Lake Martin Voice Realty
Lake Martin Foreclosure And Condo Sales In 2011
Here I continue my series of posts of the waterfront property sales results of 2011 on Lake Martin, Alabama. Earlier I have looked at residential sales in general, and yesterday I covered waterfront lot sales.
Today I would like to cover the effect of foreclosures and condominiums had on Lake Martin property sales in 2011.
Lake Martin Foreclosure Sales In 2011
The economists that advise shows like The View are a constant source to reassure us that the real estate market is terrible everywhere. They would have us believe that everyone in the nation is either in foreclosure, about to be foreclosed, or at the very least in a short sale. I find that hard to believe, though. I am sure that Whoopi and the gang consult with experts before they make broad, potentially very misleading comments about the economy.
However, here at Lake Martin we are well past the bottom of our market. I have blogged about this in the past. We have not seen a heavy percentage of our sales being foreclosures as in other markets. But I thought I would put a number to it, and see if my generalizations are correct.
Low Percentage: 7% Were Foreclosures
I combed through all of the residential waterfront sale for the last three years. I had to look at the “Owner” field in our MLS and just sort of guess whether they were foreclosures or not. This makes you inherently dependent on the listing agent to have entered correct info, but the same can be said for any aspect of the MLS. I think it’s materially correct.
I found that, sure enough, the Lake Martin waterfront real estate market had a relatively low percentage of sales that were foreclosures, REOs, or bank owned, however you want to phrase it. Fifteen were sold in 2011, equaling 7% of the market. Fourteen, or once again 7%, sold in 2010. Another fourteen or 7% sold in 2009. Comparatively, that is a very low percent of sales.
Just to put it into perspective, according to this article in the AJC on November 29, 2011, about 30% of home sales in Atlanta are foreclosures. That is more than four times the rate on Lake Martin. Ouch.
Lake Martin Condo Sales In 2011
It’s pretty natural to talk about Lake Martin condo sales for 2011 after the foreclosure section. This is because most of the condo sales in the last three years on Lake Martin were sort of foreclosures.
By sort of foreclosures, I am referring to two condo complexes: Crowne Pointe and Stoneview Summit. Both of these developments were taken back by banks, and then finished out by the banks and then sold. So they were not foreclosures in the traditional sense, but neither were they straight up civilian seller situations.
total 2011: 37 – 2010: 33, 2009: 59
Stoneview Summit sold 17 condos in 2010 and 17 in 2011. This was good for 46% of all waterfront condo sales in 2011 and 52%.in 2010. Crowne Pointe sold 43 condos in 2009, which accounted for 73% of all sales.
This high percentage of sort of foreclosures produced the highest pricing pressure for any other market segment. I think that Lake Martin condo prices dropped lower than homes and lots.
Looking Ahead
I don’t think the condo market’s prices will get any better for 2012. At this writing, there are 79 waterfront condos for sale right now on Lake Martin, and 20 of them are in Stoneview Summit.
The good news is that there are no condo developments being built in the forseeable future, so perhaps that will give them a couple o more years to sell off current inventory.
What About Your Property?
I have been blabbing a lot about the market in general. Do you wonder how all this applies to your home or lot? Or maybe you are searching for your own spot on Lake Martin and would like me to tailor these market reports to help you.
If so, please email me with this contact form or at [email protected] or call me at 334 221 5862. I would be honored to try and help.
Related Posts:
Lake Martin Lot Sales 2011
Lake Martin Real Estate Sales 2011 – Year In Review
Lake Martin Real Estate Sales 2010 – Lot Sales
Lake Martin Real Estate Sales 2010
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 waterfront sales on Lake Martin, Alabama.
Tour of The Stillwaters Neighborhood on Lake Martin
Fellow Lake Martin Voice Realty agent, John Christenberry, and I shot this video tour of Stillwaters on our way to scout a potential listing in that neighborhood.
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.
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!
Deer Take Refuge In Stillwaters
Cold weather means deer season here in Alabama. Whether or not you are a deer hunter, you can’t help but notice the increase of pickup trucks dragging loaded down trailers, driven by hunters in orange clothing. It’s definitely a little more dangerous to be a deer this time of year.
Except in one neighborhood.
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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.
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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.
Tour of Crowne Pointe Condos on Lake Martin
Crowne Pointe is a large condo development with a huge view and a central Lake Martin location. By water, Crowne Pointe is close to Chimney Rock and Chuck’s Marina, and by land, it’s on the south side of the lake, close to Montgomery and Auburn.
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.).
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
Tour of Villas on the Harbor on Lake Martin
Villas on the Harbor - the Stillwaters area of Lake Martin is a pretty unique development on the lake; it’s made up of lots of mini-neighborhoods (off water and waterfront) and condo areas, plus a golf course. Villas on the Harbor is one of these waterfront condo areas with convenient access to Harbor Point Marina, plus an owners-only pool area.
At Lake Martin Voice Realty, we realize many Lake Martin vacationers live hours from the lake. We love bringing Lake Martin to you, and we’d be thrilled to help you with your property search. If there are other areas or neighborhoods on Lake Martin you’d like to see, just let us know and we’ll be glad to make a tour for the website. We also make private video tours of homes for sale for customers who live out of town and need help narrowing down waterfront property options.
(If you’re one of our Lake Martin Voice sellers, we’ve already made a full motion video tour for your property. )
Oh – by the way – here’s a Villas on the Harbor condo currently for sale!
Have camera. Will go! Enjoy the tours.
Another Broker Told Me “Your Price Is Too High”
One of my listings for sale is 302 Villas On The Harbor, a 1 bed 1 bath condo in Lake Martin’s Stillwaters Community. The Villas On The Harbor sits right next door to Harbor Pointe Marina, and Harbor Pointe Condos.
I got a challenging email the other day from Ron Botterbusch, Broker of RB Commercial Properties in Montgomery. He said:
“I read your Lake Martin Voice from time to time and enjoy your insights and
“take” on things. I sometimes browse your listings and today I viewed the
above and was curious about your statement “at a price that makes sense”.
$304.95 per square foot for a 1/1 condo??? Wow, even with a boat slip, that
price seems sky high. If you sell it for anywhere near that amount there
is reason to be optimistic…good luck!”
<<Here is the video tour>>
Here was my response:
Hey Ron- thanks for the email and the kind words. You may have read elsewhere on my blog that I almost never pay attention to per square foot pricing on the Lake Martin. Too much of the value of a property is in the lot. Big exception – condos.
Even then, I am careful to compare condo to condo, because a lot of them have different amenities. As to the condo pricing in this case – you’re right, at PSF level, it looks a bit high. When pricing things, I advise sellers to place their price based on SOLD properties, not what is for sale, or what they are hoping to get.
Another 1/1 unit in there recently sold for about 170k. This particular unit is being sold with a deep water boat slip. (I say deep water because it had plenty of water left at the height (or valley??) of the drought.) Anyway Harbor Pointe is selling boat slips (some of which do NOT have year round water) for around $40k. So that’s why I think that price makes sense. Plus at Villas on the Harbor, you can rent out the unit and make a little money to dampen the total ownership expense.
Again, taken at a PSF perspective, I agree, it may seem high. But where else on Lake Martin are you going to get a waterfront property for the low 200s?
Hey – do you mind if I use this email as an “ask the broker” post like this one I did a couple of weeks ago? I can use your name or you can remain anonymous. I think your question is a great one and could spark a lot of discussion.
What do you say?
Ron: “Feel free to use my name and thanks for the reply. I’ll be famous!”
Thank you, Ron, for the great question. I must admit, it made me triple check my numbers!
What do you think, reader? Am I crazy? Despite everything, I think there is value here. Reply and comment below to let add your voice to the topic.
