[email protected]

You Can’t See This Foreclosure at Lake Martin

lake martin foreclosure 2016There are not many waterfront foreclosures right now in the Lake Martin market. I haven’t run the numbers yet, but my feeling is that they peaked in 2009 or so. However, my Lake Martin Foreclosure list is still extremely popular with my readers and my real estate clients. I get a fair amount of folks who are only curious, but I also connect with people that end up buying later. Since I try and followup with everyone, I spend a decent amount of time explaining that buying a foreclosed home, on the water, at Lake Martin these days is a long shot. (Yes, there are plenty of good deals that are not foreclosures).

When I was setting up some waterfront homes to see tomorrow, I ran across a home on the MLS‘s Hot Sheet – I was initially interested because the house looked nice from the outside and it looked to be on a flat lot with a good view of Lake Martin. It was a foreclosure to boot- despite my generalities above.

I called the agent to show it, and he said, “you can’t show that one. I haven’t even been inside of it.”

Huh?

Apparently there are people still in it and they are objecting to the sale. Agents can’t show it. Buyers can’t walk through it. You can enter a bid online, cash only, please sir.

OK.

If this one sells it will be one for the record books, sportsfans.

 

 

Can I help you find your dream Lake Martin home or lot? Contact me here or call me at the number at the top of the page.

Please download by FREE LAKE MARTIN VOICE APP before you call, or I will be so sad….

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What’s Cheaper Than A Foreclosure?

Lake Martin is like most real estate markets, I guess, in that every buyer loves foreclosures. I don’t blame them. The thought of a buying a waterfront home or lot that is a heck of a deal because it’s a foreclosure is enticing.

But is it always true? Are all good deals on Lake Martin necessarily foreclosures? And are all Lake Martin foreclosures good deals? No.

The other day I was on the phone with a buyer from Florida that signed up for my waterfront foreclosure list. He was interested in looking at just about anything in his price range: lots, condos, homes, whatever. One of the foreclosures he asked to see was a condo in the Crowne Pointe condo complex, which is located off of Highway 50, kind of by Chuck’s Marina, in the Blue Creek area of Lake Martin. When I saw the price they were asking for the foreclosed condo, I thought, whoa!

Here’s a Condo That’s Cheaper than a Foreclosure

This particular condo I found was a three bed, three bath unit in Crowne Pointe that is listed for $289,000. Disclosure: it is a foreclosure, and is not my listing.

However, I was quick to let him know that I have this condo listed in Crowne Pointe, also a three bed and three bath, for $265,000. If you are interested, please click here for more information. It’s an awesome condo with its own deeded boat slip, a gigantic view, and two owners’ pools for funzies.

Yes, you read that correctly. My (civilian owned, regular seller) condo is priced $24,000 less than the foreclosure. That’s almost a 10% price difference. Why on earth would the foreclosure be listed higher than a regular sale? Who knows. Every case is different. Often, the banks must try higher prices due to the foreclosure proceeding. Sometimes banks are too big to spend a lot of time studying the market. Anyway, how would you like to be the guy bragging that he got a good deal on a foreclosure in Crowne Pointe, only to realize you paid about $24,000 too much?

This leads me to a few rules of thumb to remember:

Lake Martin Foreclosure Rules Of Thumb

  1. Just because it’s a foreclosure doesn’t automatically mean it’s the lowest priced option. See above for a glaring example.
  2. Just because it’s a foreclosure, and even if you think it’s priced well, it doesn’t automatically mean it’s a good deal. You will still need to do your due diligence to see if it makes sense relative to the rest of the market on Lake Martin.
  3. Just because it’s a foreclosure, doesn’t mean its legal woes are over. Lake Martin is located in Alabama, and here we have rights of rescission and other issues that could affect your purchase decision, to say nothing of possible property condition concerns.

If you’re interested in a waterfront Foreclosure on Lake Martin, great. Click here for my list. But be warned – getting a great deal isn’t as easy as going down the list like you were at Home Depot. I can help you learn about the market and help you focus your search so that you know a good buy when you see it. Don’t worry, the seller pays the commission, so it doesn’t cost you a dime to let me help you.

And if the Crowne Pointe condo I mentioned is still around, I would love to sell it to you!

Just contact us on this page, or at info at lakemartinvoice dot come, or John Coley at 334 221 5862 or John Christenberry at 334 398 0762.

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Outlook Writes About Lake Martin Foreclosures

I was honored to be interviewed April 9th for an Alex City Outlook article on waterfront foreclosures around Lake Martin.

Jessica Hargett called me to ask me how foreclosures are going around the lake.  When I started spitting out stats from 2011, she had to interject and let me know that she was curious about 2012.  OK, if 7% of sales last year were foreclosures, what about this year?, she asked.

Me:  “Uhhh.. hang on.  I don’t know.”

It turned out that when she called, I had not run any reports for 2012 sales yet. In fact, her questions were the impetus for the research that generated this blog post about 2012 waterfront sales on Lake Martin, so I thank her for that.

Much of what I talk about in the Alex City Outlook article I cover in my Market Report, while it does bear repeating that I was surprised that so many sales in the first quarter of 2012 were foreclosures, I just don’t think it will last. I will be the first to admit I am wrong, but I just don’t see enough supply to hold at such a high percentage. My wild guess is that foreclosures will once again ring in at 7% of the waterfront sales market on Lake Martin, just like 2009, 2010, and 2011.

If you would like to see the current list of foreclosed waterfront homes and lots for sale on Lake Martin, please CLICK HERE and fill out the form and I can email it to you.

If you have already received the link in the past, no need to request it again.  That list is auto-populated from the Lake Martin MLS, just save it in your web browser’s favorites and check it whenever. It’s always current.

I think the Alex City Outlook is a great resource for Lake Martin news, and encourage you to follow them on Twitter, Facebook, the web, or however you choose to absorb news.

 

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Lake Martin Market Report: First Quarter 2012

Lake Martin, Alabama, waterfront home sales continue the hot streak of 2011 by posting 43 homes sold in the first quarter of 2012.

I studied the Lake Martin MLS* to see how the home sales have been in the first three months of the year. Personally, this is the best January, February, and March that I have ever had, praise the Lord. But I wondered if my experience was atypical. Generally, Lake Martin home sales are coolest in the cool months, so what was the rest of the market doing?

A quick look at the numbers in the Lake Martin MLS, which includes all agents, all Lake Martin real estate brokerages, shows that in January of 2012, 12 waterfront homes were sold, in February of 2012 it was 11, and 20 homes were sold in March of 2012 for a total of 43. This number was the best since 2007’s 43 and almost equaled 2006’s 46.

Lake Martin Real Estate Trends for 2012

What does this mean? Is this brisk pace a good omen for Lake Martin sales in 2012? It’s too early to tell, I think. If you look at 2007, which had an equally good start, the drought and the real estate bubble bursting combined to crash the market that year. However, in 2006, a great first quarter signaled a great, but declining, sales market. We just won’t know until we have more data.

But the good news is that one thing is sure – this strong quarter shows us that the sales momentum from 2011 has continued.

Lake Martin Waterfront Foreclosures Update For 2012

The other day Jessica from the Alex City Outlook called me to interview me about foreclosures in the Lake Martin area. She asked me if I felt that foreclosures were increasing, decreasing, or staying the same. My first instinct was to say that they have stayed steady, based on this post where I detailed foreclosure trends for the last three years.

However, I looked at the numbers just in case, and was surprised.

Of the 43 waterfront homes sold through the Lake Martin MLS in the first three months of this year, 13 were listed as foreclosures. That’s 30%! Way over the 7% in each of 2009, 2010, and 2011. What does this mean? Is this finally the “huge flood of foreclosures” that we have been hearing about?

I don’t think so. I think it is merely pent up supply and a coincidence that they all fell in the same quarter. I base that opinion on the fact that there are only 12 other waterfront homes listed as foreclosures that are for sale right now out of 379 total homes for sale. That’s only 3% of the supply.

Wait a minute, you might say. Maybe the foreclosures are selling at a higher proportionate rate. Maybe they are the better deals and will be sold first, thereby skewing the market down.

Perhaps, you might be right. But I think we still need more data to be sure. Remember, the first two months of the year historically are some of our lowest sales totals. It doesn’t pay to draw too many conclusions.

Let’s be happy for a strong three months of sales on Lake Martin, but let’s reserve prognostication until we have a few more months under our belts. And since we don’t wear belts much around here, I guess I should say the elastic band on our swim suits.

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.

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Should My Second Grader Bid For This Lake Martin Neighborhood?

Aliant Bank is auctioning the Water’s Edge neighborhood on Lake Martin.  It’s going off tomorrow at 1 PM at the end of Coosa 20.  PLEASE NOTE IT IS A NON-ABSOLUTE AUCTION.  This means they have a reserve price, if the winner is too low, THEY DON’T HAVE TO SELL.

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 on Lake Martin, but the bank ended up taking that land back, and now has hired auctioneer JP King Auction Company to auction off the whole shebang.

Should My Second Grader Bid On It?

My second grade son has a little savings account with Aliant Bank.  You know the type – you go in with them to open it up, it’s all cute, the ladies in the bank give him lollipops and what not.  When he gets $10 for his birthday, I have tried to encourage savings by telling him I will match whatever he deposits.  We call it my 401 “J.”

He’s not very old, so he hasn’t had many birthdays. No matter, because Aliant, or at least J.P. King, thinks he has enough bling to swing at the auction.  Yes, they sent an auction flyer directly to him in the mail.

What??

Yes, they are marketing to my second grader.  Do they really expect him to bid for lots that are worth, in total, at least a couple million dollars?

I am sure they don’t. Obviously, they sent it to all account holders if they are sending it to a minor with about $34 in his account.

But it does draw one into questioning the manner that Aliant thinks this property will sell, and the advertising used to get it done.

Will this auction be a success for Aliant?  Will they sell all of the lots and homes in a non absolute auction, without neighborhood covenants and restrictions (maybe they will be present at auction, I don’t know), with minimal advertising strategy, virtually zero web presence, and minimal effort to garner referrals from Lake Martin realtors?

I have no clue.  We will see, though.

JP King Auction Company Puts Broker Registered Buyers At A Disadvantage

Because I am a glutton for punishment, blissfully disregarding the “fool me twice shame on me” principle, I have been registering people for this auction.  Don’t contact me now, it’s too late.  JP King requires that broker registrations be turned in yesterday.  If you are just now reading this and want to bid, you’d best contact JP King Auction Company directly here.  Good luck.

So why do I think that JP King puts broker registered buyers at a disadvantage?  Because they pressure buyers to declare an opening bid when they fill out the registration form.

That’s right. Any real estate broker that helps a buyer register has to fill out a blank that says “Opening Bid.” I think this is antithetical to the whole auction concept.  The reason buyers like auctions is (they feel at least) they start low and go high.  JP King wasn’t forcing the buyers they register to make an opening bid.  So why require it of ones that us brokers register?  And what buyer in their right mind would toss out an opening bid, a week before the auction, without any neighborhood covenants, deeds, and restrictions?  And what real estate broker would encourage a high opening bid if they care one whit about their reputation or their buyer?

JP King’s answer to this was: this is how we calculate the Broker Referral Fee.  For this auction, they offered to pay the broker (e.g., me) 2% of the opening bid and 1% of any amount above it.  See —> trying to get brokers to pump up prices.  Again, I feel this is antithetical and just downright dumb.  My policy was to disclose all of this to the buyers.  It didn’t matter to the buyers because in this auction they are paying no buyer’s premium (aka commission) like they do in most every other auction, and I do applaud JP King and Aliant for that aspect. When I registered my buyers, we defeated this by entering a nominal amount like $50 in the opening bid amount.  I cleared this with JP King ahead of time, but when we turned the registrations in, I was told by a very nice JP King representative that “(the) VP (of JP King) just cannot go to the seller with such a low opening bid” even though they had already approved that.

I dug deeper into JP King’s registration packet and found a clause that said we could leave the Opening Bid amount blank.  When I pressed this point, the very nice rep said “yes, that’s OK.”  I countered with, “so you would rather us leave it blank, which is in effect an opening bid of zero, than to put in something like $10?” She: “yes.”  Therefore we left it blank.

My point at telling this story is to illustrate my opinion of the extreme pain in the neck it is as a real estate broker to register someone to bid on this auction at Lake Martin.  Maybe other JP King auctions are different.  Maybe in other markets and other locations, their Broker Registration process is smooth, easy, nice, and encouraging to brokers.  But I can say that in my experience with the auction by Aliant at Water’s Edge, it was a huge pain in the neck.  Information flowed like molasses. I started quizzing JP King for auction information the second they made this public, and I found that quite often I was getting info later than people that called them directly.  I also was discouraged by their flip flop on the Opening Bid concept. Principally, the fact that they make it so hard and pressure the broker to pressure the buyer for a high opening bid, I feel that, in this particular case and this particular auction, JP King Auction Company put broker registered buyers at a disadvantage.

Do you think they tell potential sellers this?  Do you think, when the VPs of JP King are on the phone or in a meeting and trying to close a potential seller on hiring them, that they tell sellers what a great relationship they have with the local real estate brokers?  And how everyone will flood in to register all their buyers?  Hogwash, I say, if my experience was typical.  Then again, maybe this was an anomaly.  Maybe all of their other auctions are daisies and tulips.

Sour Grapes?

“This is all just sour grapes, John, because you had two of these homes listed before. You’re just an auction hater because you are a greedy, slimy, real estate broker,” you might say.  Maybe you’re right on all cases of that statement.  I am human, and therefore by definition a flawed, fallen sinner.  When I think back a couple or three years ago and remember the dreams we all had to resurrect Eagle Point into Water’s Edge, and now to see it like it is, I can’t help but pine for how well it could have gone.  I don’t hate auctions.  I just don’t like any seller not getting the best service.  I think this auction has a lot of hurdles to hop (no one knows the covenants and restrictions ahead of time, will these apply to off water lots, when will roads be done, limited inspections, limited information, it might rain) but I wish them the best.

I am not a Democrat, I am not a Republican.  I am a capitalist in almost the purest sense of the word.  I am for freedom and the American way. If this works for Aliant, more power to them, I say.  The market has spoken.

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:

Aliant Bank Auctioning Water’s Edge Development On Lake Martin

 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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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.

 

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Aliant Bank Auctioning Water’s Edge Development On Lake Martin

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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New Foreclosure Field In Lake Martin MLS

Those interested in waterfront foreclosure homes or lots for sale on Lake Martin, Alabama, should take note of an interesting development.

The Lake Martin Area Association of Realtors’ MLS has made a new rule that any waterfront foreclosure home, lot, or condo should be designated as a foreclosure by selecting “Yes” in a new field of input in the MLS called “Foreclosure.”

Click here –> to request the Lake Martin Foreclosure List

FAQ related to this new development in Lake Martin waterfront foreclosures:

Photo By: randrflyfishing.com

1. What is a “field” in the Lake Martin MLS? A field is just an area of input.  List price is a field.  Number of bedrooms is a field.  Number of baths is a field, etc.  Now, Foreclosure is its own field, with the only possible answers being Yes / No.

2. So what?  Why should I care that Foreclosure has its own field?  Anything that has its own field can be searched easily and accurately.  An easy search that yields good results is a good thing.  Just ask Google.  This will allow you, if you like, to view only waterfront foreclosures by searching in the MLS and looking for 3 criteria: 1. Status = Active, 2. Waterfront = Yes, 3. Foreclosure = Yes.  This is how I search now instead of combing through each new listing and looking at the seller’s name.

3. How does this affect Lake Martin Voice’s foreclosure list? I have switched the search results now to show any waterfront homes or lots for sale that have Yes in the Foreclosure field.  So – if you have requested my foreclosure list in the past – THERE IS NO NEED TO RE REQUEST IT.  Just go to that same web address I gave you before.  It will still work.

4. Are the same homes and lots that were on the old foreclosure list, now showing up on the new list?  Mostly.  There are a few lots on the old foreclosure list that the listing agents have not properly changed that field.  But it’s mostly accurate.  Obviously, any MLS is only as good as the agents that use it, so it is still possible for a listing agent to enter a new home for sale and accidentally click “No” in the Foreclosure field.  But it’s not very probable.

5. How often is your Lake Martin waterfront foreclosure list updated?  Whenever any realtor enters a new listing, or changes an old one, my new list is updated almost instantly.  That is the beauty of a field driven search list versus the old list where it depended on me going in there and designating each waterfront foreclosure by hand.  Again, if you have requested this list before, THERE IS NO NEED TO RE REQUEST IT.  Just go to that same web address I gave you before.  It will still work.

6. If it is so easy to search for waterfront foreclosures on Lake Martin now, why do I need you or your stinking list? Well, since you put it like that – you don’t.  You can search for yourself as described in #2 above.  Of course, I don’t need a trout fishing guide.  I know how to get to the river.  I know how to cast.  Sorry guides don’t help me at all.  But great guides – well, I hire them because they teach me.  They tell me which fly is working today, and the 90% of the water I can skip to get to the 10% that’s the best.  When it comes to my own deal, I haven’t set my business up to tell that tired old real estate tale that we agents guard this secret treasure of info.  That is so pre 2002.  Hogwash.  Information is out there and free. You don’t need me for mere raw data.  You can search here in the Lake Martin MLS and call me with your whittled down list and I can advise you then.  Or you can contact me through this form or call me at 334-221-5862 and I can save you the trouble.  Either way, I aim to more than earn my keep.

7. How can I request to see Lake Martin waterfront foreclosure list?

Fill out THIS FORECLOSURE REQUEST FORM.  Feel free to comment on this post, but please note that COMMENTING ON THIS POST DOESN’T GET YOU THE LIST.  You must fill out THIS FORM Thanks. Again, if you have requested this list before, THERE IS NO NEED TO RE REQUEST IT.  Just go to that same web address I gave you before.  It will still work.

8. Where is the entire list? I requested and received your list, but there are not many on there.  Joe Biden, Matt Lauer, AND Ryan Seacrest all told me that every home for sale in America is a foreclosure and costs 10 cents.  What gives?  Despite the collective economic wisdom of those guys, there are some areas that are NOT still being rocked by foreclosures.  Lake Martin is one of them.  We are averaging about 5% of waterfront homes for sale being foreclosures, not 30% like in other markets.

Please stay tuned to this blog for later posts where I will try to make some how to videos to help you search.  In the meantime, please call me at 334-221-5862 if I may help.

 

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Lake Martin Best Buy Lists: Pick Your Price and Find Home Value

A lot of Lake Martin buyers request my waterfront Foreclosure List.  You may be one of them.  If you’ve seen it recently, you know that the Foreclosure list is steadily dwindling.  Does this mean that there are only a few good deals left on Lake Martin?  Not at all.

Don and Kristie are a great example of clients who originally called me about foreclosures, but quickly realized that there are plenty of good buys out there in the regular market.

It can be overwhelming to sort through the hundreds of waterfront properties in the Lake Martin MLS, but I’ve found that a lot of buyers want to do their own research before they call a Realtor.  My goal with this website is to give you the best tools for that research. 

Enter my Best Buy Lists.

Very few buyers come with a carte blanche checkbook, so I’ve created 2 3 lists based on price range.  (I’m working on just created a $600k to $1m list, so if that price range speaks to you, be on the lookout, or just go ahead and call me): 

1. Best Buys $350K and Under

2. Best Buys $351-599K

3. Best Buys $600k – $1 million.

Click here to request a Lake Martin Best Buy List

Each list is a compilation of waterfront properties that are worth considering based on a combination of price, features, and my professional opinion.   A lot of these homes are not our listings because I pull from the entire  Lake Martin Area MLS.  You’ll find the Best Buy Lists button at the top right corner of this page.

So this is real estate 2011.  Buyers used to have to call a Realtor before they could get the goods.  We can’t hoard information anymore – it’s  all over the Internet.  I’ve decided that if I organize it for you and make it available with no strings attached, you might appreciate it enough to contact me when you’re feeling serious.

Plus, the real value in a good Realtor is his/her ability to point out the best deals and crucial trends that will affect your purchase.  Would you go to a stockbroker merely because he knows what stocks are selling for?  No.  You want a stock broker that can advise you.  Same deal here.  The information age is over.  Information is free and ubiquitous.  You need advice and that’s what I like to provide.

In the meantime, please feel free to contact me if I can help you with Lake Martin real estate in any way.

 

 

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Lake Martin Homes for Fifty Cents on the Dollar?

A Lake Martin Foreclosure Update

If a cliche gets repeated enough, it becomes empty and loses all meaning.  Every male whitetail that we see on the side of the road – especially during hunting season – is an 8 point buck.  I’ve never heard different – “Dude,  I was driving home last night and I saw this huge 8 point.”  Never a 6.  Or “I’m not sure.”

Almost every police briefing I’ve ever seen opens with “At this time” and repeats it several times. “At this time we are searching,” or “At this time we are asking,”  or “At this time we have in custody.”  Of course it is at this time.

Screen shot 2011-05-09 at 12.30.39 PM“(So and so is) here for the right reasons” – you hear this a lot during recruiting season. Coaches are always so happy because every single player that committed did so “for the right reasons.”  All their coaching staff is there “for the right reasons.” Consider the opposite – how helpful would it be to announce that you plan to NOT recruit kids who want to be there for the WRONG reasons. You also hear it a lot on these silly reality shows like the Bachelor.  I am sure that you, dear intellectual reader, do not stoop to watch such drivel, so I will let you know that I have heard that every single bachelor since Season One is in earnest search for ladies who are “here for the right reasons.”

That’s a long intro to get to Lake Martin foreclosures.

I bring in these cliches at this time for the right reasons.

Twice this week I have heard a Lake Martin foreclosure cliche.  Buyers often ask:

Aren’t Lake Martin foreclosures selling for fifty cents on the dollar?”

(I could riff on the minutiae of this forever.  It’s never expressed as fifty percent of anything. Or half of anything.  It’s always fifty cents on the dollar.  And never 53 cents.  Never 47 cents.)

Screen shot 2011-05-10 at 2.43.03 PMSo can you buy a Lake Martin waterfront home for half price?  My answer is: “Yes and no.” It depends on what you are calculating. Fifty percent of current listing price? Fifty percent of the original listing price? Or fifty percent of what the builder hoped it would sell for in 2007?”

I hear,  “Well,  I know for a fact my cousin bought a home in Tallahassee last year,  and he told me it sold for fifty cents on the dollar.”

Pause the conversation – let me say here that I cannot blame a buyer one bit for wanting an extremely good deal. If my cousin told me this, or if I saw it on the Today show, I would get my hopes up too.

My job as a responsible Lake Martin real estate agent is to help buyers gather accurate information.  I don’t ask these questions to cross examine or doubt them, but to examine the information from which they are making assumptions.  Once I start asking questions, if they are working with a real world example of their cousin (instead of just the Today show), the more questions I ask, the more realistic it gets. “Well, he bought his foreclosure in Mediumburg for 150,000 and I know that’s different than Lake Martin.  Well, yes, the listing price from the bank was only $200,000.  But three years before that, the builder was asking $300,000.”

OK – I see.  In a certain manner, I can see the fifty cents on the dollar with that example.  Furthermore, I can point to many examples like that with Lake Martin foreclosures on waterfront homes.  But, if a waterfront home has already been foreclosed upon, it is pretty rare to sell for fifty percent of the current listing price.

I suppose I could, if I wanted, advertise similar deals going on in the Lake Martin real estate: Lake homes for 50% off! I would have to put in real tiny print “As compared to the wishful thinking listing price of 2007.”

(I can think of several bank stocks that I used to own that I wish still would sell for what they did in 2007.)

That’s why, whether I am helping buyers or sellers, I try to help them concentrate on today’s prices.  Today’s situation.  Forget yesterday.  It doesn’t matter if you are trying to buy a foreclosure, or competing to sell against one.  It’s all the same.Screen shot 2011-05-10 at 2.36.57 PM

Buyers want a good deal.  Same as always.  Sellers want the best deal for their home.  Same as always.

The Lake Martin real estate market is still seeing some new foreclosures on waterfront homes, condos, and lots.  There hasn’t been a flood, or a second wave, or anything like that.  Taken as a percent of market, we still don’t have as many foreclosures as compared to the rest of the nation.

The foreclosures, short sales, and conventional sellers that we do have on Lake Martin are enough to effect the market, though.  Supply and demand.

Would You Like Our List Of Lake Martin Foreclosures?

Click here and fill out the form.

Do you own a waterfront home, lot, or condo on Lake Martin, and are wondering what it might be worth? Contact us here or at 334 221 5862 and we can work you up a free, no hassle, no obligation Comparable Market Analysis.

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