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Calling All Tigers – ex Auburn Coach Tommy Tuberville’s Lake Martin Home For Sale

lake martin home sale tuberville tommy auburn

Why not buy tommy tuberville's lake martin home?

Former Auburn football coach Tommy Tuberville is selling his waterfront Lake Martin home for $2.375 million.

Whether he resigned or was asked to resign, it really doesn’t matter.

In a sign of the times, I learned about this sale not from the newspaper, not from the radio, not even from the grapevine.  I read it on a blog post from a blog that covers SEC sports. I am not the listing agent.  My friend Toni Adcock is.  She graciously allowed me to write about her listing. (but I expect a repay, Toni! Ha!)

The home is located in the Marina Marin development on Lake Martin.  Its address is 656 Marin Parkway.  It is located off of highway 50, near Martin Dam and Chimney Rock.  Incidentally, Marina Marin was originally developed by deposed HealthSouth exec Richard Scrushy.  Not that it is at all related to Tuberville’s home.  I just throw that out there FYI.

The details:

According to the listing agent, it is priced at $2,375,000, the home as 4 bedrooms, 4 bathrooms, and 2 half baths.  It is 5,859 square feet and site on 2.89 acres in Marina Marin.  It is a point lot, with a whopping 730 +/- feet of waterfront.  As you can imagine, it has about every upgrade known to man, both inside and outside.

Toni is having an open house for Realtors next week, and I plan to be in attendance.  I will post pictures and video of that if it is OK with her.

Come to think of it, Coach Tubs is supposed to be a pretty good cook.  I wonder if he will be frying up some catfish for the attendees?

As a member of the Lake Martin MLS, of course I can help any buyer that is interested in this (or any other) Lake Martin home. So if you are interested, please let me help you.  Just call or email me at the info at the top of this page, or fill out this contact form.

UPDATE: Click here for the video home tour of The Coach’s home on Lake Martin.

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Video Tour Of The Ridge – Beach Park, Ridge Trails

Since I have a waterfront lot listed for sale in Lake Martin’s The Ridge, I get a lot of questions about the various amenities of the Ridge. One of the huge benefits to owning a waterfront home or town home in the Ridge is access to all of the “stuff.”

If you would like to see waterfront homes and lots for sale right now in The Ridge area, CLICK HERE to go to my Ridge Neighborhood page. I have a report that shows every waterfront home and lot for sale – by all agents, all brokerages, on Lake Martin. It pulls from the Lake Martin MLS so it will be current no matter when you visit the page.

Though I have been in the neighborhood countless times, I had never been by road to The Ridge’s Beach Park before yesterday.  It was really nice, it has a big covered pavilion, changing / rest rooms, and, of course, a big beach.  The water view is of Lake Martin icons Chimney and Acapulco Rock Islands.

While I was there, I also hiked a bit on some Ridge Trails (download a map). The developer, Russell Lands, has done a really nice job about incorporating off the water features here.  There are tons of mulch lined trails through the woods, that explore common areas and various other parks in the Ridge.

One example is Red Oak Trail and Hickory Hill Trail, I took these down to Hidden Park.  Hidden Park has its own gazebo, boardwalk, and fishing pier.  It was really nice and peaceful.  Now that the leaves are down, you can sit up on the gazebo and get a nice view of woods and water of Lake Martin.

If trail hiking is not your thing, you can stick to the sidewalks.  There are many of those around The Ridge, too.  Check out my video of the morning:

For an updated 2011 Ridge Video Tour, see below:

If you are interested, see my listing info for Lot 72 The Ridge.

Related Posts:

The Ridge Amenities Video Tour
Lake Martin Voice Neighborhood Spotlight: The Ridge

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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.

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Lake Martin Real Estate Spotlight: Trillium

lake martin real estate Trillium

Trillium, one of Russell Lands’ more mature Lake Martin developments, is located just west of Kowaliga Marina.  Along with Willow Point and The Ridge, Trillium has some of the more high end homes on Lake Martin.

If you would like to see waterfront homes and lots for sale right now in Trillium, CLICK HERE to go to my Trillium Neighborhood page. I have a report that shows every waterfront home and lot for sale – by all agents, all brokerages, on Lake Martin. It pulls from the Lake Martin MLS so it will be current no matter when you visit the page.

Trillium was one of Russell Lands’ first neighborhoods that were completed in different phases.  The first homes were built there around 1989.  One element that was new to Lake Martin at the time was Russell Lands’ use of causeway construction.

Years of erosion on Lake Martin had made islands out of former peninsula.  Russell Lands poured a lot of money in the construction of causeways to bring paved roads and utilities, thereby rescuing millions of dollars of real estate.  I can remember one such “island” on the first phase.  It was divided into four huge lots and priced at $250,000 each.  It was laughingly dubbed “million dollar island” by hordes of us skeptical locals.  We pondered “what fool would pay that much for one lot?” Eighteen years later, that amount will barely buy you any sort of waterfront lot, much less a showcase one like those on the points at Trillium.  Turns out that we were the fools for not realizing the demand that would spur a long bull run for Lake Martin property.  Lots like those would now cost you 10 times that amount if you could buy them at all.

By my unofficial count, there are 213 waterfront lots in all of Trillium.  As of this writing, there are 8 homes and 4 lots for sale in Trillium in the Lake Martin MLS If you would like any information on them, give me a call or email me.

trillium homes for sale

Amenities:

Trillium does not have a clubhouse.  It does have a guardhouse protecting the lone entry, but I have never seen a guard there.  I suppose they could put someone there in the future if they wanted.

Because Trillium doesn’t have a clubhouse, it does not have any related things like a pool or workout center or anything.  They do have some walking trails that are cut through the non-waterfront woods.

Lot types:

Waterfront lots in Trillium are flat.  Just as many of the lots in The Ridge (link) are sloped, Trillium’s overall topography almost guarantees that each one of its lots are flat.

Generally, the lots are also big (for Lake Martin) and deep, sitting far back from the roadways.  Trillium’s lots are also well covered with tall, mature pines.

There are no interior lots or homes.  All homes in Trillium are waterfront.  Who knows, maybe one day Russell Lands will sell off the interior land.  Right now, they have retained fairly large sections of woods in between the phases to give Trillium a beautiful, woodsy, private feel.

Factoids:

Back in the heyday of “Russell cabins” Mrs. Edith Russell used to have a couple of cabins at the end of Pine Point.  Apparently she was a fan of the trillium, a pretty, symbolic wildflower native to this part of Alabama.  Hence the name of the subdivision and its types the names of many of its streets: Wake Robin, Nodding, Grandiflorium, Underwood, Catesby, and Narrowleaf.

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Lake Martin Real Estate Spotlight: The Ridge

Lake Martin The Ridge LogoRussell Lands has developed neighborhoods on Lake Martin for over thirty years, but its newest, The Ridge, is vastly different from any one it has done before.

If you would like to see waterfront homes and lots for sale right now in The Ridge area, CLICK HERE to go to my Ridge Neighborhood page. I have a report that shows every waterfront home and lot for sale – by all agents, all brokerages, on Lake Martin. It pulls from the Lake Martin MLS so it will be current no matter when you visit the page.

Russell Lands has gated communities like Willow Point, and the Ridge is near to its other developments of Windermere, Windermere West, and Windover.  But The Ridge is a totally new animal.  Here are 5 Things That Make The Ridge Different:

1.  Heavy emphasis on selling through approved builders – Russell Lands started this Lake Martin trend a few years ago with Phase I of The Ridge, and continues it with Phase III.  They sell a certain number of lots to “approved” builders, who build spec houses and then turn around and sell them for the builders.  In prior developments, they sold almost 100% to the end homeowner.  The use of approved builders gives them much greater control over the quality of the homes.  They also get a lot of design consistency on the look of the homes by also having “approved” architects.  I think this also drives up the price so that their initial offering lot price to homeowners is pretty high.  As far as I can figure there is no real “pre-construction” pricing.

2.  The Ridge Marina – Russell Lands owns plenty of marinas around Lake Martin, but The Ridge Marina is the only one that is inside the gates of one of their developments.  It is a safe bet to say that The Ridge Marina is one of the largest marinas Ridge marina stack storage - smallon the lake.  The marina is close to Chimney Rock by water.  They sell gas, they have a huge line of boats that they sell, and also sell boating and skiing accessories.  Another big part of their business is boat storage.  You can rent a wet slip (a parking spot at a dock), but they are more expensive and rare than dry storage.  Dry storage is where they stack your boat on a huge rack inside their warehouse.  When you are ready to go, they come pick it off the rack with a forklift and put it in the water.  No matter how many times I see that it still makes me nervous.  They are adding on to the dry storage.  A company official was quoted as saying the The Ridge Marina will have the “biggest dry storage east of the Mississippi.”  That’s big, friends.

Lake Martin The Ridge Club3. The Ridge Club – Russell Lands is currently building a 9,000 square foot clubhouse called The Ridge Club.  While Willow Point has its Golf and Country Club, Willow Point residents are not necessarily members of the club, and vice versa.  In the Ridge, however, part of the homeowner association dues pays for membership to The Ridge Club.  Planned amenities include swimming pools, tennis courts, athletic fields, children’s play center, workout / cardio center, and a bar and grill.  From what I hear they have commercial lots set aside for possible restaurants, etc.  See the construction progress photos on the left.  It looks like it will be as nice as promised.

4.  Off water activities- Usually, in Lake Martin new construction developments, merely token emphasis is placed on off-water lots and properties.  At The Ridge, Russell Lands attempts to offer something to do off of the water, and (I assume) by association, raise Ridge club drawing - smallthe value of off-water residential lots.  They have designed sidewalks all through the Ridge, which is very different for the lake.  They also have cut in extensive walking trails through the woods around The Ridge.  I hear that the ultimate plan is to be able to walk, run, or bike on trails from The Ridge to Willow Point.  Look at a Lake Martin map to appreciate how huge of an area that is.  They also have plans for a town center located on highway 63, close to Windermere Road, that will have kitschy shops, a high end grocery store, and a gourmet restaurant.  (I will post more news as they confirm the details.)

5.  Marketing and Events – Russell Lands has promoted The Ridge like no other Lake Martin development.  If you haven’t received at least 3 mailers on it, you should have your feelings hurt, because they sent them to everyone in the area that pays taxes and has a pulse.  They also have been all over the home design type magazines.  Their homes have had multiple spotlights in Southern Living Magazine, and had tons of other regional media attention and write ups.  They also have really played up the Spring and Summer Tour of Homes.  This spring they have even tied the events in with a boat show at The Ridge Marina.  I have to hand it to them, it works. In the past ten years Lake Martin has gone from a regional treasure to getting attention on a national level.  This was due in large part to Russell Lands’ tirele$$ promotions.

If you wonder how long this will last, check the map.  They are selling Phase III now, with (I guess) a couple more phases left up the sleeve for The Ridge.  Then it’s on to the next big thing.  Does anyone have a guess on where the next one will be?  Comment below!

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Lake Martin Home Prices Not Affected By Sales Drop?

Lake Martin Alabama real estate Bull and bear argueRest easy.  Alabama home sales have dropped, but not on Lake Martin.  Or should you be alarmed that the average sales price of a home in Lake Martin plummeted 15% in one month?  Which is it?

On March 12, 2007, Patrick McCreless wrote an article in the Alex City Outlook entitled, “Home sales still strong on Lake Martin.”  The information he quoted was from the Alabama Real Estate Research and Education Center, which (I assume) got its data from our Lake Martin Area Multiple Listings Service.  While I do not disagree with any of the data in the article, I do think it presents an interesting look at analyzing statistics of our market.

Two main stats stuck out to me:

1.     Statewide, Alabama saw the number of homes sold drop 20.4% from December 06 to January 07.  The Lake Martin Area increased its number sold to 29 from 25 in December, for a gain of 16%.  Hence the analysis that we were unaffected by the State’s slump.  I agree.

2.     At the end of the article, it sneaks in that the Lake Martin Area’s average home sales price dropped in January to $181,310 from $213,716 in December.  Again, agreed.  But – couldn’t the headline easily have been “Lake Martin Home Prices Drop 15% in One Month?”

This same article could be used both by doomsdayers to prove evidence of a dreaded “bubble” in our market and by bullish folk saying that the market is still hot.  The seeming contradiction in interpreting the data is a classic case of trying to draw too many conclusions from too small a sample.  Any professor of Statistics will tell you that the smaller the sample, the greater margin of error.  In other words, if you poll the five people you play poker with on the question of who will be the next President, the chances of them being wrong are a lot bigger than if you selected five million registered voters, randomly distributed across geographic, economic, and political lines.

The point is – be careful when you try to interpret the data of a market like Lake Martin.  We have a broad mixture of Lake Martin Real estate Bulls and bears coexisttypes of properties – on / off the water, single / multi family, modern / rural, etc. – that are spread across a relatively small number of listings.  One big sale here or there can really affect the numbers, so watch out.  Try to gather as much information as you can.  Talk to many people in the business.  Are you confused about what your property is worth, or what you should pay for a place on the Lake?  I am always willing to give my honest two cents and would be glad to help! The only way I know to do it to tell it like I see it.  See the “comments” section on this post for my email to Patrick McCreless where I provide an opinion on the contradictory stats.

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Lake Martin A Top 12 US Vacation Home Market

lake martin real estate award wall street journalThe Lake Martin real estate market was honored again on November 9, 2006, by the Wall Street Journal’s RealEstateJournal.com, by being named a Top 12 Vacation Home market in the United States.

Regional and even national accolades are becoming common for Lake Martin.  In other words, the news is getting out.  I usually don’t pay much attention to such press, but this one really got my attention.  Not that I don’t agree, I honestly believe we have a national treasure in our backyard.  I can’t understand why anybody wouldn’t want a place on Lake Martin.  I guess what really got my attention was the source: THE Wall Street Journal – the Beacon of Capitalism, the paper divinely scribed by Adam Smith’s Invisible Hand itself.  I love it.  I could read it with my hair on fire, as they say.   So when they honored the lake – I noticed – and so did millions of other readers.

Economists and writers can study and parse data all they want, but they are merely confirming what we all know to be Nerdtrue.  That is, while Lake Martin real estate prices have certainly risen in the last five years, on a national level we are still a relative bargain.  And here’s a more important fact but you can’t graph it – Lake Martin is one heck of a beautiful place.  I grew up on the lake, and therefore have talked to a lot of people about their families’ experiences here.  Maybe I have only met the happy ones, but I have never met a single person that said “you know I really regret buying that place on Lake Martin.”  Plenty have said “man, the biggest mistake I made was selling (or letting mama / daddy sell) that lake place.”  Nobody ever quotes their Return On Asset or their Debt To Equity Ratio of their lake home.  They talk about memories, fun, water, boats, fish and sun.

If you don’t like to hear all of that stuff, I’ll return to the hard facts of the Journal article.  Sure, Lake Martin has beautiful water, great views, peaceful mornings, fun nights – a rich, memory making Petri dish.  So do a lot of places in the nation.  But what we do have – that most don’t – are low property prices relative to the rest of the country.  I know it sounds crazy to the folks who have watched the prices rise – but the Journal’s statisticians looked and found that the property prices in Dadeville, Alabama – one of the towns close to Lake Martin – had really low property prices for second homes relative to local income and other economic factors.  In other words, they found that chances are slim that we are experiencing a dreaded B-word in real estate prices. I agree with them.  I also agree that there are certain segments of the market that have a lot of supply or are overpriced or both.  But, when compared as a whole to the rest of the nation’s vacation markets, we’re still a bargain – and a memory maker to boot.

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5 Mistakes When Buying Real Estate On Lake Martin

Lake Martin House in waterIt’s easy to make mistakes when buying a home or lot on Lake Martin. Whether you are a wizened real estate pro or a newcomer looking for your first property, there are some pitfalls that everyone needs to avoid. Heck, you could say that about anywhere, though, because real estate is such a local thing. I make my living selling real estate in the Lake Martin area, but if you dropped me off in Craig, Colorado, or Nicholasville, Kentucky, I would be just as lost and in need of local advice as the next guy. Here are 5 mistakes that you can avoid on Lake Martin (no particular order of importance):

1. Don’t waste your time calculating price per square foot of waterfront homes. As a former math major and current recovering accountant, I struggle to ignore this siren call every day of my life. I want so badly to have a piece of data like this to graph, make bar charts, build trend analysis, and otherwise calculate to the fifth decimal point. Alas, it is useless. So much of the market value of a Lake Martin waterfront home is in the lot, not the home. The lot drives the price, and very few lots on the lake are exactly the same. Even when the lots are pretty comparable, the homes are different, even on the same street. Yuppies in McMansions sit next to rasslin fans in shacks. Even in neighborhoods of similar construction, the lot drives the price.

2. Calculating price per waterfront foot of a lot is almost as useless. Well okay, you say, since on Lake Martin the lot drives the price, why can’t we value a lot by comparing it to other lots that have sold and divide sold prices by the amount of feet of waterfront they had? Nice try, but this still will trip you up. You can apply rules of thumb, such as, anything over 200 feet on a point lot should be priced at a premium, but you still have variables Lake Martin Math frustrationsuch as view, steepness of lot, etc. If you have a swampy 300 foot lot in the back of a cove that is on 1 foot deep water and the neighbor’s dock is 3 feet from yours, it will sell for much less than a gently sloping, 200 foot lot with a “big water view and a sandy beach. Try to graph that relationship; I dare you. I have tried and failed. I am considering creating a prestigious prize to challenge the nerd community, maybe they can come up with one.

3. You bought the house but you don’t own the lot underneath it. In most cases, when you buy a home on the lake, it is on a deeded lot. But, some homes on Lake Martin are built on leased lots. That means you own the home and all other improvements on the property, but Alabama Power owns the dirt. You lease it from them and pay them a monthly lease fee. When you buy the home you assume the terms of the lease that the previous owner negotiated with Alabama Power. Monthly lease rates and terms vary widely. Have an attorney check the lease before you buy. All other things being equal, a house on a deeded lot is worth more than the same one on a leased lot.

4. You take time to think about it. Contrary to a lot of other second home markets in the South, Lake Martin is still a sellers’ market. Sure, some sellers put ridiculous prices on their homes and therefore they take a while to sell. But if it is priced right, property still moves in a matter of days, not weeks. I’m not advising running out and buying willy-nilly, no. Let a local real estate agent help you. Do all of your research very carefully so that you know exactly what you want and how much you would like to invest. That way when something pops up on the Lake Martin MLS that you like, you can move swiftly and with confidence. Once you decide to offer, do it fast.

5. You don’t make an offer because the seller is asking too much. Lake Martin real estate Howling ape regretfulAs I mentioned above, Lake Martin is in a sellers’ market right now, but sometimes things are still overpriced. I advise buyers to make an offer based on what they would pay. You never know, sometimes the seller will come to their senses and back off a ridiculous asking price. Maybe your offer will finally convince the seller to come down. Too many times I have heard buyers say, once discovering the selling price of a property they liked, “if I would have known they would have taken that, I would have bought it. The only way to find out is to pony up and make an offer.

Can you think of any other mistakes people make? Leave a comment below, and we will edit this article to include your submission!

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