Max docks and boat lifts on Lake Oconee

Georgia Power sets policy on which Lake Oconee waterfront lots can have a dock and the kind of dock allowed. The dock type and availability are two factors that determine the value of a lakefront home or lake lot. Generally, the lot must have 100' of waterfront before it can have a dock of any kind. There have been exceptions, many of which have been grandfathered in from past years, but requirements have tightened recently. Anyone considering Lake Oconee lakefront property will be wise to call Georgia Power, whether the property already has a dock or not.

If there is a dock, Georgia Power can let the prospective buyer know the dock's status...for example, they are now requiring that any new dock, or rebuilt dock, must be no closer than 15' to a side lotline, so an existing dock may need to be repositioned if or when it is rebuilt. If there is no dock, GaPower can tell, often without visiting the lot, whether and what kind of dock will be allowed, and how it should be positioned.

They (GAPower) have been extremely cooperative and reliable. Generally, lots that can have no dock will be worth tens of thousands of dollars less than one that is dockable. Undockable lake lots are very uncommon at Lake Oconee, but you need to know for sure.

Dockability can add $50K to $100K+ to the value of a lot or a lake home. The most desirable dock is a max dock with an "H" slip and a 320 square foot seating area. Such a dock can usually have two boat lifts and up to four PWC lifts. Some lots can only have a "wharf" dock...one that is parallel to the shoreline, but some of these can have a boatlift as well.


Whether buying a property or selling a property, a little homework can be critical.

Sellers' mistakes when marketing a lake home

Yesterday, while previewing several lake homes that had been placed on our Lake Oconee Agent Open House, one of the homes was obviously "Not Ready for Prime Time". The price?..well over a half million dollars.

I'm assuming that the owner's agent has brought this issue up with them, so what was this owner thinking? Even in a ragingly good seller's market (which is not what we are in, by the way), this house was a disgrace. This home must compete with homes in every price range that have been cared for and kept ready to show on a moment's notice.

If there has been a death or disability in the seller's family, that is understandable, but the house should be priced to reflect its run-down condition, not as if it was a pristine jewel.

Buyer's agent should know before they show

I recently had one of my listed lake homes shown by a local Lake Oconee agent. This agent had never been to the house before...ever. This agent had no idea what to expect and, not knowing the area, no way of explaining the pros and cons of the home. This lakefront home is near new, in one of the most desirable lake communities, and priced properly for the current market. Feedback from this agent: "Customer didn't like it". This agent is essentially a tour guide...when pressed they will show property, but with no idea of the salient points that may make the property right or wrong for their buyer. I can only imagine what their customer thought...people can tell when their agent is clueless.

Past 12 months lake home sales at Lake Oconee

During the past 12 months, even in a very challenging market for primarily second homes, sales have not completely dried up.

For lakefront single family homes with private lake frontage:
71 sales @ 95% of asking price; hi@$4,000K, lo@$262K, median@$689K
There are nine homes pending from $3,605K to $399K, median@$549K

For off-lake single family homes, including golf communities:
97 sales @ 93% of asking price; hi@$1,570, lo@$55K, median@$315K
There are 15 homes pending from $1,195K to $70K, median@$199K

Time on market is almost meaningless, as is the percentage of asking price. Reason: if the ask price dropped from $600K to $500K before it went under contract, and it sold for $475K, that's 95% of the reduced price, but 79% of the original price. Before making an offer, buyers need to know the pricing and listing history of the specific property. That's part of what a competent agent can do.

Lake Oconee lake homes and lake lots for sale

Here is what is on the market at Lake Oconee Georgia for six categories of lakefront and golf property as of 6-3-09;

Lakefront homes non-golf: 139 homes from $225K to $2,900K Median: $615K
Lakefront homes gated/golf: 84 homes from $669K to $5,695K Median: $1,540K
Off lake homes gated/golf: 225 homes from $185K to $4,995K Median: $629K

Lakefront lots non-golf: 80 lots from $99K to $1,750K Median: $340K
Lakefront lots gated/golf: 72 lots from $249K to $1,650K Median: $722K
Off-lake lots gated/golf: 363 lots from $38K to $929K Median: $189K