Crowne Pointe is a 90 unit waterfront condominium complex on Lake Martin. It is off of Centerport Road, along Highway 50, on the south eastern side of the lake. Its sales history offers a interesting look into the waterfront real estate market on Lake Martin.
Earlier this year, the lending bank took over ownership of Crowne Pointe from the developer. When they did, they still had about (my wild guess) 3.5 of the 5 buildings’ worth of units to sell and close. In order to sell the units, they slashed the asking prices from $599,000 to $319,000.
The result: they are selling quickly.
A natural question is, how much are Lake Martin sales being influenced by Crowne Pointe sales?
To answer the question, I took a look at the percentage of closed sales in the Lake Martin MLS that were condos or town homes this year, and compared that to prior years. Here is what I found:
So far this year, from Jan. 1 2009 – July 31, 2009 – 36% of sales have been condos or town homes. Compare this to 12% in 2006, 27% in 2007, and 17% in 2008. If you average all three years, condos and town homes account for 18% of waterfront sales on Lake Martin.
Conclusion: Yes. At double the normal condo / town home rate, Crowne Pointe is having a huge, statistically significant impact on 2009 sales on Lake Martin.
Another question: Is Crowne Pointe solely responsible for the upswing in sales this summer at Lake Martin? I think not. Look at it this way:
If you look at all waterfront sales in the Lake Martin MLS from 1-1-2006 to 7-31-2009 – you get 634 sales. 132, or 21% of them are condos or town homes. That means that this year we have 15% more than the three and a half year average. If you removed that 15% from 105 total sales in 2009 through July 31, you are still at 90 sales, which is way more than the 72 that were sold through July 2008.
Remove The Crowne Pointe Effect, and 2009 is still a winner. Leave it in, and 2009 is a strong winner.
(*)Disclaimers: All of the above info was taken from the Lake Martin Area Association of Realtors Multiple Listing Service. Accuracy is not guaranteed but deemed reliable. The above does not include sales by FSBOs or developers that sell privately and not through the MLS. But, I do think that the above represents a very large majority of all sales on Lake Martin.