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.
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.
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.
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: