| Name: |
Lakeman
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| Subject: |
Sky-High-Bye-Bye!
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Date:
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8/22/2005 10:10:13 AM
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Sandy Creek has some of the most valued property on the lake. The creek is going to muddy every spring and a little during summer pool rains. It's just a fact. Telling people it's going to dingey up their boat is not going to keep them from buying.
Property prices are not going to go down. Prices are dependant on who is doing the selling. Russell Lands prices are sky high and always will be. The demand for lake property is high and RL will met out the lots as meets their needs.
Probably buying from an existing owner or getting a APCO lot is the least expensive way to go for the average buyer. Just my thoughts on this wiley subject.
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| Name: |
Feb
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| Subject: |
Sky-High-Bye-Bye!
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Date:
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8/22/2005 2:46:17 PM
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Kind of what I was expecting to hear Lakeman. I keep a pretty close ear to things in the Parker Creek area. I have heard that there is little if anything available in that area of the Lake. Anything that does come up for sell is gone almost immediately, and often times before it even hits the market.
I am hearing little to confirm reports that Lake Martin property is in recession. I will listen to and respect opposing view points but will only change my opinion with a valid documented argument.
I guess either way it really doesn't matter to me; since I know what I have and like. You and I don't have to prove "nothing" to anyone (well maybe our spouses).
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| Name: |
Lakeman
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| Subject: |
Sky-High-Bye-Bye!
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Date:
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8/22/2005 3:02:27 PM
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A Russell Lands agent told me that next year some properties would double in value due to demand. I have 600' of waterfront that I'm hanging on to. The reason somebody wants us to believe a recession is on is so we would sell cheap, I guess.
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| Name: |
TBird
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| Subject: |
Sky-High-Bye-Bye!
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Date:
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8/22/2005 3:10:54 PM
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Read your post and if I may would like to add my two cents. The wife and I purchased a place just north of Sandy Creek about a year ago and we are slowly becoming fulltimers.
There are two APC lots near us available and one has a new home on it. The ad reads "3 bedroom 2 and a half bath on deep water lot. Stopped by and checked this one out as my daughter wants to buy on the lake.
There is no garage and the lot is very steep. The asking price is $325,000.00 with payments of $2,694.00 for 20 years. Quick calculations; $646,560.00 after 20 years of payments and then you own a home on an APC lot with an existing lease payment of $365.00.
No guarantee what the lease payments will be in the future.
Again, just our two cents worth.
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| Name: |
Osms
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| Subject: |
Sky-High-Bye-Bye!
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Date:
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8/22/2005 6:40:07 PM
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Your example is a little too simplistic. Don't forget that you are not paying interest of $1500-2500/month for the lot if you have an APCO lot -- only the rent of $325 or so -- AND you don't pay land property taxes on the APCO lot --only on the improvements. Ever seen APCO take away the lot at the end of the lease, as long as the rent is paid?
Look at it as a way to own a place for less than $500K.
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| Name: |
TBird
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| Subject: |
Sky-High-Bye-Bye!
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Date:
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8/22/2005 7:34:57 PM
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I appreciate your views, I was just stating that it was a lot of money for a house with no property. The example I stated was taken from the flier on the property. The lot lease went with the sale but you never really own the property. The interest charges on the home are deductable but the land lease payments are not. There are no assurances you will be able to retain the property at the current lease rate.
We are new to the lake and we bought our place with just over an acre of land and a brick home, two car garage and our payment for the whole package is under 1,800.00 a month.
True we shopped and found a place that was for sale by an anxious seller but just knowing the land under our feet belongs to us and not subject to negotiation every so many years is very reassuring.
I remember a post around the Thanksgiving/Christmas time frame by a lady who was giving up the family home that they had occupied for generations because the land was wanted for a development and the lease payments were unaffordable.
Again,we are the new kids on the block and just offering our two cents. No offense intended.
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| Name: |
Lakeman
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| Subject: |
Sky-High-Bye-Bye!
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Date:
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8/22/2005 7:47:18 PM
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I agree. I don't like the idea of leasing either and wouldn't do it. I believe the lease is steady for 5 years and then goes up according to what the increase in value would be. Thanks for your input.
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| Name: |
Osms
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| Subject: |
Sky-High-Bye-Bye!
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Date:
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8/23/2005 12:13:44 AM
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No offense taken. APCO has leased lots for many years--back in the 80's and 90's I believe they sold off about 1500 lots that had been leased and built on over the years. Many of those lots offer the largest and best waterfront and views. As a matter of fact, your lot may have been an APCO lot at one time. I leased one in the 70s for $110.00 per year -- wish I still had it. By the way, the leases have annual increases that are based on the government inflation rate. Sure hope Jimmy Carter doesn't get elected again!!!!
With owned lots headed sky high, the APCO lot may be the only alternative for those of us un-rich.
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| Name: |
HappyCamper
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| Subject: |
Whoa doggies!
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Date:
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8/23/2005 7:11:56 PM
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Stop! I think it is important to remind everyone that this is an open forum where all are free to express opinions. I've received good information here. And bad. It is obvious (to me) that Lake Martin is becoming a resort lake. I am surprised it took so long. In my humble opinion, this has been fueled as much by the reorganization of Stillwaters.......Time Shares! Vacation rentals! Ritzy marina!.... as anything from Russell Lands. Just an opinion (see disclaimer above).
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| Name: |
Feb
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| Subject: |
Whoa doggies!
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Date:
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8/23/2005 8:56:23 PM
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Hi HappyCamper, Your post kind of lost me there. I have not seen where anyone was trying to close off the Forum or halt differing views/opinions. I welcome them, and they might just cool some of our jets of optimism.
I have said it before, and will say again that I thing the APCO Lease is the second best way to have property on Lake Martin. Just glad I have the best way.
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| Name: |
HappyCamper
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| Subject: |
Whoa doggies!
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Date:
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8/24/2005 11:55:32 AM
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Maybe I got a wee bit carried away!
I had just finished reading the long thread on Sandy Creek pricing and real estate in general then jumped up top for more of the same. Just wanted to make a public service announcement that everything you read on the forum is not always accurate. I will keep my day job :-)
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| Name: |
Feb
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| Subject: |
Whoa doggies!
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Date:
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8/24/2005 12:08:15 PM
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Thank you for the clarification. I am enjoying the overall civility of the Forum lately.
Even discounting monetary value, Lake Martin offers tremendous value to any and all of us who are fortunate to have a piece of it. Just wish I could get there more often to enjoy that pay-off.
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| Name: |
FLee
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| Subject: |
Whoa doggies!
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Date:
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8/25/2005 3:32:06 PM
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You HAD to mention "the overall civility of the Forum lately" didn't you?
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