

Waterfront lot and home sales are beating last year by 26% on Lake Martin, and 2014 was a record year. Now is the time to take advantage of a great new price on this  wonderful lot!

Call John Coley at 334 221 5862 or john (at ) lakemartinvoice (dot) com.

More Info: The Ridge in Lake Martin

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Buying A Lake Martin Home With A Leased Lot

lake martin leased lot homes

Photo credit: gambassa.com

A Lake Martin Leased Lot waterfront home is becoming an increasingly rare bird in our real estate market.

If you’re new to searching the Lake Martin MLS, you might have noticed a field in the information sheet that looks like this: Deeded: Deeded or Deeded: Leased. This is shorthand. If we had more room, it would probably look like: Is This Lot Deeded or Leased? and then have the answer either Deeded or Leased.

What is a leased lot home on Lake Martin?

A fair question. It’s a home where the seller is owns and is selling the improvements only, but they don’t own the land underneath it. They lease the land, usually from Alabama Power. Historically leased lot homes are less than 10% of overall sales. For more information, see the Leased Lot category of my blog.

Why are leased lot homes becoming more rare on Lake Martin?

About two or three years ago, Alabama Power began selling some of the homeowners the lots which they lease. Mind you, this was not Alabama Power opening up new lots to lease or sell, this was them contacting homeowners on existing leased lots, and saying, in essence, “hey, do you want to buy this lot at $X?” Because of this (relatively) new phenomenon, we Lake Martin agents are seeing fewer waterfront leased lot homes for sale on the market. Those that are on the market usually have an option to buy the lot. Often, you’ll see this noted in the (super secret) Agent Notes section of the Lake Martin MLS.

Recently, I had a buyer ask me about how one goes about purchasing a leased lot home with an option to buy the lot.

His Q: Is being able to secure purchase of the lot a reasonable contingency on a contract for the house? Would both transactions be handled together at one closing and with one mortgage or would they have to be separate?

My Answer:

“Excellent questions, I have closed a couple this way:

1.) That’s an absolutely reasonable contingency. In fact, I as your agent would insist on such a contingency, broadly worded like “contingent upon buyer’s obtaining an acceptable contract with Alabama Property company to purchase Lot X for $yyy,yyy and acceptable review of all lease documents.” The idea here is that if you can’t buy it for what you want, you’re out of there.
2.) closing at one time is doable. I have had one where technically it was two closings but they happened at the same time, where you sat down at the table and signed a bunch of docs to buy the lot first and then a bunch of docs to buy them all together. But it felt like one closing. I can recommend lenders around Lake Martin that are used to this concept. I would not recommend getting lenders from out of town because they have a hard time wrapping their heads around the concept. No slight against them, it is admittedly a weird concept and if I hadn’t seen it at Lake Martin I would know nothing of it myself. In fact, growing up here I didn’t know anything about it, it wasn’t until I started selling real estate that I learned about it.

FYI here’s everything I have ever written about leased lots: Leased

It’s a little outdated because of the above but it hopefully gives you a decent background.

Do you have any questions about Lake Martin real estate?  If so, please email me with this form or : info (at) lakemartinvoice (dot) com!

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The Camera That Started It All

Lake Martin Real Estate Video Camera 0.1

My wife is in full spring cleaning mode. She has attacked the attic with a vengeance. Since I tend towards being nostalgic about my stuff, she knows she has to throw away some and then ask about others. She found this gem  – my old Sony Handycam.

It was the first camera I used to make Lake Martin real estate videos in 2008. It had these little tapes that I had to use to capture the footage. I remember thinking long and hard about whether to invest another twenty bucks in extra tapes. If I had known how the lord was going to bless my business, largely because of my videos about lake Martin real estate, I wouldn’t have been so cheap. Note how I had an after market wide angle lens. I bought that off of eBay and thought I was being pretty resourceful.

Sure, it is outdated now, but this little camera filmed many homes, neighborhoods, and places around Lake Martin.

May she rest in peace. 

Fast forward to now, three video cameras later, and I find myself in a quandary about by Canon 60d. It’s a nice one, but is its footage so nice that it beats an iphone six? The iPhone is so much easier to upload and transfer files. The other day I was in a pinch to record a Lake Martin Real Estate Market report, and I found that the quality on the 6 is so close to my DSLR, you can barely tell the difference. My guess is I will start to use the 60d less and less. In someone else’s more professional hands, the 60d is tons better I am sure.

It just reminds me that if you want to be proficient at anything, you have to keep sharp!

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Lake Martin Agent Linda Shaffer on HGTV

In the flurry of activity around Lake Martin for Memorial Day, I realized I hadn’t posted anything about ReMax Around the Lake’s Linda Shaffer being on HGTV!

The Episode is called “All In The Family” and the link is here on HGTV. Click there for the latest but there is an upcoming airing on June 6 at 6:30pm ET / 5:30 PM CT.

 

Lake martin agent on HGTV lakefront bargain hunt

I posted it on my Facebook page but hadn’t said anything here. Linda was on an episode of Lakefront Bargain Hunt, just a week after Amy Clark was featured. It seems Lake Martin is having a real run of promotion by the network. I can’t blame them, Lake Martin is a great place.

Linda’s contact info is:

Linda Shaffer, GRI, ABR
REMAX Around the Lake
5295 Highway 280
Alexander City, AL 35010
Office Phone – 256 329-5253
Cell – 256 794-4641
shaffer @ lakemartin . net
http://lindashaffer.com

I also can’t blame HGTV for selecting Linda. She is has been an outstanding agent for a long time and even better person for longer.  She lives in the same neighborhood as my parents. When I first started selling real estate in the Lake Martin area, one of the homes I was to show was Linda’s listing. She invited me by her house and gave me lots of words of encouragement about the industry. I will never forget it. Also, her husband also offered to let me borrow his truck anytime, just in case I ever need it! That’s the way they are.

The original episode aired on Mother’s Day, which was appropriate. The show featured Linda helping her daughter Lacey and Lacey’s husband John look for a home. Everyone came out looking great. Lacey, of course, is of Wickles Pickles fame, and John is a world traveling sculpture restorer for Robinson Iron. It had a happy ending and I thought they did a great job capturing Lake Martin in the fall!

I am so happy for Linda, and her entire family, as well as ReMax Around The Lake. A well deserved spotlight on some great people!

Do you have our free Lake Martin Voice App?

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Spring 2015 Market Report for Lake Martin

March 2015 was another great month for Lake Martin waterfront home sales.

The graph below was provided by the Alabama Center for Real Estate (ACRE). On it you can see the number of homes sold monthly and the amount of inventory in the Lake Martin area during those months. ACRE’s chart shows the months of March for 2007 through 2015.

March has been consistently been a good month for Lake Martin waterfront home sales.(*) In 2015, 36 homes were sold in the month of March. This number includes sales from all brokerages and real estate agencies that participate in the Lake Martin MLS. In 2014, there were 28 homes sold in the month of March, so there was an 8 home increase in sales from 2014 to 2015. This is impressive, because 2014 was a record year for sales. The previous record year for sales was in 2005, when 30 waterfront homes were sold in March.

Lake Martin Home Price Changes?

A question I hear a lot is, “if Lake Martin home sales are up, what about prices?”

It’s a great question. When I looked back at the entire year of 2014, I did not see evidence of a huge price increase for waterfront property. What I saw, maybe, was a slight increase. Perhaps a couple of percent, but it’s hard to parse the numbers that tightly. Looking forward, I think you have to consider the amount of waterfront homes for sale right now on Lake Martin.

There are currently 358 homes for sale right now in the Lake Martin MLS. In comparison, there were 324 homes for sale at this time in 2014. Back in 2005, there were 180 homes for sale and prices went up from 2005 to 2006.  To emphasize this point, I cut the ACRE chart down to only the years of 2005, 2014, and the current year.  For example, in 2005, when we had 180 homes for sale and selling 30 homes a month, it was only 6 months of inventory being sold.

I think that 2015 will be the first year in a while that we will be able to go up in price. I don’t think we will see huge (30%) price jumps like we saw in 2005 because of the ratio of sales to inventory. But I do think we have a pretty good chance for a home price increase here at Lake Martin.

Only time will tell, so check back for more market reports as the year goes on.

Do You Need Help At Lake Martin?

I’m a full time real estate agent here at Lake Martin. I write these market reports help my clients. Do you need help with buying or selling at Lake Martin, please contact me, John Coley, by using this contact form, calling me at 334 221 5862 or emailing directly at john (at) lakemartinvoice (dot) com.

Copyright notice – the above, and every other post on this blog, is the property of John Coley, Broker, Lake Martin Voice Realty. Appraisers may use my information in their appraisals without charge or asking, but please give me credit by citing me, my company name and title, and website address of http://lakemartinvoice.com.  If anyone else would like to use this information, please contact me here and ask. I probably will let you do it, just please ask!

(*)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 waterfront sales on Lake Martin, Alabama.

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Lake Martin Agent on HGTV’s Lakefront Bargain Hunt

Lake martin agent on HGTV lakefront bargain huntLocal Lake Martin agent Amy Clark is featured on an upcoming episode of HGTV’s Lakefront Bargain Hunt!

Amy is the broker and owner of Amy Clark Real Estate. Amy’s contact info is:

Amy Clark Real Estate, Inc.
1994 Cherokee Road
Alexander City, AL 35010
http://sellinglakemartin.com

Amy is a great real estate agent and friend. She has been a very loyal member of the Lake Martin Area Association of Realtors for years, and has served in just about every office there is. Amy is also a hard working, good person, and I am so happy for her that she and her husband and fellow agent Todd were featured on HGTV. Please tune in to watch!

Show times:

    • Sunday May 3 at 7:30 pm CST
    • Monday May 4 at 2:30 am CST
    • Friday May 8 at 1:30 pm CST

Here’s the link on HGTV’s site: Lakefront Bargain Hunt