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| Name: |
weagle89
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| Subject: |
New condos at N. Lake Martin..
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Date:
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3/18/2005 6:07:21 AM
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Can anyone tell me where in relation to 280 the condos are being built that the Russell Realtor (I think his name was Langston) is advertising?
Have they started building? And finally, what is your opinion of owning a condo on the lake?
Thanks!
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| Name: |
Feb
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| Subject: |
New condos at N. Lake Martin..
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Date:
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3/18/2005 7:44:53 AM
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You may want to go down the Forum page a bit to the dates around March 9 & 10 where there is a thread entitled "Where is North Lake". Read through that thread, and I think it wil answer the first part of your post. TIVO even provided a link to Mr. Langston's Real Estate site.
On the second part of your Post about desirability of Condos - I am not a fan of condos so have a slightly biased (to say the least) opinion. Hey, we all have different taste and druthers. My belief is that land/property ownership will always provide a better investment and greater personal satisfaction. Yet, ownership on Lake property of any sort will generally be a good investment. I understand that some of the Condo developments have facilities for those with special handicap needs that can be a significant factor for some. There are those that like having everything planned out and done for them to include maintenance, lawn care and etc. That can be a benifit along with those that like social reactions through planned activites and facilities such as club houses. I am hearing, lot of it off this Forum, that the cost of the Condos on Lake Martin are rather steep for what you are getting. I guess that can go back to the bias thing again. Which brings us back to the other point of preferring single family type property. I prefer my own land, cabin, boat house, dock, and water frontage. At my place there is a great deal of solitude and tuning in with nature. Can not see the neighbor's cabin except across the water. Have my own driveway that I can park all kinds of vehicles and house guest vehicles, and there are no rules established by an association. No dues to the association. No common areas to be shared other than the Lake itself and the public roads leading to my property. No one elses noise, children, pets and etc. to contend or be annoyed by. Hope I have not placed any value judgements either way on individuals that prefer one over the other. Again, it is mostly a personal preference. There are those that have enjoyed the Lake for many years that would rather not see the establishment of condos, but it looks like that is a moot point. Hope this satisfies your posted request and give you a few of the many things to think about and consider.
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| Name: |
Green
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| Subject: |
New condos at N. Lake Martin..
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Date:
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3/18/2005 9:45:43 AM
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I can't give you any information on the condo's at North Lake, but I can say that our family has a condo and we LOVE it!
Just like the previous poster said, there are reason's we love our condo. NO yard work, NO maintenance, and a POOL! It is GREAT! We can go to the Lake and just totally enjoy the Lake.
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| Name: |
roswellric
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| Subject: |
But Feb
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Date:
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3/18/2005 10:02:36 AM
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Tell us how you really feel about condos.... :-)
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| Name: |
Feb
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| Subject: |
But Feb
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Date:
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3/18/2005 10:27:03 AM
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Good Question RR - Right now others can have it, but give me another fifteen/twenty years and I may need it back. Or, some other form of assisted living facitlity. No offense intended toward anyone other than myself - Just stated with good natured fun intended.
I have gotten this disclaimer stuff down.
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| Name: |
CranBob
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| Subject: |
But Feb
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Date:
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3/18/2005 3:02:06 PM
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We started out with a Condo/town house because the initial investment was less and it gave us a chance to see if we liked lake living which we do. Bought a house because condo area was too crowded. People always in your parking place/boat slip whatever. If you go for a condo my only suggestion is find out if owners are allowed to rent unit out. We found owners very respectful of others while renters tend to be disrespectful of others. Just my experience.
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| Name: |
weagle89
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| Subject: |
New condos at N. Lake Martin..
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Date:
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3/18/2005 6:20:09 PM
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feb,
I, too, prefer the type life that you like. Our situation (we are in Mobile) is that we will not live full-time at the lake until my son goes to college (3rd grade now). When he leaves the nest is also the same time that I will be eligible to retire with 25 yrs in with the state. We own a lot now in Columbine but I cannot fathom maintaining a house from 220 miles away for 9+ years. The condos would help solve that problem. I'm not crazy about a condo either (my wife is VERY interested) but I have a hard time stomaching the cabin rental fees each time we stay at the lake. I figure we could always sell the condo when we are ready to build.
Anyway, thanks for your response!
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| Name: |
Ulysses E. McGill
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| Subject: |
New condos at N. Lake Martin..
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Date:
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3/18/2005 6:55:14 PM
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I would not own a condo because it would eliminate many of the things I love about lake living (feb listed many). I easily accept the fact that it's more work to own a house as a lake commuter.
That being said, I can see why some may like the idea. If you can put up with shared walls, docks, and space, a condo may be just the ticket.
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| Name: |
2thelake
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| Subject: |
But Feb
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Date:
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3/18/2005 7:01:34 PM
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Cran Bob sums up our experience with "condo life" to a tee. We rented a condo for an entire summer in the Blue Creek area as our introduction to lake life. While we loved Lake Martin and bought a house at the end of the summer ... It took one weekend to find condo life at the lake was not for us. Yes, there are positives: no yard work,maintenance, a pool etc.... But for us wondering who was listening to your conversation from the neighboring decks while you enjoy your morning coffee was not what we wanted (not to mention smelling cigarette smoke from the neighboring balcony if your neighbor smokes... something I would have NEVER thought about). & Yes, there were the renters who came in for the "wild all weekend house parties!!" Some of these even stole our ropes from our boat slip! These short term renters (generally speaking) were not near as considerate as the condo owners. The other negative was the lack of space to entertain outdoors, parking issues with numerous guests etc... etc...
We love our house so much more even though it requires an hour or so of yard work on Fri. evening when we get there and of course always some maintenance that needs to be done. But the investment and property value increase has been unreal (wish we could buy about 3 more!!!! ...) Also, we are busy parents who live a busy city life and didn't know how we'd manage all involved in "keeping 2 houses" but it's been surprising. You keep things much simpler at the lake and when there is cleaning/maintenance it's just more fun and relaxing. :) Our pre teen son mows the grass each Friday of the Summer Weekends. It is his contribution to the priviledge of having a beautiful lake home:) Condos are not a bad thing it just depends on what is important to you in a vacation place :) Good Luck!!! No matter what... you've found the best lake anywhere.... just don't tell too many people:)
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| Name: |
Feb
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| Subject: |
New condos at N. Lake Martin..
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Date:
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3/18/2005 8:45:13 PM
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Hey weagle89, I understand. We all have to take major decisions and balance the pros and cons on the scale and see which way it tilts. It will tilt differently for each of us. Does not mean that there is a right or wrong universal answer. Tried to point out some of those pros and cons for each situation. One thing for sure - none of us will loose from the enjoyment of Lake Martin or from the investment we are making. Hope it goes well for you.
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| Name: |
MotorMan
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| Subject: |
New condos at N. Lake Martin..
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Date:
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3/19/2005 1:04:50 PM
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I would rather own a condo than a leasted lot from Alabama Power.
Ken
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| Name: |
2thelake
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| Subject: |
New condos at N. Lake Martin..
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Date:
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3/19/2005 1:36:27 PM
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Good point! How do those deals work anyway??? From an investment only point of view.... why would one choose to do a leased lot?? I know you can get a nice house for less money and that appeals to people etc.. etc.. but is there something I'm missing otherwise?? It's not a secret that your real value on the lake is in your land. I honestly have never scrutinized the ins and outs of it and just was curious.
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| Name: |
JIM
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| Subject: |
New condos at N. Lake Martin..
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Date:
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3/19/2005 1:39:55 PM
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Amen to that, especially at Pleasure Point. Charging 270 dollars a mo. now on a sublease. will go up approx. 70 a mo. in 2 years, to top out at 340. Been there, done that.
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| Name: |
Feb
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| Subject: |
New condos at N. Lake Martin..
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Date:
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3/19/2005 2:21:19 PM
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Hi 2thelake, Go to the top of the Forum page and click on search and plug in Alabama Power leased lots or something similar. There have been some past lengthy theads on the Subject that will give you all the answers and possibly even more than you wanted to know. In my personal opinion (and everyone is entitled to their own) it is the second best approach to having a place on the Lake - next to a deeded single family place. You can also email or call Alabama Power and obtain a package with all the information and legal contractual provisions. JIM is correct and your lease can go up I think after the first five years based on economic price adjustments. This day in time everything is going up. Property tax on the leased property is the only thing I am not familiar with. I would assume APC pays on land and you pay on structure. (?)
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| Name: |
JIM
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| Subject: |
New condos at N. Lake Martin..
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Date:
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3/19/2005 4:45:41 PM
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In Ga. the Leasee is responsible for the taxes, it may not be that way in Al. but the power lakes are owned by the same Co. At Pleasure Point ,since it was a sublease I was not responsible for the taxes. But I would imagine that is subject to change when the lease is up for renewal in 2007. I would never have another place on a piece of land that I do not own, to much insecurity.
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| Name: |
GoneFishin
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| Subject: |
New condos at N. Lake Martin..
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Date:
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3/19/2005 9:29:12 PM
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We purchased a 2 bedroom condo on the lake. It is the first time we have ever lived in anything other than our own home. Condo living is different. When we wanted a tree moved, it required the Board to approve. At home, I just move it. There are rules that you need to understand BEFORE you buy. We have met some great people and enjoy meeting them by the pool. We have parties and enjoy having maintenance free living. The docks are owned by the Association rather than deeded to the unit. This prevents someone holding onto a dock after they sell their unit and leasing it to an outsider. There are some rentals and tyhis does mean outsiders coming to use the facilities. We met with the rental owners this past year and they are cooperative in letting the renters know that they are expected to adhere to the same rules as the owners. Units sell as quickly as they go on the market. Our condo is 2 story and we have an upstairs with no one over us. Others like the first floor so they can walk out to the dock. I am not prepared to live full time in a condo. But for a second home, I find that it exceeds our expectations. Most existing condos are sold furnished. You are welcome to email me with any questions.
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| Name: |
MotorMan
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| Subject: |
New condos at N. Lake Martin..
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Date:
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3/27/2005 1:02:56 PM
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If a person rents a lot here is what happens:
You bid on a lot and that money is gone. You then pay a monthly rent for a fixed time like 30 years.. Then the rent goes up. You build a house. In perhaps 60 years it is junk and must be torn down. You then have nothing.
However, while you lived in the house, it cost less to occupy. There is a new house near me for sale on a APC lot with $385/mo rent for a sales price of $285,000. If this included title to land, the price might be $500,000. The sales brochure says that would save $1135/mo In 360 months that is (figure it out I don't have my business calculator) around $400,000. saved.
Also, the $1135 could be invested in gov. bonds and have future value of $600,000 or so.
But I have seen cottages that sold in SE Wisc. in 1957 for $55,000 now selll for a million. So, if you just want a nice house to live in, rent. If you want an investment, buy.
My condo in florida jjust sold for 93,000. I bought it in 2000 for $45,000. I made money. The person who bought it in 1979 paid $39,000. Since they got paid in inflated dollars, they just got their shelter needs net.
morale: If you pay too much, you can lose money in real estate. Notice that the person I bought my condo from could have had a nice profit, if she waited 5 more years.
Ken
URL: Ken's home page
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